Buying a house can gives you a sense of accomplishment and stability. This is the main reason why everyone dreams of purchasing their very own home for themselves and for their family. Unfortunately, not all are capable of providing all the necessary documents to buy a house. It can be difficult to apply for mortgage loans because of the numerous requirements that you need to show the lender.
The great news is that the real estate industry continues to rise in Metro Manila. According to the Urban Land Institute (ULI) and Price waterhouse Cooper’s research, Manila is one of the top emerging markets in terms of real estate investment prospects. More properties are being developed and flexible terms and payments are being offered to buyers.
You have the option to buy a house for rent in Metro Manila though a rent-to-own arrangement. This is basically the same as buying a newly constructed house, but with a little more freedom. In a rent-to-own agreement, buyers can move into the house right away. Some sellers require no down payment, but most allow instant move-in after 3% to 10% down payment. The terms are clearly stated. Some transactions involve monthly dues of a certain amount, and after three to five years, the resident needs to pay the rest of the balance. Some contracts have lease options wherein the resident has the right to fully buy the house for rent in Metro Manila once it expires. If the potential buyer decides not to buy the house, then no obligation payment is required.
Buying a house for rent in Metro Manila can be a better choice because it gives you the flexibility without the hassle of long-term commitment. You are not tied to any financial institution. It’s certainly worth considering if you are serious about owning a property in this mega city.
About the Author:
This article is written by Aakanksha Sangtani, working as an International Business Analyst at Housal Inc., an online platform for real estate, addresses unfulfilled needs by harnessing technology and bringing all-related solutions under one roof. For buyers, tenants, sellers, brokers, agencies or developers, it encompasses all their answers from property matching, listings, management, analytics and much more. Housal Inc. is the evolution of the real estate process – empowering the real estate industry for the future.