Buying vs renting property: which is right for you? | Lamudi
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Did you know that only about 40 per cent of Filipinos own their own home? This figure, from consumer banking firm Citibank, is one of the lowest in the Asia-Pacific region.
But with the price of rent increasing, buying a property outright may make better financial sense. So how do you decide between buying vs renting?: https://www.lamudi.com.ph/journal/buying-versus-renting-property-deciding-which-is-right-for-you/
Link to journal/webpage: https://www.lamudi.com.ph/journal/buying-versus-renting-property-deciding-which-is-right-for-you/
Transcript of Buying vs renting property: which is right for you? | Lamudi
WHICH IS RIGHTFOR YOU?
BUYING VS RENTING PROPERTY
WHICH IS RIGHT FOR YOU?BUYING VS RENTING PROPERTY:
CONSIDER ALL THE COSTS
Owning property comes with several additional fees and taxes that you need to take into account when deciding whether to buy – think closing costs, repairs, regular maintenance and interest on your mortgage.
WHICH IS RIGHT FOR YOU?BUYING VS RENTING PROPERTY:
USE THE PRICE-TO-RENT RATIO
If your only concern is your budget, then there is a great measure for checking whether buying or renting makes more financial sense. Calculating the price-to-rent ratio is pretty simple:
Step 1: Find two similar properties, one available to buy and one to rent.Step 2: Divide the price of the property for sale by the annual rent for the second property. This is the P/R ratio.
WHICH IS RIGHT FOR YOU?BUYING VS RENTING PROPERTY:
THINK ABOUT YOUR LIFESTYLE
Renters can often afford to live in urban areas close to work and other amenities, while buyers are sometimes forced to choose a home further afield. And if you don’t like an area, it is also much easier to leave.
WHICH IS RIGHTFOR YOU?
BUYING VS RENTING PROPERTY
For more information, you may read the article at Buying vs renting property: which is right for you?
Lamudi.com.ph is the leading real estate platform in the Philippines. We offer sellers, buyers, and renters a secure and easy-to-use platform to find or list properties online.
