2020 began with an unexpected confinement that turned our entire world upside down and completely changed our needs.
We began to appreciate aspects that until then we had taken for granted: the laughter with co-workers, the importance of being active, how valuable it is to spend time with our loved ones and outdoors … But we also saw first-hand that our homes have some deficiencies: Many did not have a space enabled to telework, and until then we did not fall into how much we could appreciate an outdoor space, a terrace or balcony, no matter how small, a space to take in fresh air and to form community with the neighbours.
These reasons have made many people jump to searching for a new property, either to buy the house, or to be for rent for a season.
If you have also seen yourself in this position, you may be thinking what is best for you: buy or sell?
Who should buy?
The Purchase option is for a very specific profile:
- People who are predisposed to have a long-term commitment.
- That they have a monthly income that they contribute financial stability.
- Desire to be owners.
But buying a home has a number of requirements:
- Make a initial disbursement quite high.
Owning a home is something very rooted in Spanish society, since the idea of leaving children a roof and a home in which to grow and develop generates a lot of tranquility. That is why it is the option that many Spaniards choose, unlike what happens in other European countries where heritage is not so necessary and relevant.
If the pros and cons of buying a home, it seems that the arguments are quite balanced:
- On the one hand, paying the mortgage or loan brings you closer to possession of property. Also, you can decorate and reform the house to taste without the need for third party approval, since the house is yours and not someone else’s.
- On the other hand, buying a home requires a large down payment and more initial paperwork (the signing of the mortgage, the deed and other procedures involve a great cost) and also a series of maintenance expenses: not only the mortgage, but also the maintenance of the home and all the taxes associated with it, the community, spills, insurance …
Who is it suitable to rent for?
On the other hand, the rental it is indicated for a fairly specific profile:
- People who they don’t want or do not have the need or the interest to owning a home.
- People with ones income that does not allow them to face a mortgage.
- Those people who change housing relatively frequently depending on the needs of the moment: work, family … and they need flexibility.
One of the most notable advantages of rental housing is that do not involve additional monthly expenses that they do tend to own the homes (community, spills …), since, in general, they are usually borne by the owner. In addition, the Initial outlay is much lower: You do not need to have around 20% of the house saved, but it is enough to have a certain mattress at the beginning because they usually ask for a few months as a deposit, but it is a cost that will later be returned or discounted from the rent if the house is kept in good condition. condition.
But, as in everything, everything that reduces is not gold, and the rent also has some cons that should be taken into account before opting for this option:
- There is hardly any customization option: reforms and changes need the approval of the owner.
- It is a situation of uncertainty. When you are not the owner of the home, you do not know if the lease will be renewed, if there will be increases in rent or if the owner is going to decide to sell the house or re-inhabit it.
- Finally, the rent it does not imply an investment in the future. That is, no matter how much you meet the payments, that will not make you the homeowner, nor will it be part of your equity. Another thing is if it is a rent with option to buy.
There is no better option than another
What you should know before deciding to buy or rent a home is that there is no better option than anotherInstead, betting on one or the other option will depend solely and exclusively on you, your profile and your needs.
Before taking the big step of becoming independent, you have to know what pays the most for yourself. And that goes through analyze personal and financial situation Both the interested party and the rental and sale market (especially after the appearance of the coronavirus and its impact on the sector): both aspects will be vital to make the decision.
Evaluate the situation and analyze what are the reasons that lead you to change your home: city changes? Family extension? savings? How is the market?
During the search process, The Fotocasa app will help you find your place. To do this, you can rely on each of the tools and filters What it has: screen according to your needs, point out the area where you want to start a new life, mark those homes that you are most passionate about as favorites and contact the seller. You can do all this at the click of a button!
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