Why Owning a Home is the Better Long-Term Option over Rented Property?

Everyone expects long-term accommodation and commitment no matter what kind of property they opt for. People often inclined towards a deal that makes more sense and argues between living on rent and owning a home. While having an own property is a dream of each individual, increased property prices in the past have led people to consider a renting option.

However, in the past couple of years, there has been a significant drop in property prices, and being a homeowner proves to be much economical than ever. Home ownership has several advantages such as a sense of pride and security, less possibility of interference, stable and predictable future costs. 

Still, wondering which is a better option – owning a home or living on rent? Let’s take a closer look at some factors to attain a clear understanding and help you make a smart decision:

Many people have a misconception that being a homeowner will give them more financial burden than renters on a monthly basis. There is no doubt that homeowners need to acknowledge several factors, including the cost of maintenance, home improvements, and upkeep. But on the other hand, renters often need to pay extra monthly or annual expenses which might cost more than owning a home when we think in terms of long-term benefits.

Buying a home in the first place is undoubtedly a very painful journey. First-time property buyers need to pay large deposits to secure a superior home. But thanks to low interest rates and thousands of economical accommodation options in the Costa Blanca, investors all around the world may stand a chance to buy a property that they can call home.

It is always better to consult a professional real estate agent to talk through saving possibilities, the latest property listings, neighbourhoods, surroundings, current, and future real estate market situation to make a feasible choice.

Buying a home is a matter of both commitment and responsibility. It involves a lot of financial investments with upfront costs that shouldn’t be overlooked, but the rewards you will get once the mortgage is paid off is definitely a relief and leave you with a valuable asset of your own for the long-term. 

On the contrary, renting is considered a more expensive and short-term affair than owning a home. But due to less responsibility and great flexibility, many people take it as a highly desirable choice. Here are some reasons why owning a home is a viable option than renting:

  • Home ownership could generate some extra income, in terms of rentals or from paying guests.
  • Rentals may seem tempting in the first place, but in the long run, it is way more expensive than the cost of the home and that rental costs cannot be recovered.
  • A tenant may be asked to leave the rented home anytime, so it is better to own a home. 

Conclusively, the choice largely comes down to personal preferences, desires, needs, budget, and other parameters. As far as first-time property investors are concerned, we see buying is currently winning over a rented house in terms of expenses and the likelihood of interference.

 If you wish to receive more information, do not hesitate to contact us.

Phone: +34 966 397 944

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