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Is it better to own or rent a condo or house and why?


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There has been a lot of posts spread out all over the forum on the negatives and positives of owning or renting so I thought I would start a topic of its own.

For us, ownership has meant appreciation in value but that was not why we bought, it has also meant that NO landlord can decide when we should move to another place, my wife and I happen to like stability and with a landlord they can raise rents or even tell a tenant to get lost once the lease is up and for no real reason. 

Beyond that we like to have the furniture we like and that works for us, have the place painted in colors of our choice, add cabinets that we feel we need and make modifications that make our life easier, most often that cannot be done in rentals.

So for those who own or rent, what were the reasons beyond money that came into play for you to decide to do either?

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Wow! It only took you 65 post in this thread to come to that conclusion...

Well unusual is the philippines that for sure and to be truthful davao thinks walmart is a overpriced luxury store lha ha ha And flakes lets be honest in 5 years he mightnstill own that condo and

Where do I find these?

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2 minutes ago, Lee said:

There has been a lot of posts spread out all over the forum on the negatives and positives of owning or renting so I thought I would start a topic of its own.

For us, ownership has meant appreciation in value but that was not why we bought, it has also meant that NO landlord can decide when we should move to another place, my wife and I happen to like stability and with a landlord they can raise rents or even tell a tenant to get lost once the lease is up and for no real reason. 

Beyond that we like to have the furniture we like and that works for us, have the place painted in colors of our choice, add cabinets that we feel we need and make modifications that make our life easier, most often that cannot be done in rentals.

So for those who own or rent, what were the reasons beyond money that came into play for you to decide to do either?

ur system does require nice neighbours otherwise u in for the long ride.?

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1 minute ago, Flakes said:

ur system does require nice neighbours otherwise u in for the long ride.?

True but that also includes when renting but yes you can move, thus why a condo with rules might be a better choice than a home. 

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Btw i got nothing against buying owning properties but somehow i feel we somewhat are not receiving excellent conditions. Taxes, infrastructure ,resell, rental income, capital appreciation all is not in our favor.

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If you do rent the ratio to buy is about 10 years.

10 years later the price will probably double, just like the past decade. With far less optimal locations because the core zones are tiny and being filled up fast.

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I hate renting and always have, anywhere at anytime, inspections, rent increases, hassles getting anything done, moving all the time etc etc, In the PH i can own at a very low price point, close to all major facility's and all the necessary infrastructure...its a lovely feeling to own, mans home is his castle, and im king of the Castle. :)

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2 hours ago, rep1 said:

If you do rent the ratio to buy is about 10 years.

10 years later the price will probably double, just like the past decade. With far less optimal locations because the core zones are tiny and being filled up fast.

if that is the case why is that guys are struggling to sell their condos now for the same price they paid when they were new 5 years ago

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Davaoeno
5 hours ago, Flakes said:

Btw i got nothing against buying owning properties but somehow i feel we somewhat are not receiving excellent conditions. Taxes, infrastructure ,resell, rental income, capital appreciation all is not in our favor.

 

download (1).jpg

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delancey
5 hours ago, Contango said:

I hate renting and always have, anywhere at anytime, inspections, rent increases, hassles getting anything done, moving all the time etc etc, In the PH i can own at a very low price point, close to all major facility's and all the necessary infrastructure...its a lovely feeling to own, mans home is his castle, and im king of the Castle. :)

And that is why these interesting and informative threads and posts will never end. 

I bought a cheap house and it is now for sale here on linc. I knew when we bought it:

1) Buyer is in control

2) Renting can be cheap here

3) Selling is a third world non- MLS nightmare.

I don't care. We pay no rent. Could fire sale it and be done with it and we love owning. Don't care if we have to wait five years to sell it. We can just leave it as a vacation home. A CR renovation in the U.S. cost as much as our house. 

Point is: It all depends on how you weigh the various issues. Some love knowing they gave security to their wife, some think owning is a financial loss. Nobody is necessarily wrong. It's a value system thing.

