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Abstract

monthly rent won’t change, and the landlord won’t kick you out in favor of a “better” tenant.</p><p id="969b">That’s also the biggest drawback. If you discover you hate the location, or that your landlord is a “creeper” who makes you extremely uncomfortable, there’s not much you can do about it. Even if you leave, the terms of your lease may require you to continue paying for the months you don’t use.</p><p id="51f9">Some of the best reasons to use a lease are because they can be tailored to your situation. You can arrange a house-swap with someone, with you staying in their house and them staying in your house, through a lease. You can also lease with an option to buy, if you want to buy a house but need additional time or flexibility for your specific circumstances.</p><h1 id="d8b5">Pros and cons of buying a house</h1><p id="f778">There are three different types of house that you might buy: an existing house, a condo, or building a new house. The pros and cons of each differ slightly.</p><h2 id="dea8">Pros and cons of buying an existing house</h2><p id="adb0">The major benefit of buying an existing house is that you know exactly what you’re getting. You know whether it’s in move-in condition, or if it needs renovation, and if so, how much.</p><p id="e60b">You also have the ability to customize it however you choose. You can change the decor, paint the walls, or get new flooring. You can also knock down walls, add extensions, or install solar power and backup generators. It’s your property, so the choice is yours.</p><p id="d85c">The downside is the same as the downside for any house. You can’t control what your neighbors do, or who builds an eyesore in the middle of your scenic view. You’re also going to have to shell out money to maintain your house, since most building materials have a limited lifespan, after which they must be repaired or replaced.</p><p id="0632">Another potential downside is shifting housing markets. If you bought at the peak of a seller’s market, and try to sell your home during a buyer’s market, you may end up losing tens or even hundreds of thousands of dollars.</p><h2 id="ee9a">Pros and cons of buying a condo</h2><p id="549b">A lot of people who fantasize about a home in paradise think of buying a condo. They won’t need to do any maintenance, there’s things like a restaurant and clubhouse included on the property, and if they aren’t there all year they can rent their condo out to vacationers. Your property may even come with maid and gardener service!</p><p id="ee85">The downside is that condo rules are extremely restrictive. Some limit the types of window treatments you can use, what furniture you can put on your deck, or where you can park your car.</p

Options

<p id="bfd7">You also pay a hefty service fee for all the features you get. In addition to the cost of buying the condo, you have to pay a monthly condo association fee which might be as high as the monthly rent on an apartment.</p><p id="8ef3">There is also no guarantee that your condo would ever get rented, even if you didn’t use it. Rentals go first for the corner locations, and the ones near amenities such as golf courses, restaurants, or pools. If you have a middle unit with a view of the parking lot, if you’re not using it, odds are good no one else will be, either.</p><p id="5def">If it’s a sluggish housing market, condos are harder to sell than stand alone houses. That can mean you can get a bargain if you’re buying, but you’ll lose out if you’re selling.</p><h2 id="7616">Pros and cons of building a house</h2><p id="d4b4">The biggest benefit of building a house is that you get exactly what you want, where you want it. Talking to many people who have built their dream homes in paradise, the most successful had architects who understood the climate and local design conventions with local builders.</p><p id="f1b4">The down side is that building a house is a lot of work. You need to be onsite pretty much every day, so that you can answer questions from your builders. If you want to speed things along, you’ll need to get involved in the entire procurement process, ordering your windows, doors, floors, and other furnishings.</p><p id="2699">Current issues with limited building supplies due to Covid are also dragging out the building process as well as making it more expensive. There may simply not be any of a particular item available, or it may cost 2 or even 3 times as much as you were originally quoted.</p><p id="ae86">One way around this is to use a pre-fabricated home design company. When you order a pre-fab home, it arrives in a shipping container with everything necessary for assembly. It goes up much more quickly than a house that is being built from scratch. The downside is that you are limited to other people’s dream homes.</p><h1 id="c718">Conclusion</h1><p id="7924">Whether you rent, lease, or buy a house, there are pros and cons to every solution. Consider how long you want to stay, how certain you are that you want to be in a particular neighborhood, and how much you want to customize your environment.</p><p id="f5b3">What is right for one person is not necessarily right for another. You’re moving to your paradise. Make sure your housing solution is as idyllic as your location.</p><p id="6b65"><i>Jennifer Dunne is originally from New York, has lived in Colorado for the last 12 years, and will soon be moving to the Caribbean nation of Nevis.</i></p></article></body>

Should You Rent, Lease, or Buy a House?

How to choose where to live in paradise

The digital nomad lifestyle promotes the dream of living in exotic places, able to pick up and move at a moment’s notice when someplace more appealing comes calling. The housing situation with the least strings is a monthly rental.

