September 25, 2023

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Oh My Home PH Answers: Should you rent your future house or purchase it?

Anthonynachor | Teodoro Jaen Jr, Correspondent | Oh My Home PH Answers: Should you rent your future house or purchase it? Should you rent your future house or purchase it?

Many individuals are of the opinion that being able to call one’s own house their own is the pinnacle of both professional and financial success. If nothing else, having a home of your own guarantees that you will always have a safe haven to return to, regardless of what the future holds for you in terms of your profession and your wages. This is true regardless of whether or not you decide to rent or own your home. Having said that, not everyone is of the opinion that this is the best course of action. Additionally, not everyone is in a position to make a substantial move early on in their working life due to the lack of financial resources. They would be wise to look into renting a property temporarily while they try to figure out what their next step should be. Everyone else who yearns to have a roof over their heads asks themselves, “Should I purchase or rent my future home?” You, too, are faced with this choice when it comes to your future abode.

Before settling on whether to purchase or rent a house, there are a number of aspects of the housing market that should be investigated. The availability of money, the current situation of the market, and the asset’s own level of liquidity are all important factors to consider. When dealing with real estate, one of the most significant considerations to make is the location of the property. In addition to this, there are a few aspects that lend a definite advantage to one choice over the other in terms of the line of reasoning that it conforms to, which gives this choice an overall advantage. Let’s look at each of these components in more detail.

The Cases That Should Be Made in Favor of Shopping

If you are trying to decide whether to purchase or rent a home in the future, the best financial decision you can make is to own your own property rather than rent it as an investment. In point of fact, this viewpoint is shared by two out of every three Filipino families, and each of these families owns the house in which they make their primary residence. It should come as no surprise that in order to successfully complete the acquisition of real estate, one is necessary to make a significant financial commitment that may extend over a period of years or even decades.

You will have the chance to buy a house in your very own name, complete with a title deed in your possession.

It is possible that your investment will see a significant increase in value over the course of several years depending on where you reside, especially if the region that surrounds you continues to see expansion.

There will be the possibility for you and your family to set down some permanent roots. Children profit from this arrangement because it enables them to have a consistent environment and prevents them from having to move around from school to school.

Owning your own home has a number of advantages, many of which are beneficial not just to you but also to your family as a whole. If there were no landlords, there would be no need for arbitrary restrictions, and there would be no cap on the number of places someone might call home. In addition to this, it demonstrates that there is no requirement to get authorization prior to making modifications. In addition, it is quite thrilling to finally have the information essential to fill out the “permanent address” box that is featured on the majority of the application forms. Having this information has been a long time coming. In addition, you will be given a dependable delivery address that may be used for any online purchases that you decide to make.


The purchase of a house is not an inexpensive venture. The acquisition of a home and lot in the Philippines normally costs between P3 and P5 million, where P stands for the Philippine peso and m2 refers to the plot size, which ranges between 50 and 70 square meters. In addition to the substantial cost of legal and documentation fees, as well as the rise in the cost of insurance premiums, there is also the extra expenditure of constructing. This expense comes on top of the other costs already mentioned.

This year, interest rates have risen, with the primary cause being the ongoing and widespread rise in inflation throughout the world. The Philippines’ Central Bank, the Bangko Sentral, decided to raise the interest rate on overnight loans to 3.25 percent not too long ago. Before this change, it was scheduled to occur at a rate of 2.5% in 2021. The worth of this thing has the potential to grow much higher depending on a wide range of factors in the surrounding environment.

It is conceivable for the value of your property as an investment to diminish owing to causes that are, for the most part, outside your control. The value of your property may be impacted, either favorably or unfavorably, by external variables such as the current status of the economy, the degree of national security, and the state of the environment.

When you own your own home, the responsibilities that go along with it are, of course, solely your responsibility to take care of on your own. This includes addressing any maintenance concerns that could come up in the future. You are going to be responsible for everything, from fixing a leaky faucet to performing structural repairs on the roof, as well as contributing financially to these endeavors.

The Cases to Be Made for and Against Leasing

When determining whether to buy or rent your future home, one’s current and future financial situations are important considerations to take into account. There is no use in even exploring the thought of purchasing a home if you are unable to save enough money for a down payment on a property that is located in the community that you would like to live in.

