Renting vs. Owning a Home

Everyone dreams of having a house to come home to, especially for those married couples planning on starting a family. But since the reality of life is that you need to be able to afford a home in order to live in it, most people opt for renting houses instead of buying one.

The money factor comes into such a yearning. Although the standard cost of living in the Philippines is relatively low when compared to most Southeast Asian countries, economic situations, though relatively stable at present, is very unpredictable, and a salary which is just enough for last month's expenses may not be sufficient for the next. With the majority of Filipinos living below the middle class level, the expense of keeping up a mortgage requirement may become a burden which is too much to bear.

For urban areas, renting a home is also that much easier when it comes to maintaining its condition. Most housing compounds offer the services of utility men, not excluding plumbing, repair, and even laundry services. Such perks are particularly appealing for people who want to come home to a house or condo unit, without worrying if there will be hot water ready in the morning. The landlord takes sole responsibility for such services. Owning a house necessitates that it may need some form of renovation or another over time. As any homeowner would attest, the cost of a retouch paint job alone is enough to make anyone think twice if they really want to invest on a house for the long run.

While this bleak portrayal of the prospect of house ownership may be discouraging, to be sure there are benefits which only a home of your own can offer. No noisy next door neighbors to worry about. And once you fulfill the mortgage, you'll also have no more worries of not making the next month's rent. That's one less commitment on your monthly list, and you can build memories on your new home, with the assurance that you can keep both of them for as long as you wish.