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| Banawa Heights - Villa |
To
paraphrase a quote from the Bible, man cannot live on bread alone since he also
needs a place to stay in. These days having a place to stay in for the night is
one of the most important things that a family needs to consider.
However,
renting a house may put a strain on the monthly finances of the family and they
do not get anything substantial in return. On the other hand, buying properties in Cebu City may also entail other expenses aside from the monthly payments for
the property they are buying. This is one option that people who have a regular
monthly income can take into consideration.
It is
important to take into consideration the advantages as well as the
disadvantages of renting or buying properties in Cebu City. You can weigh out
these advantages and disadvantages in order to find out which one is better for
you and your family.
The biggest
advantage of renting properties is that you have lesser responsibilities
compared to a property owner. You can leave anytime you want to unless your
lease agreement or contract has a minimum rental period. Another advantage is
that you do not have to worry about maintaining the property since the owner of
the property will take care of it. The only time you have to pay for
maintenance costs is when you are the one responsible for any damage in the
property. Your water and electricity bills can also be shared with the people
living with you. A third advantage of
renting property instead of buying it is that you can live anywhere just as
long as you can afford the rent.
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| Banawa Heights - Mansionette |
With the
advantages, there are also some disadvantages in renting instead of buying properties
in Cebu City. One major disadvantage is the rent itself. Rentals may cost as
much as loan payments. If you used the rental payments to pay off for a loan,
you would already own the property after a certain number of years.
The landlord
can also sell the property anytime, which will force you to find another place
to live in. When you rent a house, you cannot make any changes on the house
since the landlord may not allow any renovations on the property. Although you
will not have to pay for any major repairs on the property, you will have to
wait for the landlord to repair any damage on the property. This means, you
will be at the mercy of the landlord if the landlord does not opt to make
repairs as soon as possible. Even though you can opt to find another place to
live in, it may become a bit problematic especially if the rent of another
house is higher than what you are currently paying.
Now, let us
take a look at the advantages and disadvantages of buying properties in Cebu
City. One major advantage of
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| Banawa Heights - Tower |
buying properties is it will be a source of
potential income for you. Real estate increases its value over time if the
property is well maintained. This means a house that you purchased for
P450,000.00 may have a much higher value after ten years. I know of some properties whose prices have
increased in a matter of months. You will also feel secure since you do not
have to pay for something that you cannot own in the future.
You will
also have the option to make any major renovations on the property. You can extend the property to cover the
extra space at the back. However, you should also take into consideration any
restrictions that a subdivision may have on changes made on any property. There
are some developments that do not allow any changes on the façade or the front
part of the property. But modifications may be allowed on the interior and the
back part of the property.
Since you
own the property, you can also sell it anytime you want to. You can also have
it rented out if you have another place to live in. There are a number of
investors who buy properties with the idea of renting them out to potential
tenants. A number of these investors have purchased condominium units near
commercial districts in Cebu City.
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| MiVeSa Garden Residences |
Similar to
renting a house, there are also some disadvantages of buying properties in Cebu
City. One major disadvantage is the expenses that you will have to deal with
when you are set on buying properties in Cebu City. Paying for a loan or
maintaining a house can be quite expensive. But, you should also take note that
the cost of renting a house may be as costly as buying it.
Another
disadvantage is the fee or the association dues that you may have to pay,
especially if you buy a house inside a subdivision or a condominium unit.
People who rent do not normally pay for subdivision fees but there are also
some instances where these fees are passed on to the person renting the unit.
Although you
have the option to sell your property, it may be difficult if the property is
located in an area prone to flooding. However, it should also be noted that
property developers have already taken this into consideration and have made
all the necessary preventive measures to prevent flooding in the properties
they have developed.
When you own
your own home, you will also have to deal with real property taxes. These taxes
are paid each year and are based on the assessed value of the property you
purchased.
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| Banawa Heights |
It is
important for you to take into consideration the advantages and disadvantages
of renting or buying properties in Cebu City. These will serve as a guide for
you in making the decision on whether you will rent or buy properties in the
city. It may be possible for you not to have the budget to buy properties,
which means you may have to settle with renting properties in the city.
However, if you have the appropriate financial capability, it may be advisable
for you to consider buying properties in Cebu City to give you the peace of
mind that your family will finally have a place that they can call home.
