Renting before you buy in Spain? Not a good idea.
If you’re currently on the lookout for your first or next home in Spain, but contemplating whether to rent first, before you buy. Consider these 4 points about renting:
1. First and foremost, you’re throwing money away! If you’re going to buy in the end, don’t waste your hard earned money by renting. You’re lining someone else’s pockets instead of growing your own investment. 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 a home that may never exist, because your expectations are too high for your budget. The money you save on rent, can increase your purchasing limit, to help you find as close to your dream home as possible.
2. You’ll find it harder to settle. If you’re relocating, from outside of Spain especially, you’re going to find it hard to make a rental your home. I’ve seen many a time where the one half of a couple (usually the man), can settle quickly, but the woman needs somewhere she can call home. Somewhere where she can put her own stamp on the property. Decide on her own colour schemes. A place where she is proud to invite her family and friends to stay. This is not easy to accomplish in a rental property, and soon she will get itchy feet because she can’t settle, and want to move back. This is 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. 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. No security. I don’t mean money or safety. I mean no long term security, thinking that you can stay there for as long as you wish. You could get evicted at any time, even if you have a contract. Again, I’ve seen homeowners financial circumstances change, and they have no choice but to evict the tenants, and put the property on the market for sale. This is a very upsetting and unsettling time for the tenant.
Think you’ll be saving money by renting? Think again. It can turn out to be a costly experience.
If you’re on hunt to buy your home in Spain, head to www.QuesadaDeals.com for a list of the best area deals!