Just read Lee's old posts. It's all there.

 

 

 

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A_Simple_Man

842ff50332a9824c2134da0bc9735d7c--horse-cartoon-horse-humor.jpgHorses for courses comes to mind.

Its like asking is it better to own money market futures or keep your cash in a savings account.  The answer is always:  It depends on your tolerance for risk.

 

Edited by A_Simple_Man
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smokey

Piece of string alert .... ok lee lets bite tell us all how much you paid for your condo and how many years ago .... ??  So not to confuse the new guys who will rush out and buy 100 sq meters of condo at the IT park for 30 times what you paid for yours and think hey I hold this place 10 years I will triple my money just like lee did ...   And lets not confuse a condo from a house... a house requires a wife or a very very very sharp lawyer and lots of luck  ... and while houses appear on the surface to cost more you get what you pay for ... example a 2 bedroom condo talked about in this forum recently , a member said it was 7 million and 56 sq  meters .. ok my bedroom and bathroom combined is 64 sq meters .. so how to compare all that 2 bedroom two bath .. kitchen , sala to a 1 bedroom one bath in a house ... STRING >>> how much do you want and how long will you allow it to get

Edited by smokey
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7 minutes ago, smokey said:

Piece of string alert .... ok lee lets bite tell us all how much you paid for your condo and how many years ago .... ??  So not to confuse the new guys who will rush out and buy 100 sq meters of condo at the IT park for 30 times what you paid for yours and think hey I hold this place 10 years I will triple my money just like lee did ...   And lets not confuse a condo from a house... a house requires a wife or a very very very sharp lawyer and lots of luck  ... and while houses appear on the surface to cost more you get what you pay for ... example a 2 bedroom condo talked about in this forum recently , a member said it was 7 million and 56 sq  meters .. ok my bedroom and bathroom combined is 64 sq meters .. so how to compare all that 2 bedroom two bath .. kitchen , sala to a 1 bedroom one bath in a house ... STRING >>> how much do you want and how long will you allow it to get

Robert, the title is "Is it better to own or rent a condo or home and why"

 I am not promoting condos and I did not say or write that a person would double their money in 10 years, we could have on our unit a few years ago but we did not sell it, and did not and probably could not have on the smaller unit we sold on this forum earlier this year but I really did not try to market the unit for the most I could get, I priced it to sell and sell it did.

I doubt that those who currently buy condos would be able to double their money in 10 years unless an area runs out of places to build, such as IT Park or Ayala Business Park, there is only so much vacant land, then if someone wanted to live in those areas, then they might have to pay what the condos were selling for in those areas. Like everything else, it is location, location, location and then supply and demand. 

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We all know that one size does not fit all -  condo vs house - rent vs own

Rent condo now and in the future  - here is my why

Don't need to think about retirement - did that 50 years ago - so buying as an investment - house or condo -  for my future is out.

Haven't seen any houses I'd like to rent in the area I want to live in.

Most of the responders appear to be long timers and the one overriding bit of advice I've gotten is  - DO NOT BUY  ANYTHING until you've been here a year minimum.

If everything goes south or changes the most I'll be out is a couple of thousand (spent more than that on a 3 week vacation to Disney World - having much more fun here) for some appliances

 

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Goetz1965

FOr BUYING you need to take care for a lot of things before - otherwise you end up with cheap parts installed - works not done properly and only a very short time of warranty.

I am actually rented in a house that was build by MD Dreamhomes - they have quite some subdivisions here in CEBU.
Luckily I rented this as it gives me much knowledge now on what to check before buying

The water line was leaking - the owner was to  lazy and just paid around 5000php water every month ! When I told him that Im not paying that they ended up in installing a complete new waterline to the house - now my bill is down to just around 300php
So the house is now just 2 years old ! And the piping leaked from beginning - nice work MD Dreamhomes. When I told the owener that usually the cost for the new line would be covered by warranty he told me that they bought the house but only got 1 year warranty ! LOL !!!

