Buy or rent. Adapted to your profile
Buy or rent What is more profitable?
There is no correct answer but depends on the profile and personal situation of each. I want to give you a series of tips to help you make the best decision and useful information.
Buy or rent What suits me according to my profile?
Although Spain is a country where we have traditionally preferred to own tenants and we always prefer to buy. But it is also true that in the last decade that trend has changed and the number of people living for rent is continuously increasing.
The job and economic instability suffered by Malaga since 2008 makes many Malaga have lived for rent.
Before making the decision to buy or not, you must take into account these 4 situations:
- To buy a home you have to have saved. Although you find a bank that gives you a 100% mortgage you will always have to contribute at least for expenses. In this way if you have saved it is very difficult for you to buy. Read our article How to buy a flat without savings?
- Your personal situation is the most important. If you have a job where you have to move constantly or do not know what city you are going to have the final workplace does not suit you to buy. Nor should it be convenient if you have to live in a specific area for personal reasons and prices are very high. There are situations where it is your lifestyle that tells you if it is better to live for rent or buy.
- A mortgage is long term. You have to keep in mind that a mortgage has an approximate period of 30 years. That means that you must have some job and personal stability and be tied to that home during everything that lasts the mortgage. Although if you have to move you can also rent your house and thus cover the mortgage and expenses.
- Real estate market situation. If you are living for rent and purchase prices are in the clouds, it is certainly not the time to buy. Since you can choose when you become the owner of your home do so when prices are down or chord your economic situation.
When is it better to buy than to rent?
- When prices and mortgage interest rates are low. That way you guarantee to pay the mortgage and be able to sell the house if necessary
- When you have a good profile to access a mortgage and money saved
- When the mortgage fee is lower than the rental fee in the housing of the area.
When is it better to rent than to buy?
- When your work requires a lot of geographical mobility and you are constantly moving.
- When purchase prices or mortgage interest rate are very high
- When it is cheaper to live for rent than to buy in the same area and the mysto type of housing
- If you do not want to be the owner and you prefer not to have that responsibility and monthly expenses.
The most interesting option for people who live for rent but aspire to be owners in the short or medium term is Rent with option to buy.
In case you agree with the owner that the monthly share of the purchase price is discounted, it is a great way to save money while living for rent, and also ensure that if after the term indicated by the contract, you can buy the house that you have previously assured that you cover your needs and feel comfortable in it.
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