Need advice: rent or purchase a home

[n_spinner06]

I'm getting married later this year and i've been looking for a new place for a while now. Considerations are: I work in pasay, wife to be works in bgc so preference is mandaluyong/taguig area. Roxas blvd area looks good too. Makati/bgc is too expensive considering we need parking for 1 vehicle. Preselling is not really an option since we need a place to stay by year end. I ran the numbers and renting is better financially. More flexibility pa since liquid and hindi nakatali pera for the next 5-10 years..the savings i could invest elsewhere. So what would you guys suggest? Is home ownership all it's cracked up to be? Or should i just rent?

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[boytsiks]

If you can find a reasonably priced property in your preferred location, then get it. Otherwise, save up and buy later.

In my case, I bought a year after getting married.

The good thing about getting a property today is the interest rate is lower compared 10 years ago.


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[erdiedizon]

I'm getting married later this year and i've been looking for a new place for a while now. Considerations are: I work in pasay, wife to be works in bgc so preference is mandaluyong/taguig area. Roxas blvd area looks good too. Makati/bgc is too expensive considering we need parking for 1 vehicle. Preselling is not really an option since we need a place to stay by year end. I ran the numbers and renting is better financially. More flexibility pa since liquid and hindi nakatali pera for the next 5-10 years..the savings i could invest elsewhere. So what would you guys suggest? Is home ownership all it's cracked up to be? Or should i just rent?

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Well for me renting is always like throwing money, I rather buy a property I can call it mine and in time property value will appreciate. The advantage lang ng rental is flexibility ng location which u can move anytime.


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[papi smith]

Just getting married, so I assume your below your 30s? Are you looking to stay with your jobs till retirement? Or if yes, will you not be relocated? These are the factors we had to consider when we were at your stage. Thus, our best option back then was to rent until we decided to buy only when we were happy and stable enough to stay on with our job locations.

[n_spinner06]

Well for me renting is always like throwing money, I rather buy a property I can call it mine and in time property value will appreciate. The advantage lang ng rental is flexibility ng location which u can move anytime.


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For me di naman tapon ng pera per se kasi you received a service naman in return. Parang nanood ka lang ng sine. You paid for something pero hindi siya tangible na maiuuwi mo. Although yung nagging thought lang na better to purchase. Ang risk is im not sure how much condo units appreciate/depreciate over time. Sa computations ko i assumed zero value at 50 years(worst case i could think of)...so in renting i will be ahead financially even considering an annual increase in rent.

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[_Qwerty_]

wala pa kids?

Madami condo ngayon sa may pioneer.. always better to invest rather than rent.. example 15T monthly rental, di mo mapapansin naka 3, 5, 10 years ka na.. after that.. wala na yung binayad mo.. yes nakatira ka nga.. pero yung pera pwede mo na pang monthly sa isang condo..

[MR_BIG18]

stay with the in-laws, they will understand or rent a small place first, when youre more financially secure, get your own place...not to be pessimistic but, raming couples nowadays dont last the 3 years...lalo na after the 1st child, remember the family code, conjugal property, etc...another thing to consider is tax...the bigger and more expensive the house, the more taxes you pay...renting solves that issue..

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[n_spinner06]

wala pa kids?

Madami condo ngayon sa may pioneer.. always better to invest rather than rent.. example 15T monthly rental, di mo mapapansin naka 3, 5, 10 years ka na.. after that.. wala na yung binayad mo.. yes nakatira ka nga.. pero yung pera pwede mo na pang monthly sa isang condo..

Thanks for the input. No kids yet but we just graduated from our twenties and intend to start a family in a year or two.😊 That said should i settle with a 1 bedroom unit first or go with a future proof 2 bedroom unit? This really isnt an issue with renting kasi pwede lumipat sa masmalaking unit once the need arises.

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[CVT]

Thanks for the input. No kids yet but we just graduated from our twenties and intend to start a family in a year or two.😊 That said should i settle with a 1 bedroom unit first or go with a future proof 2 bedroom unit? This really isnt an issue with renting kasi pwede lumipat sa masmalaking unit once the need arises.

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Bro- I'd say (contrary to what I did in the past),- you stay liquid for a while,- so that you have options, whether you plan to stay here or move out...

_/_/_/
"The measure of a man is what he does with power" LJIOHF!

32.9K _/_/_/_/_/_/_/_/_/_/

[_Qwerty_]

Get 2 bedrooms.. Get one in pre-selling (3 years to move in).. then rent for 3 years...

Thanks for the input. No kids yet but we just graduated from our twenties and intend to start a family in a year or two.😊 That said should i settle with a 1 bedroom unit first or go with a future proof 2 bedroom unit? This really isnt an issue with renting kasi pwede lumipat sa masmalaking unit once the need arises.

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[n_spinner06]

stay with the in-laws, they will understand or rent a small place first, when youre more financially secure, get your own place...not to be pessimistic but, raming couples nowadays dont last the 3 years...lalo na after the 1st child, remember the family code, conjugal property, etc...another thing to consider is tax...the bigger and more expensive the house, the more taxes you pay...renting solves that issue..

