According to a 2015 study by Lamudi, almost 70% of Filipinos would rather rent than buy a home, with cost being cited as one of the major barriers.
While there’s no denying that buying a house is a major investment, it also offers many perks that make it well worth your hard-earned money. Let’s take a look at the six financial and practical advantages of homeownership:
Value increases over time
Everyone says that home values appreciate over time, but why exactly does this happen? The answer is simply supply and demand.
Land is a finite resource. As more people live in an area, the supply of available lots there dwindles, causing property values to rise.
If you are an early buyer in a promising community, you can potentially see great property valuation as that area becomes more developed.
Cheaper on a per-square-meter basis
As one of the biggest investments you’ll make in your lifetime, your home should offer great value for your money. If you divide the total lot size of a house-and-lot unit by its total contract price, you’ll often find that it’s cheaper on a per-square-meter basis compared to the price of condominiums.
Save money in the long run
On paper, renting does seem like the better deal: you don’t need to put up a hefty down payment and your monthly rent might seem small compared to mortgage payments.
In reality, though, you can find mortgage payments that are within the ballpark of rental rates. What’s more, rental prices will only ever increase while mortgage payments remain fixed throughout the loan period. There may even come a time when your rental fee is higher than what you’d pay on a home.
Amenities provide added value
Communities like Narra Park Residences offer recreational amenities like playgrounds, swimming pools, and large parks which you and your family can enjoy at any time. These value-added features give you more bang for your buck and help increase the neighborhood’s property value as well.
It’s an heirloom
Like all parents, you want to pass on something of value to your kids. Because of property appreciation, the home you buy today can be an asset you can bequeath to future generations—a pamana that only becomes more valuable over time.
It’s emotionally rewarding
Buying a home is as much a financial decision as it is an emotional one. Being a homeowner gives you a sense of pride that renting simply can’t match. You also have the freedom to redecorate your interiors any way you wish without having to get a landlord’s approval. Last but not the least, a home of your own gives you a sense of security and provides a place where you can set your roots down.
Of course, buying a home is a huge leap, and requires careful consideration and planning. But with options like Narra Park Residences, your dream of homeownership is now within reach. To learn more about house designs, lot availability, and special promos, please call us at (082) 284-4382, 227-2152 loc 216 or send an e-mail to [email protected].
All photos are property of Alsons Dev