The orientation within the Surinamese housing market is an enormous task. For first time home owners it could feel like searching for a needle in a haystack.
We’ll list the main pros and cons of having a home in Suriname for you.
Benefits being a home owner:
• It’s a piggy bank: with a mortgage and a monthly fixed amount, you’ll have a debt free house after a certain time (up to 25 years). If you decide to sell the house, you have a nice capital build up.
• It’s cheaper than a rental house: on short term the monthly charges of owning a home are often higher than a rental property. A fixed mortgage amount annually opposed to increasing rental prices could be more attractive on the long run.
• It offers more possibilities: If you make improvements in a rental property, you have to restore the premises when you terminate the contract. Owning a home offers you more freedom to improve or build according to your own wishes. Improvements contribute to the value of your property.
Disadvantages of being a home owner:
• You’ll have less freedom of movement: tenants can usually move to another property within a month or two. A homeowner should usually sell the house first and is more tied to the location.
• Higher maintenance costs: major maintenance is on behalf of a landlord. An owner must pay for this expenditure heading. Especially in older homes or when using poorly insulating material, this could mean an increasing bill, because we live in the tropics.
• You have a debt: the word loan equals nightmare to some. The purchase of a home or plot accompanied by a towering debt is in many cases. If this is a (psychological) threshold is, buying may not (yet) be the right choice.