Pasig Living: Why You Should Rent (and Not Buy a Home) for Now

buildings in the PhilippinesPasig is one of the most attractive places to live in Metro Manila. Although heavy traffic is something synonymous with the country’s capital region, it’s a lovely city to work and play. No wonder professionals of all walks of life migrate to it and make it home.

Despite the benefits of owning a piece of the city for yourself, it’s still wiser to rent for many reasons. This is especially true if you’re single with a career moving on an upward trajectory. Here’s why you should look for a room for rent in Pasig instead of purchasing a condo soon:

Avoiding Responsibilities

Maintenance is the line that separates tenantship and ownership. While you’re expected to behave accordingly to coexist in harmony with other residents, you wouldn’t be held responsible with the upkeep of the unit. When a pipe leaks or the vent acts up, it would be the landlord’s duty to fix and pay for repairs. If you love being unencumbered and focus on the fun side of independent living, put off your dream of home ownership.

Having Few Affordable Housing Options

Even if you want to buy a condo, it would still cost you a fortune to pull the trigger on the purchase. There’s still a low inventory of units costing between Php800,000 and Php2,000,000. As a result, you would have to pay for hundreds of thousands of pesos just for the down payment. Plus, the number of developers partnering with Pag-IBIG is still far from ideal to make home ownership more affordable.

The status quo is changing for the better, so wait it out. You may feel like you’re flushing money down the drain as a renter, but it’s a cardinal mistake to buy your condo prematurely.

Losing So Much If You Run into Financial Trouble

The risk of failing to pay your rent pales in comparison to the danger of defaulting on your housing loan. The latter could involve losing the property you’ve been paying serious money for a long time. And you can’t easily sell your condo to turn it into cash. If you find yourself in a difficult financial situation, being a homeowner with decades left in his or her mortgage can be extremely stressful.

On the other contrary, renting offers more security in case you experience financial hardship along the way. You’d be asked to pay in advance before being allowed to move, which should give you some peace of mind. If your contract allows you to refund your deposit despite terminating it early, you’re, in a way, your landlord is holding your money for safekeeping.

Nobody should be a renter forever; at some point, you should gain a foothold in the property market to build your wealth and have housing security. But renting can be advantageous under certain circumstances. Assess your current situation and think with your future to determine whether you should be a Pasig resident as a renter or a homeowner.