On the other hand, having an option to rent a house in your back pocket might not be such a bad idea after all. You get all of the benefits of having your own apartment when you rent it, but you don’t have to deal with the obligations and maintenance that come along with ownership of a property. Additionally, when the cost of living and other expenses are taken into consideration, it is possible that renting will continue to be the more financially sound choice than purchasing a home, which may cost more than you can afford. This is because renting does not require the payment of mortgage insurance or property taxes.

The following is a collection of further arguments both in support of and in opposition to the contention that one should rent rather than purchase.

You have the choice of purchasing a place that meets all of your specifications rather than one that is within your price range. This is something that you may do. It’s likely that if you rent a house with three bedrooms rather than cramming your family into a studio apartment, you’ll have a much more comfortable living experience all around. This is because there will be more space for everyone.

You are not required to fulfill any further obligations beyond the scope of your contract, and you are free to vacate the premises after the duration of your lease has expired. Depending on the nature of your agreement, you might be able to break out of your contract before it reaches its maturity date with little or no significant financial ramifications. However, this will need to be verified.

There will be less paperwork for you to fill out, and there will be no additional expenses. Before you can move in, the only payments you need to make are the initial deposit as well as the advance payment.

There is no need for concern on your part regarding either a rise or a decline in the value of your home.

There is no longer a requirement to make recurrent payments, such as those for property taxes or the continuation of an insurance premium, as this obligation has been satisfied.

Your landlord is still responsible for paying for any essential repairs or upgrades that may crop up in the future.

Renting allows those who are mobile with extra alternatives, which is especially useful for those folks who have job in the city as it provides them with more options for where to live. Because it is likely out of their financial range to purchase a property in the area, employees who prefer to reside in close proximity to their places of employment should still consider the possibility of renting instead of purchasing a home there.


Tenants usually have fewer options accessible to them than the landlord does in terms of the furniture and the overall interior design of the rental property.

There is always a chance that the monthly rent may be raised. It is possible that rental rates could increase to the point where they will no longer be reasonable as a result of the fierce competition for available homes in high-density places.

Your landlord has the legal right to evict you at any time, whether it is to make way for another member of the landlord’s family or to get the home ready to be put up for sale.

Your landlord may place a variety of limitations on your tenancy, which may in turn restrict the housing possibilities available to you personally. They have the authority to set restrictions on the hours that guests may visit, and they can even bar dogs entirely from the premises. If you rent a house, the landlord has the authority to lock you out at any moment, which might make life more challenging for you in the event that you are late with your monthly rent payment.

Which Is Better: Buying or Renting Your Own Home? Exactly! That’s the Question!

If you take everything into consideration, would it make more sense to rent a house or buy it? People who have not yet embarked on the journey of establishing a family may find that renting a living space rather than owning one is more advantageous given their current state of affairs than buying a home. It is possible that settling down too soon will prove to be a mistake due to the fact that jobs constantly come and go, and the search of them can even transport you to far-flung locales.

In the interim, young couples and families have the option of acquiring their own houses so that they may get off to a healthy start in their family lives. Having a permanent base can make it simpler to establish routines and provide children the opportunity to grow in an environment that is already familiar to them. This is especially beneficial for younger children. A permanent home could also imply an increased probability of becoming a member of a neighborhood made of individuals who share similar beliefs and perspectives on life. This might be an advantage for those looking to make meaningful relationships with their neighbors.

Should you rent a house or invest in the purchase of a new one? If you believe you have the ability to succeed, then you should go for it. It is probable that the size of the amount of money you have in your bank account will be the determining factor in this substantial investment. However, you shouldn’t forget to examine the interior and see what supplies you and your family could need. This is something you shouldn’t forget to do. We have full faith that you will be able to make your new place of residence as homey and relaxing as possible regardless of where you choose to put down roots.

Do you require additional information concerning the present state of the real estate market in the Philippines today?

Come visit us at Ohmyhome Philippines for the latest news, trends, available properties, and prices in the country today. You can also get a pulse of the local real estate market by subscribing to our Facebook, Instagram, or YouTube accounts. Alternatively, download the Ohmyhome mobile app for iOS and Android. Ohmyhome is a simple property technology solution to help both buyers and sellers make the best real estate decisions through honest and accurate information. The digital platform, now with 100+ partner developers, over 600k downloads and a 4.8++ rating, aims to provide the best property commerce experience for people from all walks of life in Singapore, Malaysia, and the Philippines.