Should You Rent Or Buy Property In Baguio City?
Baguio City is one of the most attractive areas in Luzon for young professionals and families alike to find their new nest. Because of its cool and refreshing winds, pine trees, and numerous cultural attractions, you may find yourself enticed by the prospect of getting a condo or house and lot in Baguio City. But when it comes to getting property, should you rent or buy?
Keep reading to find out what considerations to keep in mind before you decide to rent or buy. These little tips will help you come to a decision that best suits your lifestyle, needs, and budget!
Are You Looking For A Vacation Home?
If you’re simply looking for a place where you can get away once in a while, a short-term rental may be the option for you. After all, it does feel like a waste of money if you continue to pay rent on a property you won’t be visiting that often.
On the other hand, if you’re looking for a vacation home that’s basically a second home that your family can go to whenever you want, it may be worth it to already buy a house or condo in Baguio City. This will ensure that you’ll always have a place to retreat to at your own convenience.
You won’t have to wait for bookings or for someone else’s lease term to end. You’ll also be able to make your own improvements on the property, such as adding a lap pool or installing a hot tub.
Do You Want To Make This Property Earn Money?
One solution that condo or home owners have to the problem of an idle property is to rent it out. This is especially profitable during peak tourist season in Baguio City, when many people visit the City of Pines to visit the multiple parks, pick strawberries, and enjoy the chilly weather.
If you think you can find a market for your property during the months when you’re not occupying it, then by all means, buy instead of renting! The rent money you’ll earn will eventually help you pay off the full price of the property. Do keep in mind that you’ll have to spend a little more to maintain the property, and you’ll need to allocate extra funds in case of repairs.
Are You Planning To Relocate?
Maybe you’re not looking for a vacation home anymore and you’ve committed to the full, serious move to Baguio City. Congratulations! In this case, your choice to rent or buy will depend primarily on your budget. If you’re already set on permanently moving to Baguio City and making it your homebase, we strongly recommend that you buy a property that you can truly make your own.
However, if you live a more nomadic life and find yourself moving around often, the solution is to rent. To find the best property that you can rent flexibly in a choice area, talk to a seasoned real estate agent in Baguio City!