Pros and cons of buying a house

IN FAVOR

1. Reason number one, and the main one: It will be YOUR HOME forever. Without restrictions; you can paint it, modify it, decorate it and you will feel free to enjoy your home 100%. (Unless it is a residential complex where the guidelines of the corporate residential council are followed, where, for example, the same paint color must be respected for a building or condominium area).

2. You can do what you want with your real estate. You can lend it, rent it, sell it, modify it, or continue building and adapting it, with the necessary permits.

3. If for some reason you have to sell your house, you will recover what you invested in it and you could even make a profit on this sale.

4. If you want to rent your house, you can rent it long term; or you could opt for the vacation rental, which can represent an investment for your future; and earn what is earned from a month's rent, maybe, in a week.

AGAINST

1. Invest and reinvest. The house must be painted, fixed, waterproofed; and decorated, if necessary. Places such as the service patio, the bathrooms, the garden, kitchen pipes, air conditioners and fans, require maintenance. Always, whether inhabited or uninhabited.

If you want to rent the property, the owner must take care of any detail to repair and maintain the property in general, which will require time, effort and money.

2. The area where the property will be purchased and the surrounding conditions must be carefully evaluated to anticipate any circumstance that could occur. (For example, noisy neighbors, invasion of circundant lands, or construction in front of your property that may obstruct your view). All these situations are out of your hands, but they can always be improved or solved with dialogue.

Pros and cons of renting a house

IN FAVOR

1. You can share the rent with other people (as long as the landlord is aware of this); and thus be able to share expenses in general.

2. At the time of signing a contract, the monthly price to be paid is stipulated, which will be FIXED, for the term indicated in the contract.

AGAINST

1. There are restrictions on decorations and adjustments to the property, such as wallpaper, paint, nails or minor modifications that, in the eyes of the tenant, could improve the property, but that the landlord does not allow.

2. As a tenant, you know that you have a place to live, for as long as it is stipulated in the contract, but after that, nothing is clear. The owner could decide not to rent the place again, sell it, lend it or give it to a family member.

3. If the value of the property increases, surely the rent will increase.

4. As a tenant, while you are paying a monthly rent, you could be taking that money as a monthly payment to buy your own house or apartment and live in it, but with the certainty that it is your property. By renting, you are only paying your short term rent, but in the long term you will not own a property.

Do an analysis and weigh the pros and cons. Choose the option that best suits your needs.

If you want to buy or rent a property, do not hesitate in contacting us. Century 21 Caribbean Paradise offers you the best properties in the area with the best real estate and legal advice. We will be waiting for you!