All installations (faucets and electric outlets) are just the cheap ones - theres no electric outlet in the stairway and floor at all.
Windows and screens dont move easily - they installed just the cheapest available 

In 1 room it leaks from the roof when raining heavily - already was repaired once but leacked again now - so the owner now again just "fixed" it - for how long ...?

The paint over the cement walls shows cracks everywhere - also the cement is very "sandy" - the house was build AFTER the strong quake of 2013 - so I hope Im not in when the next big one strikes ...

This unit is 2 storey and about 80sqm with parking in a gated subdivision - price was 4.5 Million php - I would say its worth maybe just half of that !

To make it short - in case consider buying - you need to be around all the time - choose all the things you want installed and check all the time that work is done right - if that happens with a huge investment company you might end up getting mad ...
I would prefer to buy both halves of 2 single detached houses and take the middle wall out - that way you can talk to the architect beforehand about your changes - BUT this costs extra so you need to find a "cheap" one to buy first.
A house in such a subdivision also gives more privacy than a condo. Condos are nice but there are too many - in 5 years the market to rent will be busted 

Edited by Goetz1965
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38 minutes ago, Goetz1965 said:

FOr BUYING you need to take care for a lot of things before - otherwise you end up with cheap parts installed - works not done properly and only a very short time of warranty.

I am actually rented in a house that was build by MD Dreamhomes - they have quite some subdivisions here in CEBU.
Luckily I rented this as it gives me much knowledge now on what to check before buying

The water line was leaking - the owner was to  lazy and just paid around 5000php water every month ! When I told him that Im not paying that they ended up in installing a complete new waterline to the house - now my bill is down to just around 300php
So the house is now just 2 years old ! And the piping leaked from beginning - nice work MD Dreamhomes. When I told the owener that usually the cost for the new line would be covered by warranty he told me that they bought the house but only got 1 year warranty ! LOL !!!

All installations (faucets and electric outlets) are just the cheap ones - theres no electric outlet in the stairway and floor at all.
Windows and screens dont move easily - they installed just the cheapest available 

In 1 room it leaks from the roof when raining heavily - already was repaired once but leacked again now - so the owner now again just "fixed" it - for how long ...?

The paint over the cement walls shows cracks everywhere - also the cement is very "sandy" - the house was build AFTER the strong quake of 2013 - so I hope Im not in when the next big one strikes ...

This unit is 2 storey and about 80sqm with parking in a gated subdivision - price was 4.5 Million php - I would say its worth maybe just half of that !

To make it short - in case consider buying - you need to be around all the time - choose all the things you want installed and check all the time that work is done right - if that happens with a huge investment company you might end up getting mad ...
I would prefer to buy both halves of 2 single detached houses and take the middle wall out - that way you can talk to the architect beforehand about your changes - BUT this costs extra so you need to find a "cheap" one to buy first.
A house in such a subdivision also gives more privacy than a condo. Condos are nice but there are too many - in 5 years the market to rent will be busted 

Are you sure youre not describing my rented house?  More leaks than you can shake at, turn off the main fuse that my bedroom aircon is wired into and the downstairs lights also go off, turn off the next fuse and same aircon goes off, often the kettle wont get to switching itself off because the fused extenstion its plugged into beats it to it, if it does make it all the way the wall socket is nice and warm.  1000L water tank that continuesly overflowed despite being 'fixed' 5 or 6 times, I suggested that instead of keep replacing the float valve they make sure it's installed right way up....now no more overflowing.  The owners paid 3.4m for what is a piece of junk, maybe worth 2m, thats what next door paid, Neighbours tell me that other people have similar problems, and the builders had big problems getting paid so did a Gerry built job. 

As soon as the lease is up we're out of there.  BTW  the owners offered us the chance to buy the house, I politely declined.

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