Renting a property can be advantageous if you work in the city. After all, the proximity of your residence to your office is one of the few intangibles that makes it a good option.
However, there isn’t any other upside outside it. If you’re in a prime financial position to buy a house and lot in a good location, such as Cavite, don’t pass up on the opportunity.
So, what are the benefits of home ownership? Most reviews about Lancaster New City and other residential community developments highlight the following:
Paying Fixed Monthly Payments
Regardless of the term of your loan, your mortgage payments will remain the same. This can give you a sense of security, knowing that you won’t pay more down the road since your loan is immune to market forces. The case is different when it comes to rent. Landlords usually charge more over time to keep up with inflation.
Indefinite Right to Stay
Nobody can evict you from your property, as long as you don’t default on your loan payment. But when you rent, your right to live in your current residence will be at your landlord’s discretion. Even if you and your landlord agreed to renew your contract when it expires, there’s nothing you can do when the other party changes his or her mind. You may find yourself in a stressful position to find a new place once your contract ends.
Building Your Wealth Passively
Houses can increase in value over time. This is especially true in areas experiencing a great economic development. The more you pay for your home, the more you can build equity on it. If you decide to sell it in the future, you might get a higher asking price.
Improving Your Credit Score
Paying your mortgage on time improves your creditworthiness. If you need to take a loan down the road, your impeccable credit history can help you snag the lowest interest rate.
Enjoying Better Privacy
When you buy a single-detach house, your days of sharing walls with your neighbor will be over. Home ownership can mean enjoying not just your own space, but also increased privacy.
Look at your financial situation and career goals to determine whether renting or buying makes sense for you. But if you could, start gaining a foothold in a hot real estate market, such as Cavite, to reap the advantages of being a proud homeowner.