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5 Reasons Why Renting Could be Better than Buying a Home

Owning a house and lot in Cebu is a wonderful thing for you early nesters. Aside from the exciting part of buying furniture and savoring the new environment, it also marks the beginning of your life with a family of your own. How exciting is that?

Of course the hype comes with big responsibilities.  It requires a meticulous home inspection and intense financial checking before even considering being a homeowner.

Speaking of home ownership, there has been a long-running debate on which is better: renting or buying. Have you ever heard of the phrase “Stop wasting your money on  rent?” Contrary to the common notion about renting, here are 5 reasons why renting may be better than buying:

 

Financing

For families who are starting up, renting is a viable option. It is a short-term solution for your housing needs while saving up for your down payment. Buying, however, is a huge financial responsibility and you could end up with a large amount of debt if not planned carefully.

 

Flexibility

If you want to keep your options open, renting a house and lot in Cebu is the way to go. If you’re also planning on relocating in the near future, this is your choice. Relocating would be a headache if you have a mortgage on your house. Renting is a flexible and convenient option.

 

Maintenance

When your pipes burst or if there’s a leak in your roof, your landlord is responsible for maintenance costs except for minor processes such as changing the filters of your AC unit or changing a light bulb. When you buy your own home, you are responsible for all repairs, maintenance and renovation costs.

 

More free time

If you’re not a fan of the grueling activity that is involved in home maintenance—yard work, gutter cleaning, toilet problems—then you should probably rent. These activities take time. If you want more time to do the things that you love, renting is the most suited option for you.

 

Equity Doesn’t Go Up or Down

To put it in simple terms, equityis the market value of a   house without the value of mortgage. The house you paid good money for wouldn’t be at the mercy of the real estate industry. Renting solves this issue by eliminating that factor and letting you pay only for t what you actually use.

 

Those have been five of the best reasons to rent rather than buy your future home. So before you make up your mind on buying that house and lot for sale in Cebu, make sure you try to look for rental homes around the area. You might stumble upon a better deal if you’d choose wisely. Happy hunting!

 

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