Related Searches
Buy or rent property with ease using our app. Scan this QR Code to download.
Hailed as one of the strongest performing economies in Asia today by Deutsche Bank, the Philippines is a country where the property market continues to diversify year after year. The country’s robust domestic consumption and infrastructural improvements are some of the reasons behind the successful real estate market. The demand for office space, residential properties, and retail establishments continues to appreciate, almost parallel to the upward trend of the nation’s gross domestic product.
One real estate aspect that is yet to gain popularity is a lot for rent. As expected, many people prefer to buy land instead of leasing them because they think it gives them more freedom to choose what to do with it. For example, owning a plot of land allows one to construct permanent structures such as office complexes, houses, or apartment blocks. Most of those who go with a lot for rent often use the land for periodic agricultural purposes.
Enter the term ‘land lease’. This is an agreement allowing a person to purchase a home or commercial property without having to purchase the plot it sits on. Instead, the owner pays rent to the landowner. This often occurs when landowners want to profit from their acreage without having to develop it. It is also common in countries such as the Philippines where the constitution restricts land ownership by foreigners.
There are times when a lot for rent becomes more efficient and practical than buying. You may not be ready to fully invest in a lot and take complete responsibility for it. While there are many arguments for buying, there are reasons why it is better to rent as well.
A lot for rent can reduce your overall development costs by a substantial amount. Since land acquisition is not part of the cost equation, the money can be spent elsewhere. When you want to retain your mobility, short-term leasing becomes a better alternative as well. You are not tied to the property, especially when you have plans of relocating for whatever purpose in the future. There are tax benefits to it as well. Property tax obligations remain with the owner and not the tenant. You would still, however, need to pay tax on the establishment that you have built on the lot for rent. An important advantage to leasing, especially when it comes to an agricultural lot for rent is the possibility to terminate your contractual agreement. Since farming is often a seasonal activity, renting permits a farmer to maximize the useful period without having to worry about what to do with the land later.
There are various options for rentable lots in the Philippines. There are available undeveloped commercial spaces, residential lots, farmlands, and beach lots. In Metro Manila, most of these are situated in prime locations, like along the national highway and near shopping and commercial centers. If you are looking for something quieter, you will have to look outside the capital. Typically, there are several options for a lot for rent available in areas such as General Trias, Zamboanga Del Norte, and Tawala Panglao.
Frequently Asked Questions
Is there an agricultural lot for rent?
Yes, there are 85 agricultural lots for rent. These lots can be used for anything from produce growing to livestock grazing.
Is there a beach lot for rent?
Yes, there are 6 beach lots for rent. The Philippines has some of the most beautiful beaches in the world, so these beach lots are definitely worthwhile.
Is there a cheap lot for rent below 10k?
Yes, there are 143 cheap lots for rent below 10k. You don’t have to pay an exorbitant amount of money to rent a lot as these options clearly demonstrate.
