ADVANTAGES of RENTING:
More Flexibility for Where to Live:
Renters can live virtually anywhere, while homeowners are restricted to areas they can afford to buy. A home in the city might be out of reach for most home buyers, but it might be doable for renters. Although rents can be high in areas where home values are also high, renters can more readily find an affordable monthly payment than homebuyers.
No Real Estate Taxes:
One of the major benefits of renting versus owning is that renters don't have to pay property taxes. Real estate taxes can be a hefty burden for homeowners and vary by county—although in some areas, the costs can be thousands of pesos annually.
Although property tax calculations can be complex, they are determined based on the estimated property value of the house and the amount of land. With newly-built homes getting larger and larger, property taxes can be a significant financial burden.
The Bottom Line:
Owning a home might be beneficial for homeowners over the long run. However, for those who are looking to avoid the hassles of homeownership, the costs of upkeep, and the property taxes, renting might be a better option. Of course, it depends on each person's lifestyle, financial situation, and whether they're working or in retirement.
CEBU-Real Estate Shop:
We are in the sales department connected with the developers in Cebu and Bohol and affiliated with 168 Land Realty Dev’t Corporation.
Feel free to inquire/send a message / call...we'd be happy to entertain any questions/inquiries.
