Should you rent or buy a property in Malta?
It makes complete sense to rent in Malta for many reasons. Homeownership is almost always the ultimate goal, but renting a property has distinct advantages that make it a practical and viable option for many. We will take a look at why so many people prefer this way of securing a property to live in.
Undeniably, renting a property affords one flexibility that homeownership simply cannot match. One can move far easily to another property due to a shift in lifestyle, a job change or simply one’s desire to explore new areas without going through the process of selling a property first. Renting a property suits especially young professionals, students or those who are uncertain about their plans for the future.
Renting in Malta it is also very popular with expats who relocate to the islands and for those amongst them who want to get to know the villages and towns first. This is done in order to see if where they are, suits their lifestyle and preferences. Renting in Malta is also ideal for contract workers who are simply here for a short period of time. It also makes sense to rent a property if you go away for the weekend, instead of having a permanent holiday home in one fixed location. This way you can chop and change and stay in different towns and villages each time you need a break.
It is a lower financial commitment
When you buy a home, it will either require a huge cash financial layout or significant down payment and then monthly instalments. This means that it is a long-term commitment but when you rent, smaller amounts come into play. Yes, there are initial deposits you have to pay, but you will get most (if not all) of that money back shortly after the lease ends. Because of the smaller financial commitment, renting will be appealing to those who are trying to save money to be put towards other important goals.
Maintenance and repairs are not your problem
This responsibility falls on the landlord. If anything stops working or if there are for instance any leaks, the landlord has to fix it after you have brought it to his or her attention. This saves someone who rents money as they do not have to worry about unexpected repair and maintenance costs cropping up.
When you rent, you stand a good chance of being able to live in a location that may otherwise be too expensive for ownership. This can well afford you the chance to live in an area that is scenic, has high property values, provides access to upscale businesses close by, be within walking distance to entertainment venues and lastly it may be near both stunning beaches and one’s work at the same time.
Many rental properties come with access to amenities such as a fitness centre or gym, private gardens and walkways, a swimming pool for exclusive use by tenants and even a parking bay.
As a tenant you do not have to fathom in home owner’s insurance, home owners association fees or fluctuations in interest rates, as the rent amount will be fixed for the term of the lease. This makes budgeting easier and provides peace of mind and stability.
The ability to explore other investments
Home ownership is always one of the most trustworthy long-term investments, but renting will allow the individual to explore other options such as stocks or bonds rather than having most of their funds tied up in their home.
To conclude, renting can be a logical choice at first for many people before they eventually buy one day. The flexibility, location advantages and lower financial commitment can thus make renting an attractive option as it also allows a sense of freedom and convenience which may just tie in perfectly with one’s preferences for the time being.
If you are interested in letting your property or are looking to rent, Frank Salt Real Estate has more than 50 years of experience assisting landlords and tenants and we have the biggest database of properties for sale and to let in the country.