When looking for a lifestyle change and planning a move to Marbella, the first consideration will be 'where shall we live'?
The two option's on the table are either renting a property until you are sure you want to be here, or going all in and buying somewhere straight away.
Let's take a look and compare the two options, based on an apartment costing €300.000 as an example.
A property at this level will rent on a long term basis for approximately €1.000 per month, based on a one year contract.
Your total committment for one year would be €12.000, excluding utility bills.sident
If you were to buy a property at this level, most Banks will be looking to lend 60% of the purchase price to a non-resident.
So a deposit of €120.000 would be required against a purchase price of €300.000.
The buying costs, including taxes and feas would be in the región of €40.000, meaning a total outlay required of €160.000.
With a mortgage rate of circa 2%, the monthly repayment would be in the region of €770, saving €230 per month against the rent.
You will have to take into account the payment of Community fee's and local taxes when you are a homeowner.
So what should you do?
If you are familiar with the area and confident of being in Marbella for a period of time, then you cannot beat owning your own home.
You will have long term security which renting cannot give you.
You will also benefit from any increase in value, and will be reducing your mortgage debt with every payment that you make.
Long term rentals does offer you flexibility to be able to 'try before you buy' and save on the substantial outlay required when buying a property.
One size doesn't fit all, so if you are in a dilemma and would like to speak to a local property experiencia, we would love to hear from you.
Drop us a line, pop into the office or give us a call.
We are the #1 Long Term Rental Agency in the Marbella area, with our specialist website, www.marbellalongtermrentals.com consistently listed at the top of Google.
Our sales team at Marbellapads.com has many years experience, selling properties in and around the Marbella, San Pedro and Benahavis areas.
For an informal discussion regarding a potential move to Marbella, get in touch!
T : + 34 952 882 775