Thinking of renting for a while before you decide to buy? Want to take your time to find the perfect property? Well, my home buying amigos, before you commit yourself to a rental, consider these 4 points carefully first:
1. First and foremost, you’re throwing money away! If you rent somewhere during the interim period of reserving a property to buy, then at least you should only be out of pocket for a couple of months at the most. But don’t rent for months on end, whilst you look for that perfect home that may never exist. The money you’ll be wasting on rent could be going towards your purchase, and could help you increase your buying power!
2. You’ll find it harder to settle. If you’re relocating from outside of Spain, you’re going to find it hard to make a rental feel like your home. You’ll never be able to put your own stamp on the property. In a rental, you’ll soon get itchy feet because you won’t be able to settle, and then you’ll be wanting to move back! It could end up being a very costly experience!
3. You can’t change anything. No alternations! No upgrades! No nothing! If you’re renting you’re not allowed to change anything inside the property. You have to be satisfied with what you get. Short term, no problem, but if you’re in for the long haul, you’ll want to start changing things like updating kitchens and bathrooms. This is a loss expense, if the property is not yours!
4. What happens when the property owner wants to sell? Contract or not, you’ll have to vacate. Think you’re in for the long haul? No, no, no! Even a homeowner can change their minds about renting. You could get evicted at any time, even if you have a contract. Again, I’ve seen homeowners financial circumstances change, especially during the pandemic, and they have no choice but to evict the tenants and put the property on the market for sale. This can be a very upsetting and unsettling time for the tenant. And even worse, it could end up costing you thousands to find an alternative home in a hurry.
Think you’ll be saving money by renting? Think again. It can turn out to be a costly experience indeed.
Relocating to Spain? Head to www.QuesadaDeals.com for a list of the best area deals!