Making a decision about whether it is better to rent or buy a home has implications for our personal lives, as well as being a long-term commitment. Therefore, we must be sure to choose the most suitable option according to our goals in life and our financial possibilities.
At 1Mast, as a real estate agency in Fuengirola, we have prepared this article to help you decide which is the best option for you. We will also give you a series of tips to make it easier for you to access a home.
Reasons to buy or rent
There are widely held beliefs about whether it is better to rent or buy a home, for example, that living as a tenant is a waste of money. The reality is that there is no one choice that is always right, it all depends on our circumstances and preferences.
If we choose to live in rented accommodation, we will be able to move around more easily, which can benefit us when it comes to finding better job opportunities in other cities.
In addition to this flexibility, renting means that we do not have to invest money in repairs or other expenses associated with housing and also allows us to live in better areas where there are hardly any properties to buy.
On the other hand, if we decide to buy a home, we will enjoy greater long-term stability, so if we do not intend to move and we are clear that we want to live in a specific area, it is an ideal option.
Buying our main residence is a way of investing in the long term, because as we pay the mortgage we are accumulating capital. Over time we can benefit from the fact that the value of our property will increase, making a profit on a future sale.
Finally, buying a home allows us to customise our home to our liking, without being restricted by a landlord. These changes do not have to be only aesthetic, we can make energy efficiency improvements that help us save every month on utilities.
As you can see, buying or renting a home is a very personal decision that is always subject to our criteria and life goals.
What are the requirements for obtaining housing?
Regardless of whether we want to buy or rent, in order to be able to access a home it is essential that we meet a series of requirements. These requirements serve to guarantee that we are solvent and that we are not going to have problems.
The first of these is to have a savings base, in the case of buying a home we will have to accumulate more than if we want to live in a rented flat, but we will always be required to have a minimum capital, either in the form of a down payment or a deposit.
Both banks that grant mortgage loans and landlords take into account the profile of the person who is going to apply for access to housing. For example, whether we have a stable job, whether we live as a couple or our level of income.
Recommendations before renting or buying a property
Many people come to our office every day looking for options to see if it is better to buy or rent a property, our job as real estate agents is to guide them to make the best possible decision based on their needs.
In general, we can recommend the following before taking the step of renting or applying for a mortgage to buy a property:
Define your needs: think carefully about the lifestyle you want to lead and weigh up which option is most compatible with you.
Make several visits: the impression that a property gives us in photos is very different from the one it generates when we are there in person. Take the time to visit several properties before making a decision.
Consider the location: we tend to value the distance we have from our place of work when buying or renting a property, but we must go beyond that. We should also consider the leisure options available to us or the distance to our family.
Calculate the impact of the decision on your finances: it is important to have the financial capacity to pay the rent or mortgage. Experts in these areas recommend that this cost should be between 30-35% of your total income.
Deciding whether to buy or rent a home is not easy, but if you take the time and follow these steps, we are convinced that you are much more likely to make the right decision.
We help you find your next home
Whatever the decision you are going to make, buy or rent, at 1Mast you will find a group of professionals ready to advise you to find the ideal property for your situation.
In addition, the properties we offer are located on the Costa del Sol, a spectacular area to live and enjoy a great quality of life thanks to its climate, gastronomy and wide range of activities to do.