Renting vs. Owning a property? This decision is amongst the biggest financial decisions that everyone has to make at some point in their lives. Certainly, this new step comes with a lot of pride and satisfaction whether you have bought or rented your new space.
Both options have charming advantages and of course, each serves a different purpose. But to state the obvious, such a decision depends on one’s financial state.
So let’s cut to the chase, and explore your options. In this article we gathered the benefits of each option for you to explore, to confidently decide the path that suits you best.
Three Benefits of Renting a Property:
1. No Strings Attached
In today’s fast-paced society, people are seeking change, new exciting experiences, and the ability to take a new amazing job in a new city. Renting an apartment, by its very nature, has less commitment and allows for more flexibility.
Even though you have to sign an agreement with the landlord, tenancies can be as short as six months, which gives you the ability to move as often as you like.
2. Landlord Perks
Moreover, the landlord is liable for maintaining the property. Thus, any repairs the apartment needs are their responsibility. Similarly, the management company is accountable for the maintenance of the building and common spaces.
These provided extra services could benefit your savings account.
3. Bigger Variety
One of the biggest perks of living and renting in Limassol is that the majority of the apartments are located around key areas. Almost all of Limassol’s neighbourhoods in key areas include important amenities such as grocery stores and convenience shops within walking distance.
In the same manner, all properties in the city have easy access to all areas of Limassol Business Hub. Nothing is far away!
Three Benefits of Buying a Property:
1. Safety and Stability
Buying a property gives a sense of safety, security, and stability. Buying a house often imparts a sense of permanence. A home can serve as a haven for children and adults alike. Further, owning a property in a neighbourhood of homeowners leads to a sense of community as well.
Homeownership creates a desire of maintaining a stable environment that ends up being an emotionally fulfilling experience.
2. Loans and Payments
The local banks here in Cyprus recently introduced attractive housing loan plans to offer young adults the opportunity to buy their own house.
At the moment, the financing amount for the first home can be up to 80% of the value of the property, with a fixed interest rate.
3. Investment Opportunities
Whether you are buying to live in the property or to rent it out, owning a home means you are wisely using your budget, in terms of investment. When you invest in Cyprus by buying a property you can create multiple opportunities which could generate revenue in the long run.
However, the benefits of owning a home aren’t measured only in money. Homeownership is an accomplishment and an investment for your future.
So, Buying or Renting?
Ultimately, both options have their target market. Yet, you will have to understand what your needs and long-term goals are before deciding. Homeownership can give a tremendous sense of safety and stability, while at the same time it could prove a fruitful investment. The low rates that housing loans have at the moment, create an ideal environment for buying a property.
On the other hand, renting gives a different set of comforts. Being flexible, and having no strings attached, allow for a greater sense of freedom, whilst the landlord perks present the opportunity to feel at ease about any maintenance expenses. You can have a wide range of renting options around the city to suit your lifestyle.
To conclude, buying or renting is a very personal decision. Yet, you do not have to face it alone. Here at CENTURY 21, we are more than happy to assist you through this unique journey of yours.
Our Property Consultants will show light on whether Buying or Renting suits your needs, but most importantly they will help you make the RIGHT choice. CENTURY 21 has multiple options for you to choose from.
Are you interested in renting a villa or an apartment? Maybe buying a house to start a new chapter? Maybe buying a luxury estate as an investment? Contact us now, we have it all!