There are probably few homeowners who think that renting a home is a good option. With the hefty value increases in Suriname of recent years they have a good point. However, buying isn’t the most logical choice for everyone.
Renaissance Realty’ll list the most common benefits and disadvantages of leasing a property in Suriname for you.
Benefits of a rental property:
• You have more freedom: A home owner is bound to a location, while as a tenant you can often move to another property within two months.
• Lower maintenance costs: As a tenant, you are not responsible for the general maintenance of a home, so you don’t even have to worry about saving up for those costs.
• You have no debt: Having a debt causes many sleepless nights. As a tenant you don’t have to lose sleep, because you don’t have a worry about years of paying off a mortgage.
Disadvantages of a rental property:
• You leave a money box: Buyers have a fixed monthly mortgage, leaving their house debt free after a certain amount of time (up to 25 years). This is a solid investment. As a tenant your monthly rental fee will keep being billed to your expense.
• Rents increase: On the short term, the monthly costs for homeowners are often higher than for tenants. However, the rental prices in Suriname are increasing every year, while the monthly costs for a mortgage often (depending on the interest) remain the same.
• You’ll have less freedom of choice: Living in a rental property and making improvements, often means you have to restore the home by the time you decide to move out. Improvements by homeowners often lead to an increase of value. This creates a greater sense of freedom.