Whether you’re looking at villas, flats or holiday homes, there’s always the decision of whether to buy or to rent, but which is best for you? It’s worth taking the following into account...
Cost of a mortgage vs. cost of rent: Very few are the times you’ll be able to buy a property outright without a mortgage, which comes with its own monthly payments. You’ll have to do the sums carefully to see if those payments are more or less than you’d pay in rent each month, but also know that there are other costs of owning a property that you wouldn’t have from being a tenant, like maintenance.
Tax exemption: You may be liable to pay certain taxes as property owner that don’t apply to renters. Consider all the options and research how the local laws will affect you.
Know the area: What do most people in your desired area do – rent or buy? It’s worth getting the low-down on the neighbours and then crunching the numbers because the most cost-effective option can depend on where you’re living.
How your lifestyle circumstances affect your decision
Are you mobile or static? For people who often move around for work or family obligations, renting is generally seen as the most sensible option as it provides flexibility. If you need stability and security, though, it may be best to buy.
Long- or short-term? As a rule, if you’re planning to live in the property for over 5 years, it is advisable to buy rather than rent. This holds especially true if you’re looking to rent out to tourists while you’re not there but not necessarily if the property will be your main residence.
The decision whether to rent or buy is yours, so think carefully and don’t take it lightly.
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