Friday 24 September 2021

Is It Better To Rent Or Buy a Piece of Paradise?

Paying the bills

Latest

Legislators to begin discussion on reducing the 2022 Marchamo this Monday

QCOSTARICA - The political fractions, except that of the...

No National Census in 2022!

QCOSTARICA - The Instituto Nacional de Estadística y Censos...

Seven drivers a day go to the Prosecutor’s Office for driving drunk

QCOSTARICA - Every day, seven drunk drivers are referred...

Costa Rica has the lowest inflation in the region

QCOSTARICA - Costa Rica registered the lowest inflation in...

11 benefits of e-learning

Whether you struggle to learn in a traditional educational...

Will Paul Chaplet ever fly the flag for Costa Rica on the PGA Tour?

Life comes at you fast when you’re a teen...

What Are the Best Costa Rican Players in the MX League?

The Primera División de México, better known as Liga...
Paying the bills

Share

Is it better to buy or rent a piece of paradise?
Is it better to buy or rent a a home in Costa Rica?

Many foreigners living in or deciding to live in Costa Rica are faced with that simple question of renting or buying, but the answer is not always that simple. The choice between buying home or renting one is among the biggest financial decision no matter where you live or are thinking of living.

In Costa Rica, as in anywhere else, buying a home comes with more complex and varied costs than renting, making it hard to tell which is a better deal.

- Advertisement -

rent-or-buy
Is it better to rent or buy? Click on the image for the calculator.

The New York Times has created an online calculator that enables prospective buyers and renters to analyze their own particular decision. The calculator can be applied in any country, provided you have relatively good and real numbers to plug into the model.

The calculator asks for factors like home price. A very important one, but not the only one. How long do you plan to stay? Buying tends to be better the longer you stay because up front fees spread out over years and appreciation in real estate values.

Mortgage details, the change in home prices and rents, hard to predict, have an impact on the outcome. The model takes into account costs like closing fees and commissions, and maintenance and fees and property taxes, expenses that renters don’t pay directly |Renters, however, are faced with additional rental costs such the opportunity cost on the security deposit.

The Math Is Changing. Use the calculator to help you in the decision between renting and buying. The results may surprise you.

There are important caveats, of course. As Neil Irwin writes in his article, the wisdom of buying versus renting depends heavily on each person’s financial situation, plans and preferences. And the cliché about all real estate being local holds; each neighborhood can have its own unique dynamics in the for-sale and for-rent housing sectors that must be considered.

- Advertisement -

Sources:

 

- Advertisement -
Paying the bills
Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Legislators to begin discussion on reducing the 2022 Marchamo this Monday

QCOSTARICA - The political fractions, except that of the Partido Acción...

No National Census in 2022!

QCOSTARICA - The Instituto Nacional de Estadística y Censos (INEC) -...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.