This pandemic, more families are moving out of the metro. Some are going back to their hometowns and some are thinking of permanently relocating in nearby provinces where they have more open space and fresh air.

In 2020, according to Lamudi Philippines, as reported by bworldonline, the property market was dominated by those looking to buy more than those looking to rent.

There are certain circumstances when purchasing a property makes more sense than renting and here are some of the things to be considered:

You are Considering Long-term Residency

This is one consideration when we purchased our property. We know that we will be staying for some years in the metro as most of our events and work are here in the city.

If you have a job that requires you to frequently move, or if you don’t see yourself staying in the same place in the next 3 to 5 years, then renting would make more sense than buying a house. 

You Are Looking for a Long-term Investment

Purchasing a property is an investment for the long term. The properties can generate income thru rent or sell it when the opportunity arises. Similar with any investment, there is profit and potential within real estate, whether the overall market is up or down.

You Can Afford to Buy

This is our main consideration when buying a property. We made sure that we have enough to cover the cost.

Clearly, if you have the means and have extra room in your budget to buy a property, go for it. Property prices vary greatly in the country, depending on location – whether in the city or a nearby province, size, condition, and features. Check if the property is within your budget.

This calculator can help you determine if you can really have the funds to buy a property given your income or savings you have set aside. It can estimate mortgage affordability .

Choosing to rent or buy a property is a major decision that affects not only your lifestyle but also your financial health. It is not just about money, it is also about comfort, and your vision for your life.