The Pros of Owning a House or Condo

Every Filipino yearns of having his own home someday. Whether it be a house or a condo, buying his own property becomes priority savings for the home investor. He will toil night and day just to fulfill his dream of having his own house which in turn he will pass on to his future children and family.

The good news is that more and more families are putting their hard-earned money on house ownership than property rental. Based on the estimates of the Philippine Statistics Authority’s 2015 FIES (Family Income and Expenditure Survey 2015, Table 3), out of 22,730 families, a vast majority of almost 16,000 families opted to live in their own houses rather than renting a house for basic shelter.

There are pros and cons in house or condo ownership. But the pros outweigh the cons. Here are some of the reasons why owning property is good for you.

Sudden rent increases. Let’s face it. Sometimes, there are some unforgiving landlords who – at the ungodliest of times – will tell you that in a month’s time, there will be a rent increase. This will often lead to an elusive peace of mind since you will now be forced to either pay the increase or look for a new house to rent or quarrel with the landlord for the short notice. If you have your own house, you can rest safe with the knowledge that no one can bother you with unnecessary problems.

Mortgage and monthly amortization. Unless you are included in the Forbes list of millionaires, common house buying practice for the masses includes a hefty but affordable mortgage. The money you shell out for amortization is like a savings fund for you and your family, and not for the landlord’s pocket.

Safety and security. You have probably heard of horror stories wherein a family is looking for a new house to rent as the house owner told them that he/she will be coming back to live in the house, or the property will be put under renovation, or worse, the condo was already bought by someone else. If the property you are living in is already yours, there is no danger of you getting evicted at any time.

HDMF (Home Development Mutual Fund). Whether you are looking for a new or foreclosed property, the government made sure that there is an agency that can help with your house or condo-hunting needs. More commonly known as the Pag-IBIG Fund, the HDMF is a life-saver for those who are looking to purchase property.

Whatever you decide on, bear in mind that renting or owning property will still cost you money. With that in mind, then do have your own house to give you that fitful sleep of knowing that you are safely nestled in a space you call home.