To own or to rent? It’s like choosing between adopting a child or simply having a niece or nephew over for the weekend. The yawning gap between these two concepts is too wide to ignore. It could also be too boring to even discuss in this material world where there are even people who desire what others already own.
Owning something, anything, from expensive things like a house or a car, to equally dear items like art, vintage wines, K-pop or Tay Tay Eras merch, or a collection of limited edition action figures—can give the owner a sense of pride and accomplishment.
Ownership is more than possession which, in law, is provocatively defined as the holding of a thing or the enjoyment of a right. However tantalizing that may sound to deviant minds, possession is just one of the perks of ownership.
But with great power comes great responsibility, as the saying goes. Suddenly, you’re waist-deep in bills, repairs, and to-do lists longer than Adam Smith’s “Wealth of Nations.” That leaky faucet? Your sovereignty demands its attention. The cantankerous car engine? The wheels of ownership stop for no one, and that brat of an automobile (A.K.A. “the other child”) is one needy chunk of metal. Let us not even mention the ceaseless war against dust bunnies and pet hair, a losing daily battle as eternal as the struggle between supply and demand.
Despite the occasional frustrations, there’s something undeniably satisfying about owning something outright. Whether it’s that shiny new T-top coupe or that Royal Enfield cruiser you’ve been salivating over since hitting middle age, or a 5-bedroom, 4-car garage in the suburbs, ownership bestows a sense of accomplishment and stability akin to finding a blue diamond in the garden as you rid it of pesky weeds.
Of course, we mustn’t overlook the financial facet of ownership, for it is here that the wisdom of the great economic minds truly shines. No longer beholden to the whims of a lessor (legalese for landlord) or the shackles of monthly payments that gnaw away at disposable income, ownership grants the lessee (the tenant) the rare luxury of fiscal independence. There’s also the constant prospect of appreciation, whether premeditated or fortuitous, where an investment blooms like strawberries in La Trinidad before summer. That house and lot you bought ten years ago could be three times its value now. Just wait until a new mall or road is constructed in your part of town.
But before you start popping champagne corks and celebrating your imaginary newfound wealth, let’s talk about Side B of your favorite album. Ownership isn’t all about showing off your rise in the social ladder by hosting children’s playdates or backyard barbecues. It’s also about taxes, insurance, homeowners’ association fees, and other financial specters lying in wait, ready to pounce on unsuspecting purse strings with all the subtlety of a Keynesian stimulus package. That sleek luxury import from Europe (not China) that you used to drive with complete abandon could eventually rear-end you with lofty monthly payments—complete with nightmares of the Repo Man—and the inevitable depreciation that comes faster than you can say “vroom vroom.” Suddenly, the latest model on Top Gear that keeps popping up in your socmed feed doesn’t seem quite so attractive, does it?
And let’s also consider the emotional toll of ownership. Sure, it’s nice to have a place to call your own, but it also means saying goodbye to the carefree days of pack-and-go renting, where someone else is responsible for fixing the leaky A/C duct or unclogging the toilet. After that impulsive revenge travel to Europe, you find yourself lying awake at night, fretting over mortgage payments and real property taxes like a daily market lender holding on to the day’s collection.
Now how about the whimsical world of renting? Renting is like borrowing a magic carpet for a joyride—it’s convenient, flexible, and allows you to explore new horizons without being tied down to a single location. Got a new job in Pasig? Simply terminate that lease in Alabang and do away with exorbitant toll fees and seesawing gas prices by moving to a condo within spitting distance from your new office. Found a nursing gig in London? Pack your bag at night, pre-flight and be as high as a kite with a suitcase or two; you can always sign an SPA for your soon-to-be ex to terminate your lease. As a bonus, you no longer have to deal with vexatious maintenance costs or repair bills. Just make sure you can still get your security deposit. From your soon-to-be ex, that is.
In other words, renting – particularly, realty – isn’t just tossing money into the void. It’s the gateway to flexibility, predictable expenses, and someone else playing the coveted handyman role. A tenant is more likely to develop a personal attachment to a pet fish than to his apartment. As the self-proclaimed personal finance adviser Ramit Sethi said, “You’re not a failure if you rent.” Not sure if he’s a renter, but renting does feel like floating on a cloud of freedom, unburdened by property taxes or the tyranny of maintenance costs.
However, renting also comes with its own set of challenges. Like riding a catapult without a safety harness, renting means being at the mercy of forces beyond your control, including landlords and property administrators. There’s the constant fear of rent hikes, eviction notices (yes, you can be kicked out of that prime spot facing east if the owner’s newly married son suddenly needs it for residence), and the dreaded inspections that are as random as a prodigal FB friend’s message. And if sometimes you feel your rent money is better invested for the long term where your equity has a chance to grow, then you might consider buying that unit with a fantastic view instead of merely boosting somebody else’s passive income.
Having a car in the garage adds more to a man’s self-worth if he owns it. This is the norm here, but in other countries, notably the U.S., leasing cars is actually more common because of upsides like a lower price tag, possibility of constant upgrades, and the promise of minimal maintenance responsibilities. Don’t you wish Apple offered iPhone leases? Leasing is certainly an enticing option for any budget-conscious expat. Yet, roadblocks can also turn you off. Monthly mileage limits, contract entanglements, and the lack of a declarable asset are dark spots in an otherwise convenient and immaculate arrangement.
So, what’s the verdict? Owning or renting? It all boils down to your budget, lifestyle, and personal goals. If you’re the type who’s fond of posting comments like “How to B U” or “Sana ol,” you’re more likely to opt for ownership. For weekend warriors who have marked off all extended holidays in their calendar for trips abroad, the freedom of a long-term rental might be more appealing.
Despite the occasional pitfalls and frustrations, I believe ownership is a journey worth taking, if not for the destination then the trip itself. Whether you’re planting roots in a new home, starting a family, or simply indulging in the pursuit of happiness, there’s something undeniably magical about owning something outright. Ownership offers a sense of fulfillment that transcends the trials of the everyday grind. So close your eyes, imagine your dream home, car, or latest gaming console, and imagine having it in your grasp. You know you deserve it.