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Thanks! Future in laws are in bicol so not an option. My parents are fine with the idea, i am not though. I think i can avoid a lot of future issues by living on our own.😊 we have set up a house fund that can cover the downpayment and some...also she has just been promoted and i am expecting a promotion in the next few months which will significantly increase our combined income. We made it through almost a decade, im confident we can weather the first few years.😊 If we go the rent route though, probably will be looking to purchase a house and lot na lang instead of a condo.

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[jut703]

Best option would've been to buy a preselling condo many years ago, with turnover coinciding with your marriage year.

Since we can't turn back time, next best option is to rent for a year or two until you're liquid enough, and then plop down the cash (usually 20%) for a foreclosed or RFO unit and then loan the remainder.

Depending on how high you predict your income to be, you can even go straight to a house if you can afford it.

I would really avoid renting long-term since I've seen too many people get caught up in the cycle and before they noticed it they're in their 40s and 50s with no properties to their name.

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[lowslowbenz]

My take:

1. Like they said, renting is like throwing away good money.
2. The sooner you can afford a place you can call your own, the better.
3. Consider getting a house and lot. Yes, it may have its cons, but at the end of the day, you will have room for "future" expansion. Besides, you have a car for the daily commute. Last time I checked, a condo parking lot costs 600K, (Tivoli Mandaluyong). I think nag-mahal pa sila this year.

Congratulations on your wedding, and good luck.

[yebo]

buy. condo or townhouse. 2 bedrooms ok na. if you decide to move later on you can always sell the property. kahit sabihin pa na hindi nag appreciate ang price at least you get your money back. sa rent wala ka mababawi.

at your age i prefer condo. andun lahat ng amenities you need - pool (think kids), gym, laundry.

[ale828]

Rent to Own.

there are several property developers using this option to entice buyers.
There might be a downpayment and you might need to acquire a Housing Loan but its worth it rather than renting a place.

Dami new townhouses in the Mandaluyong area that has Rent to Own deals.
Usually smaller developers ang may option an ganito but i have seen them being offered by the some big Property developers.

[n_spinner06]

Bro- I'd say (contrary to what I did in the past),- you stay liquid for a while,- so that you have options, whether you plan to stay here or move out...

_/_/_/
"The measure of a man is what he does with power" LJIOHF!

32.9K _/_/_/_/_/_/_/_/_/_/

This is the route i'm most comfortable with. Staying liquid will allow me to catch better deals that may come along the way vs being tied up to a property for the next decade or so...yung ang dilemma/risk though kasi i cant stop time and a year i spent waiting could have been a year off the decade i need to pay for the property.

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[n_spinner06]

Get 2 bedrooms.. Get one in pre-selling (3 years to move in).. then rent for 3 years...

Considered this sir. Kaso double the expenses for the first few years. ~20k rent plus ~30k for the preselling ++. Although ~50k doable pero i feel it is a significant amt of money going to just housing. Long term plan is house and lot sa south probably so i want to set aside money for that as well. I dont want to go all in since initial lang naman...

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[n_spinner06]

Best option would've been to buy a preselling condo many years ago, with turnover coinciding with your marriage year.

Since we can't turn back time, next best option is to rent for a year or two until you're liquid enough, and then plop down the cash (usually 20%) for a foreclosed or RFO unit and then loan the remainder.

Depending on how high you predict your income to be, you can even go straight to a house if you can afford it.

I would really avoid renting long-term since I've seen too many people get caught up in the cycle and before they noticed it they're in their 40s and 50s with no properties to their name.

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Waiting would be a good option. My concern is income doesn't rise as quickly as property prices. 😀 2 years ago 2 bedroom units pioneer area can be had for below 4m i think. Now they appreciated significantly. What more 3 years from now?

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[arvs18]

Considered this sir. Kaso double the expenses for the first few years. ~20k rent plus ~30k for the preselling ++. Although ~50k doable pero i feel it is a significant amt of money going to just housing. Long term plan is house and lot sa south probably so i want to set aside money for that as well. I dont want to go all in since initial lang naman...

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If 50k is doable for you, try saving that ~30k monthly, then after 3 years, decide what you really want. Once you get married, priorities will shift, more-over if you are to have kids right after you get married.

In that way once you finally know what you really want. You have the moolah to spend

Oh and BTW, consider getting a townhouse, they are cheaper than ones on the metro. Though the downside is if you are to relocate your soon to be family, you are obliged to travel to and from home either everyday, or every weekend. But nonetheless, with the same amount, you could get a bigger home for your family.

Good luck on your wedding and best wishes to you sire!

[n_spinner06]

Thank you sir! We looked at tivoli already. No parking space left. So crossed it out. And i feel like im paying brand new price for a second hand unit...not sure if they have new ones though. Nung sinabi wala na available parking deal breaker na for me and didnt check out the other units on offer.

My take:

1. Like they said, renting is like throwing away good money.
2. The sooner you can afford a place you can call your own, the better.
3. Consider getting a house and lot. Yes, it may have its cons, but at the end of the day, you will have room for "future" expansion. Besides, you have a car for the daily commute. Last time I checked, a condo parking lot costs 600K, (Tivoli Mandaluyong). I think nag-mahal pa sila this year.

Congratulations on your wedding, and good luck.

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