Rent or buy? This is the age-old dilemma of people looking for a new residence. While logic will easily define pros and cons for both renting and buying, the decision greatly depends on your needs and resources.
With the boom in the real estate industry and the influx of expatriate employees from BPO and online gaming firms, the residential sector has become highly competitive as seen in the explosion of new developments in Metro Manila and other urban cities of the country. While there are many options available, there are very specific and personal factors to consider.
One particular development on the rise is Tower E of the already thriving Valencia Hills community, a master-planned development located at the corner of N. Domingo and Valencia Streets in Quezon City. Owned by Topsphere Realty Development Company, Inc., the development is part of Federal Land’s impressive real estate portfolio, which includes GT Tower International in Makati and Grand Hyatt Manila Residences in Taguig.
Architect Esteban Y. Tan designed the 5th tower of Valencia Hills with three crucial decision-making factors in mind.
- Expense versus investment. The main factor is money — or lack thereof. This leads many condo-hunters to rent instead of buy. If, however, the plan is for a prolonged stay, then renting is not the better option as rent will turn out to be an expense that cannot be recovered. On the other hand, buying property will only be a worthwhile investment if both the unit bought and the area it is in are marketable.
Buying may be more suitable for families who are ready to settle down and see the unit as a permanent home. Professionals with a stable career may also consider investing in the property as a home base in the short-term and an additional source of income in the long-term. Those who are still exploring career opportunities or with no clear plans of settling down, however, will benefit from the flexibility of renting a unit.
- Location, location, location. The importance of location does not only apply to commercial spaces, but also to residences. Living in a prime location means easy access to one’s place of work and to essential services like hospitals, schools, places of worship and key business hubs. Location will also define a certain lifestyle — your choice of locale give you both convenience and enjoyment. With the worsening traffic conditions in the metro, it’s ideal to reside closer to your workplace.
At Valencia Hills Tower E, residents benefit from lifestyle centers like Robinsons Magnolia and Greenhills Shopping Center, hospitals such as St. Luke’s and Cardinal Santos, various educational establishments such as Immaculate Conception Academy, La Salle Greenhills, and Xavier School within a three-kilometer radius. LRT2 Gilmore Station and several transport options are also available within a few blocks of the property. While situated in the quiet section of New Manila, access to the cities of Manila, Makati, Pasig, and San Juan is still present.
- Quality of life. Pools, gyms, and common areas are standard fare in high-quality compounds, but the difference lies in how innovative, well-designed and well-built these amenities are.
At the upcoming Valencia Hills Tower E, residents benefit from having only six to eight units on every floor of the 28-story building. This gives residents generous yet private living spaces with amenities right outside their door.
Ultimately, whether it is to rent or to buy, the place still needs to feel like home.