Buy or Rent
 

Hi all
was just looking more Tyre kicking for for now at property in Spain and it got me thinking given the choice would people on here rent or buy. To me both have things going for them.
Rent no really out lay and any thing goes wrong the land lord would sort it or
or Buy Big out lay and if it got hot in the summer we could get back to the UK and may be rent house out as a holiday thing.
As I have said in other posts we and wife are thinking/Planning the move.
So just wondering what you guys think.

Re: Buy or Rent
 

Rent first. A viewing trip to the area and then buying is fraught. You need to LIVE in the area 24/7/365 to know what its really like. If what you find doesn't suit, move on and try the same exercise elsewhere you fancy! If you like an area,you have a perfect base to look at properties to buy, which you can research and visit at your leisure. A mistake made in later life is awfully hard to come back from, so get it all sorted and take time before you settle. Take the pressure off, rent first and then buy when you are certain the place is for you and yours.

Re: Buy or Rent
 

Rent for the first year or so, then buy when you have decided exactly where you want to live, have a better idea what your monthly expenses are, and have checked out different property types in the area. :)

Re: Buy or Rent
 

We have been renting our apartment for 3 years. We like where we live and it's affordable. We only have to pay monthly rent and electricity, nothing else!! At our ages we don't want the hassle of buying anywhere and then couldn't sell quick if we eventually needed to. With one months notice we could move to a different place without any problems. But each to their own.
Steve

Re: Buy or Rent
 

Yep, we rented and then bought as the place 'spoke to us' and was up for sale only. The expression 'dead money' as regards renting doesn't really apply to us more 'Senior' people, who cares? As long as you are living your life in the place you want to live your life, it doesn't matter at our age really.


You are right, though, we could never sell quickly if needed unless we took a right bath on the price!:blink:

Re: Buy or Rent
 

Having done both, rent without a doubt.

Reason being for all the practical reasons already given by other posters, plus another factor that really surprised me....you really do acquire a sense of 'ownership' in a rental property once your personal belongings surround you and become familiar with the place.

Good luck.

Re: Buy or Rent
 

10 years ago we sold our family home. Put all the money in a teachers investment. Hubby retired we moved to rented accommodation in Folkestone I'm now retired and we rent in Almuñécar as well...Best of both keeping within the 183 days. OK a bit expensive renting 2 properties but the 'freedom' it gives us. Would never buy anywhere ever again.

Re: Buy or Rent
 

All good points. Was all ways told buy always buy. But things seem to be different these days. It was always if you owned your own place at least the kids had some thing when the time come. Think that is one of the up sides of your own place.
But not having to worry about getting stuff fixed you just tell the agent has a lot going for it. Also if we did get bored with where we live a lot easier to up sticks and move on. But not owning would be a whole new mind set for us.

Re: Buy or Rent
 

One thing you should consider, if one of you passes away and you are in rented accommodation, then you have more options. If you have invested your all in buying a property then the remaining partner may struggle to sell.
As I said, a consideration.

Re: Buy or Rent
 

One other element that has affected our decision is the cost of buying.
We were looking at apartments in Valencia last month and the 15% cost in addition to the purchase price was a step too far for us.
In our case it amounted to over €50,000. We figure that, instead, we can rent seasonally for several years with that money.

Re: Buy or Rent
 

Definitely rent for the first year, you will discover a lot about the region you chose to rent in and then can take a balanced decision. If you are both pensionable age / retired would not suggest you buy but stick to long-term rental, so much more flexibility in every respect and no large capital commitment. Why would you want a large sum of money sat "idle" and also requiring regular "top-up" with annual taxes, possible community fees, utility charges , maintenance. Short-term summer rentals look attractive as a source of income but best via investment property not your own residence - not all tenants are loving and caring and your income gets swallowed by heavy air-con bills in the summer so tread carefully.