Are you considering buying a home abroad? Do you feel unsure whether purchasing or renting is right for you?
There are many pros and cons to both options and what’s right for you will depend on several factors. To help you make a decision, we’ve put together a list of some of the key advantages and disadvantages of renting and buying abroad.
Buying pros:
· You can stay at the property for as long as you want. There are no restrictions to arrive or check out at a certain time – you have the freedom to come and go as you please.
· You can really make it your home away from home. Settle into the property, decorate it to your own taste and get to know your neighbours and the local community. · You have the option to rent your property to other holidaymakers when you’re not there. This can generate an ongoing income stream for you.
Buying cons:
· After investing in the property, you’ll feel like you need to spend all your holidays in that one place. Could you get bored of the same scenery? · The upfront costs to buy a property could be high. You may need to take steps to boost your credit score if you need to take out a loan or mortgage to secure your dream property abroad.
· You’ll need to fork out money to maintain the property throughout the year. For instance, you may have to employ gardeners and cleaners while you’re not there to keep the place in tip-top condition. You’ll also have the responsibility of insuring the property against theft and damage.
Renting pros:
· You aren’t tied to holidaying in one place. You can choose to rent accommodation in different areas every time you want to get away – making this a great option if you like exploring new destinations.
· You can immerse yourself in a range of different cultures, broadening your overall travel experiences. · You don’t need to worry about ongoing maintenance costs – simply show up, enjoy your holiday and leave, with little responsibility.
Renting cons:
· Renting could potentially cost more per trip in the long run than the upfront cost of buying a home. This will of course depend on the prices in the area and where you choose to stay.
· If there are no properties available in an area you want to visit, you may not be able to head on holiday when you want to. Busy summer months can see little availability for popular holiday rentals.
· You’ll have to follow rules set by the homeowner. This means it’ll feel less “homely” than somewhere you buy and put your stamp on.
Choosing whether to rent or buy a property abroad is a big decision – which ultimately comes down to your personal preference. If you want a home away from home in your favourite holiday destination, then buying a place could be right for you. If you want to see more of the world without the responsibility of home ownership – renting may be the wise choice.
