Renting vs. Owning a Home

Years before settling down, I've rented quite a few places that allows me to be either closer to school or closer to my then office. You see, we live very far. Not in a province as my friends would say it. But right smack at the border of Manila and the province of Bulacan. That being said, I would have to travel 1.5 to 2 hours every day just to get to school or work. This all depending with traffic which can get horrific with no warning.

Our condominium. We repainted it light blue.

So I had to rent out a condominium unit right by my school during college and then soon after graduating, rented out an apartment 5 minutes away from my first job.

Looking back, those were a lot of money spent on just having a roof over my head. But considering the rising gas prices and travel time, it seemed like the best option. After having to leave my first job due to health reasons, I moved in to our studio unit condominium in a well-known area in San Juan so that I didn't have to pay rent. Instead there were association dues and utility bills. READ MORE AFTER THE BREAK!
Now that I'm married and have a son, renting out a home for us is not an option anymore. We are very thankful to be living in my childhood home with family because if you think about it, that P15,000+ a month plus dues and utility bills can just be spent or saved for something better. Then only option I am thinking would be going for a 'rent-to-own' payment scheme. For that we would need some percentage of money for downpayment and then again the monthly payments. I think I'd rather wait when I am earning 6-digits income or something because I will not live in a condominium or apartment that offers less than 3 bedrooms and a maid's quarters.

There are days that I would day dream that if I had won the lottery and think about what type of home I can buy, etc.

Some factors that I consider are:

- the location (it simply cannot be far from the 'city', 15-20 minutes max to the places where I would like to go. Must be a flood-free area. Remember Ondoy? Yeah, I was in the 'heart' of all the flood and trauma.

That's my car...

- number of rooms and baths (3 bedrooms min -- Mom will be living with us!, with at least 4 baths -- can be 3 full/1 half, a maid's quarters -- you never know when you'll be getting help)

- 2/3 car garage. Not that I'll be having tons of cars, just would be nice to have a big space for playing and having a party

- a small garden and a pool (don't need a big one or a deep end coz I don't really know how to swim)

- style (preferrably modern or modern asian because I'm a minimalist)

- security (must be a gated community. You know, since I just won the lottery and all. ;) )

and finally...

- its value (reasonably priced, has great market value, and a good candidate for home equity loans)

I wasted time on this 'day dream' and actually found a couple of nice houses that fits my standards. Prices range from P10M to a fancy one that I fell in love with priced at P65M! In my defense for wanting that house, it had a freakin' elevator AND a dummy elevator that can bring up food or whatever you need from the basement up to the attic!

So my verdict between renting vs. owning a home would definitely lean more to owning one. The pros are countless than having a landlord breathing down your neck.

I can't wait to own our first home with my little family. It seems so far away but nothing is impossible! Now I just have to win the lottery! ;)

QUESTION OF THE DAY

Do you rent or own your place? Which do you prefer, renting or owning your own home? Share your thoughts below!