Shedding new light on long-held misconceptions about renting in Malta and Gozo
The Maltese people are traditionally homeowners and the older generation still clings to the ideal of a lifelong family home.
However, changing lifestyles in the 21st century have made renting a very attractive alternative for the younger generation, and the financial advantages shouldn’t be scoffed at either.
HomeRentMalta.com’s Top 4 Reasons for Renting a Home
As you might expect from a website entirely dedicated to help Maltese tenants the perfect rental home and to make it easier for landlords and letting agents to promote their properties online, we at HomeRentMalta.com have very firm views about the advantages of renting.
In this blog post, we share our top four reasons why renting can be a better option for you than owning a home.
1 – More flexibility and freedom
The most obvious reason for renting a home is the great amount of flexibility and freedom it gives you. This works particularly well for people on the move: those who plan on pursuing their studies or careers abroad, or simply cannot imagine themselves being tied down to any particular place for a long time.
This added flexibility acts also as a great buffer against uncertainty in life. If the job market is weak or personal situations change, tenants can easily consider other options that may be more beneficial for them, including moving to alternative accommodation or possibly uprooting to another country altogether!
2 – Ability to invest more money on oneself
The fact that you’re not tying your money down when renting means that any income you earn beyond what you need to cover renting and living costs, can be funnelled into investments which could yield a better dividend than real estate over a period of time.
With the money you save on mortgage payments, for example, you can put together a smart investment portfolio or even start your own business. In both cases, you could create highly valuable assets which not only produce income for you, but can also be sold more quickly and easily to make a capital gain.
3 – No maintenance costs
A general rule of thumb when budgeting for home maintenance cost is to allocate about 1% of the property price each year for repairs and maintenance.
Thankfully, renters don’t have to worry about that as it’s the landlord who bears the risk of paying for maintenance costs if something breaks down in their home.
4 – Protection from an increase in interest rates
Homeowners expose themselves to the risk of higher repayment rates if interest rates go up during the mortgage period. Individuals have no control over these events, so if something like that happens homeowners will have no other option but to cough up the amount the bank is demanding from them. Luckily, renters are immune from all this.
Finding your ideal rental home in 2015
Are you ready to make the big move? The team at HomeRentMalta.com is here to help you find the best landlords in Malta and Gozo and make the transition to living in your rental home as hassle-free as possible. Take a look at our latest listings.
We understand that not everybody is keen on renting and that old habits die hard, especially in a conservative country like Malta.
If you think our top reasons for renting don’t apply for you or you’ve already set your heart on being a homeowner, then check out our sister site HomeSaleMalta.com. With a fast growing database of properties for sale and zero commission fees, your dream home might literally be around the corner!