Renting a Condo is Better than Buying- By: frank jeffries
Condos have, for a long time, been part of the Philippines most significant prime properties. They are accepted places of residence for businessmen and shareholders, especially with their nearness to office rooms and companies, including diverse varieties of industries such as taverns, cafe's, clothing shops. This is particularly applicable in Makati, the state's lively business area. In recent times, the need for apartments for lease in Makati has swiftly increased, with more and more business people and officials desiring to possess their own.
During deciding whether to own or rent an apartment, however, the debate continues. As common advices would usually say, deciding to own a condo is a wiser decision financial-wise. Indeed, people compare leasing to be a close second to just giving away one's money, not to mention the stability offered by buying a house. Still, there are numerous benefits to be reaped from renting a Makati apartment, especially in the short term.
Here are some:
Flexibility is a Virtue One is not kept in a box
This is perhaps the greatest difference that renting has in contrast to buying. Choosing to rent, you have free rein whenever you are required to relocate to a new address, or if the locality doesn't meet your standards. Differing from owning will often be prompted to sell it prior to moving, you often will simply pay an early termination fee (and others) before moving out by renting. Once you think about selling your house, it often will take a long time and lots of red tape.
Opting to purchase a house means that you are staying in a particular district, with your job options limited to those in close proximity. Leasing helps you stay away from these problems, thus leaving it a feasible option for traveling businessmen and contractual workers.
You don't have to be (or pay) Mr. Handyman
Equipment conking out are common sights within apartments and homes, notwithstanding the fact if you lease or buy. The difference, though, is that when you buy a house, you are expected to fix these broken equipment yourself or haul them off to the repair shop. Either way, you'll be charged whether in cash or in trouble. Of course, shelling out for repairs or even buying new appliances is surely expensive fixes and new refrigerators, fans, and air-conditioners cost in the thousands.
By renting, you can often spare yourself from these inconveniences, especially if you were lucky enough to have a competent landlord. If that happens, the property owner will assume responsibility for the things that get broken down within the premises of the apartment, which is a nice pro to have.
Renting can be even cheaper
Too many people regard renting as an expensive alternative, as you will hand out cash regularly without any hope of gaining ownership of the place. It rings true, but some information get forgotten by people biased against renting, such as the various taxes and fees that come with house ownership. For instance, there are real property taxes, homeowners association fees, recreation fees, and the list goes on. A drawback is that none of these fees help in finishing the house payment, unlike in renting where all charges are included in your monthly fees.
Insurance costs less
Apart from the various dues that come with house ownership, you will also have to pay for home insurance. The problem is that home insurance can be very expensive, which is quite the reverse of making a lease. By and large, the insurance paid by a renter will cost only a tenth of what you will pay if you own a house.
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View Rent Condo Makati listings. Visit Condosmakati.com - The place to find Condo for rent in Makati. It offers in-depth information about the different condos and apartments available as well as information about Makati City itself.