Advantages of Renting Vs. Purchasing a Property
You know you’ve reached adulthood when you start asking yourself this age-old question – should I rent or should I buy? Each option has its pros and cons, but realistically making this choice is more likely to be based on which stage you’re at in life and what your future plans are.
Advantages of renting
Short term commitment
Contracts on rental homes are usually valid for at least a year. If for any reason you become unhappy with the property or if your circumstances change, you can easily opt to move out of your current home to a different one that better suits your lifestyle.
Little to no responsibility or liability
The bright side of renting is that once you’ve chosen a property, more often than not all you have to do is waltz in there and you’ll find everything you need, from air conditioning, to a dishwasher, and even plates. That said, should anything go bust while you’re renting, like a fault in the washing machine or a wobbly coffee table, all you need to do is call your landlord and they’ll be able to sort it for you (as long as you haven’t damaged it yourself).
Not all properties are rented as fully furnished, when this is the case you’ll be responsible for bringing your own furniture. It’s important to have contents insurance to protect yourself from theft or accidental damage. If your flat is fully furnished, you might want to check with your landlord that the contents of the flat are in fact insured. Also, be sure that your landlord has an adequate Landlord Insurance Policy, covering the building and liability to third parties, among other things.
Our friends at Quicklets are experts in finding the right rental property to suit your needs. They’ve also been kind enough to offer our readers a discount on their agency fees. To benefit from this, all you need to do is find your desired property via their website: www.quicklets.com.mt/ and when enquiring, use our coupon code RC1969819.
If you’re a property owner looking to rent out your property, you could also benefit from a discount on Quicklets’ Agency Fees. To benefit from this, contact Quicklets via their website and use our coupon ode RO1909853.
Advantages of purchasing
It’s all yours!
Let’s forget about loan repayments and the bank’s involvement for a little while –
this investment is under your name and with the property market being the way it is at the moment, there really seems to be no better way to invest your hard earned money. Having said that, whether you decide to rent out your property or wait until its convenient for you to sell, in spite of the upfront expenditure that comes with owning a home, it’s likely that you will end up with more money than you spent when you first signed the deed.
Consider it a vessel for your creativity
Doing up a property gives you great opportunities to let your creative juices flow – be it from turning a debilitated townhouse into a gorgeous model of Maltese architecture or turning that extra bedroom into Malta’s hottest Airbnb location. Whether you’re picking out colour samples or knocking down walls, owning and furnishing a property is a great project to take on that will test your project management skills and give you a platform for self-expression like never before.Overall, it’s important to ensure that you’ve got building insurance when purchasing a property as a comprehensive home insurance policy will protect the investment you’ve made, safeguarding you from footing the bill in the case of accidental loss or damage as a result of flooding or fire, as well as theft. Banks usually offer general home insurance when you take out a bank loan, however you’ll probably need to apply for contents insurance separately.We do suggest looking into different policies to avoid running the risk of missing out on great additional features, such as 24/7 Emergency Assistant Services, which Laferla provides at no additional cost. Such features are not normally included under policies offered by banks, since such a policy normally offers a lower level of cover which just aims to cover your bank’s exposure.