Plainly speaking, we Pinoys have a culture of “Home Ownership”. Para sa atin, owning a house is one of THE milestones in life and many tend to think of renting as a waste of money — in fact I have seen ads touting renting as “nagtatapon ka ng pera”. I can see where they are coming from, and I agree to a certain point, but what they tend to gloss over are the hidden costs that come with owning a house — costs that were once again brought to the fore by last night’s bad weather.
What am I talking about? Time and stress.
Let’s crunch some numbers. If, on average, you spend three hours a day commuting to and from work; that constitutes 15 hours a week, 60 hours a month and 720 hours a year. 720 hours is one entire month. Are you aware that you spend one month or more of every year on the road? How much stress does that put on you?
Does this therefore make renting a place near where you work automatically better? Far from it. Renting has its own set of problems and issues — the first being the fact that you are regularly paying for something that you will never own. THAT will always be a major issue.
But what I’m driving at is that when you finally do choose to buy that house for you and your family, your decision has to go beyond the monetary figures. You may very well be able to afford the monetary costs of owning the house, but what about the time and stress of owning that house? Put another way, how much value would you put to having 15 or 20 more days every year to do the things you want?