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renting buying vs

Buying Vs Renting
#1
Looking for your opinions & thoughts. Hopefully be staying 6 to 12 weeks each year, only 2 of us.
Adding things up with comm fees, tax , insurance etc it's around €2k p/a running costs. Plus 10% buying, similar selling. Can anyone add any pros or cons to buying as opposed to renting?
TIA
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#2
That really isn't too much time on the Island. 
By renting, you would not have any worries about leaving a property empty for any length of time. 
When arriving you wouldn't have to spend the first week doing cleaning maintenance on your own property, and you could also rent in different areas to get a feel for the Island with a look to maybe buying in the future.
Life is short.....Be kind to one another  Smile
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#3
By buying:
1. An investment, gaining in value every year. 
2. Leave everything you want here, no more luggage to pay for and carry.
3. Have a bolt hole for whenever you want to escape. 
4. Know exactly where you will be everytime and where everything is. 
5. Get to know new friends and neighbours who you will meet time and time again. 
6. When you are ready, your permanent retirement home awaits.  
7. The value of a property to pass on.

Just a few off the top of my head thoughts.  

Tom.
25/75 Birmingham/El Cotillo. Cool
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#4
(22-08-2021, 09:46 PM)Cotillo_Tom Wrote: By buying:
1. An investment, gaining in value every year. 
2. Leave everything you want here, no more luggage to pay for and carry.
3. Have a bolt hole for whenever you want to escape. 
4. Know exactly where you will be everytime and where everything is. 
5. Get to know new friends and neighbours who you will meet time and time again. 
6. When you are ready, your permanent retirement home awaits.  
7. The value of a property to pass on.

Just a few off the top of my head thoughts.  

Tom.

Seconding all of this, and this is why we bought. Additionally, there is no worry every year about trying to find somewhere to rent— which apparently can be something of a challenge, depending on budget, flexibility, and how far in advance you're prepared to make your arrangements.

However, that really is the only "worry" you have with renting. Once you leave the island, you can put it out of your head entirely until it's time to find somewhere to rent for next time. If the worry of having a holiday home is something that will weigh on you (and there are a lot of worries, with everything from the expenses, to the safety when unoccupied, to the property value), renting is worth considering. 

However, as Tom said above, there really are a lot of plusses to buying. It's so lovely to have your own place, with everything just as you like and just as you left, not needing to take anything more than hand luggage, and to never have to worry about flight times for early checkin or late checkout, and being able to be 100% flexible with dates because you're not tied to anyone's rental schedule. If buying is finically viable for you, I would choose that every time. Yes, it does come with some extra worries and hassle, but there are so many benefits. As Classic has pointed out, though, I would only buy once you had gotten a feel for where you want to be living. Selling and buying here is costly, so it's an expensive mistake to get the area wrong! How much time have you spent on the island before now?
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#5
Thanks everyone. We've been many times over the years, usually only couple weeks at a time. The plan had been to rent places for a month to get the feel, but COVID has delayed that. Leaving unoccupied is a concern, we wouldn't really want to rent it out either. 
I suppose the more we use it & longer we keep it (value appreciation) the more financial sense it becomes.
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#6
(23-08-2021, 04:46 AM)Joe Average Wrote: Leaving unoccupied is a concern, we wouldn't really want to rent it out either.

You may want to look for a flat within a gated urbanisation or complex. I suppose in Caleta de Fuste there may be a good choice, or even Casilla de Costa in Villaverde. Just a thought. Of course, you have to consider the maintenance fees involved. In Casilla de Costa fees are about €70 a month for a 1 bed flat.
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#7
We have a couple of complexes in mind, one gated one not. The wife loves swimming so a pool is a must.
A short walk to a supermarket is on the list as can't justify a car.
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#8
we own but rented for many years whilst still working in UK trying to get a "feel" eventually tried a long stay of 10 weeks to make sure we would not get bored.
Eventually bought where we kept going back to and 9 years later no regrets.
Age is a big factor and its a big decision.
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#9
I think you have had a good array of answers comments etc. I bought over 15 years ago in Caleta after having had an investment property for 3 years before that in Correlejo. My sentiment lies with Tom’s comments. It will be our retirement home. We only have family and some very close friends use it, all our personal belongings are there, no luggage other than hand luggage.
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#10
Thanks, tbh can't see it being our retirement home for various reasons.
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