March 23, 2023
oh my home ph

Image by Arek Socha from Pixabay

Feedzig | Oh My Home PH Answers – Should You Buy or Rent Your Next Home? | Should you buy or rent your next home? Owning your own house is often seen as the pinnacle of personal success. If nothing else, having your own place guarantees that no matter what happens to you professionally and financially, you’ll have somewhere to go. However, not everybody shares this same belief. Nor does everybody have the resources to take the plunge early in their career. For them, renting a place while they sort out everything. For everybody else who dreams of a roof over their heads, should you buy or rent your next house? 

Admittedly, the choice of buying or renting depends on a number of factors. Liquidity, the current market, and availability. Like every other real estate deal, location also plays a major role. In addition, there are a couple of factors that make one choice make more sense than the other. Let’s look at these factors. 

The Case for Buying

In deciding whether to buy or rent your next home, you can’t go wrong with investing in your own house. In fact, two out of three Filipino families share the sentiment and own their place of residence. Of course, a home purchase also entails a serious financial commitment that can take years or decades to complete. 


  • You get to have your own home, complete with a legal title in your name.
  • Depending on your location, your investment can substantially increase in value over the years, especially if your area continues to develop. 
  • You and your family get to establish roots. This gives children a stable environment and helps them avoid jumping from school to school. 

Living in your own house also has certain advantages for you and your family. No landlords mean no arbitrary rules and no dwelling restrictions. It also means no need to ask permission to make improvements. Plus, it’s cool to finally have information to fill the “permanent address” section in many application forms. Plus, you get a solid delivery address for your online purchases. 


  • It’s expensive to buy a house. The median cost of buying a house and lot in the Philippines is between P3 to P5 million for a 50-70 square meter plot. Then, there are additional construction costs to consider, plus substantial legal and documentary fees and insurance premiums. 
  • Interest rates are up this year, mostly due to global inflation. From a 2.5% overnight lending rate in 2021, the Bangko Sentral ng Pilipinas recently raised it to 3.25%. This may still go up depending on a number of external factors. 
  • Your property as an investment can go down in value based on matters that are mostly out of your control. Environmental issues, security problems, and the country’s overall economic condition can pull down your property’s value as fast as they can raise them up. 

Of course, having your own home means all the responsibilities that come with it are now completely yours to deal with. From simple faucet leaks to fixing the roof, that’s going to be all on you… and your wallet. 

The Case for Renting

In the debate of whether to buy or rent your next home, budgets can play a big part. There’s no point in considering buying if you can’t afford a downpayment for a house in the location you want.  

However, leasing a place isn’t an entirely bad idea. Renting a place means getting the benefits of your having your own place without the hassles that come with ownership. Plus, if you factor in the cost of living and other expenses, renting might remain a wiser financial move than buying a house that might cost more than you can afford. 

Below are the additional reasons on why (and why not) should you rent instead of buy. 


  • You can choose to get a place that fits your needs and not your purchase budget. Living in a rented 3-bedroom house might provide a way better living experience compared to bunkering in a studio unit with your family. 
  • There is little commitment outside your contract, You can choose to leave after your lease is up. Depending on your agreement, you can also terminate your contract ahead of the maturity date with little or no penalties.  
  • Less paperwork and no extra fees. Just pay the deposit and advance and you can move in. 
  • You won’t have to worry about property values falling or rising. 
  • No need to pay recurring costs such as property taxes, and insurance premium renewals.  
  • Your landlord remains responsible for any needed repairs or improvements.  

Renting provides mobile individuals with more options, especially if they have jobs in the city. With property prices likely out of reach there, renting remains a viable option for employees who want to live near their workplaces. 


  • Furnishing and design options are often limited to the landlord’s choices.
  • Rental rates can go up anytime. In high-density areas, the rental rates might become prohibitive enough as tenants compete for limited spaces.   
  • The landlord can evict you at a moment’s notice to accommodate a family member or to sell their property. 

Landlords can also impose a number of restrictions on your personal living options. They can forbid pets in the residence and even restrict visiting hours for guests. In addition, missing monthly rentals might be more problematic when renting, as the landlord can lock you out anytime. 

So, Should You Buy or Rent Your Own Home?

Given all the information, should you buy or rent your next home? Individuals who have yet to take the leap into starting a family may find it more advantageous to rent living space instead of buying. Jobs usually come and go, and they may even take you to far-off places, so settling down might turn out premature. 

Meanwhile, young families can opt to get a place of their own in order to start a family on the right footing. Having a permanent base can help establish routines and allow kids to grow in a familiar environment. A permanent home can also mean a better chance to be part of a community of like-minded dwellers. 

Should you buy or rent your next home? If the shoe fits, then go for it. Your wallet might serve as the primary decision-maker for this major investment. However, don’t neglect to look inside and see what you and your family might need. Whichever domicile you choose, we’re sure you can make it your home, sweet home.

Whether It’s Buying or Renting, Ohmyhome Can Help You Find the House of Your Dreams

Do you need more information about the current real estate situation in the Philippines today? Do you want to find out the best places to buy a new house, or where rental rates remain friendly to workers? Come visit us at Ohmyhome Philippines for the latest news, trends, available properties, and prices in the country today. You can also get a pulse of the local real estate market by subscribing to our Facebook, Instagram, or YouTube accounts. Alternatively, download the Ohmyhome mobile app for iOS and Android

Image by Arek Socha from Pixabay