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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[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..

[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...

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

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[_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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[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.

[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.

[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]

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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[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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[dreamur]

So many cheap ren-to-owns RFO units at Acacia Estates which is near BGC and has access to SLEX or Makati or Pasay. Has its own savemore inside the community and few meters to Starbucks and vistamall. Only downside is traffic.

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[n_spinner06]

So many cheap ren-to-owns RFO units at Acacia Estates which is near BGC and has access to SLEX or Makati or Pasay. Has its own savemore inside the community and few meters to Starbucks and vistamall. Only downside is traffic.

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We visited and ang consideration din is parking for rfo units. Wala na available. Ang meron na lang is yung for preselling...

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[dreamur]

We visited and ang consideration din is parking for rfo units. Wala na available. Ang meron na lang is yung for preselling...

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May nagpapa rent din ng parking slots. 4k to 5k/month. You can check with PMO.

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[jut703]

If you buy a condo but eventually want to move elsewhere or get a house, you can always rent out your unit.

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[n_spinner06]

If you buy a condo but eventually want to move elsewhere or get a house, you can always rent out your unit.

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I'm assuming that renting out a 2 bedroom unit is more challenging since the target market is smaller...i'm thinking starting families. If we'd factor in renting it out later on sa decision then maybe getting a smaller unit is better? Para wider market...yung young professionals?

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[jut703]

I'm assuming that renting out a 2 bedroom unit is more challenging since the target market is smaller...i'm thinking starting families. If we'd factor in renting it out later on sa decision then maybe getting a smaller unit is better? Para wider market...yung young professionals?

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Personally I bought my condo primarily for my use, secondary nalang yung rental income in the future.

But both 1BR and 2BR condos have different markets. Some yuppies tend to group together as cost per person is lower for 2 people sharing a 2BR unit than if they individually get studio/1BR units.

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