If you’ve already decided on your paradise, and you want to stay there a while, you may prefer to put down roots. You might prefer a long-term lease or even buying a house.

Finally, there are people who want the privacy of a house, but for a limited time frame. These are folks who might be on a corporate assignment for 2–3 years. Or they want a base from which they can explore the surrounding area, but plan to move when they’re done exploring in a few years.

How do you know which solution is right for you?

Pros and cons of renting

The biggest pro of renting is that your options are open. If you don’t like the neighborhood, or the landlord, or anything else, you leave and find someplace else to live. If you want to go to another city or even another country, there’s nothing stopping you.

Another benefit of renting is that it allows you to move around, sampling an area, to see where you might like living best. Our immigration lawyer rents a new house in a new location every few months.

The biggest con of renting is that you’re stuck with someone else’s property. You can’t paint the walls in your preferred color scheme, dig up the yard and create your own dream landscaping, or swap out the appliances for ones you like better. You may even be stuck with their hideous taste in furniture.

Another drawback to rentals is that you’re at the whims of the housing market. If there’s a sudden influx of transients (such as a nearby school year starting), you may not be able to go anywhere else in your desired area for your desired budget.

Pros and cons of leasing

Leasing is basically a long-term rental. Leases may be for 6 months, 1 year, 2 years, or any other term that is mutually agreeable to both parties.

The biggest benefit of leasing is the stability. You can plan your budget for the length of the lease, knowing that your monthly rent won’t change, and the landlord won’t kick you out in favor of a “better” tenant.

That’s also the biggest drawback. If you discover you hate the location, or that your landlord is a “creeper” who makes you extremely uncomfortable, there’s not much you can do about it. Even if you leave, the terms of your lease may require you to continue paying for the months you don’t use.

Some of the best reasons to use a lease are because they can be tailored to your situation. You can arrange a house-swap with someone, with you staying in their house and them staying in your house, through a lease. You can also lease with an option to buy, if you want to buy a house but need additional time or flexibility for your specific circumstances.

Pros and cons of buying a house

There are three different types of house that you might buy: an existing house, a condo, or building a new house. The pros and cons of each differ slightly.

Pros and cons of buying an existing house

The major benefit of buying an existing house is that you know exactly what you’re getting. You know whether it’s in move-in condition, or if it needs renovation, and if so, how much.

You also have the ability to customize it however you choose. You can change the decor, paint the walls, or get new flooring. You can also knock down walls, add extensions, or install solar power and backup generators. It’s your property, so the choice is yours.

The downside is the same as the downside for any house. You can’t control what your neighbors do, or who builds an eyesore in the middle of your scenic view. You’re also going to have to shell out money to maintain your house, since most building materials have a limited lifespan, after which they must be repaired or replaced.

Another potential downside is shifting housing markets. If you bought at the peak of a seller’s market, and try to sell your home during a buyer’s market, you may end up losing tens or even hundreds of thousands of dollars.

Pros and cons of buying a condo

A lot of people who fantasize about a home in paradise think of buying a condo. They won’t need to do any maintenance, there’s things like a restaurant and clubhouse included on the property, and if they aren’t there all year they can rent their condo out to vacationers. Your property may even come with maid and gardener service!

The downside is that condo rules are extremely restrictive. Some limit the types of window treatments you can use, what furniture you can put on your deck, or where you can park your car.

You also pay a hefty service fee for all the features you get. In addition to the cost of buying the condo, you have to pay a monthly condo association fee which might be as high as the monthly rent on an apartment.

There is also no guarantee that your condo would ever get rented, even if you didn’t use it. Rentals go first for the corner locations, and the ones near amenities such as golf courses, restaurants, or pools. If you have a middle unit with a view of the parking lot, if you’re not using it, odds are good no one else will be, either.

If it’s a sluggish housing market, condos are harder to sell than stand alone houses. That can mean you can get a bargain if you’re buying, but you’ll lose out if you’re selling.

Pros and cons of building a house

The biggest benefit of building a house is that you get exactly what you want, where you want it. Talking to many people who have built their dream homes in paradise, the most successful had architects who understood the climate and local design conventions with local builders.

The down side is that building a house is a lot of work. You need to be onsite pretty much every day, so that you can answer questions from your builders. If you want to speed things along, you’ll need to get involved in the entire procurement process, ordering your windows, doors, floors, and other furnishings.

Current issues with limited building supplies due to Covid are also dragging out the building process as well as making it more expensive. There may simply not be any of a particular item available, or it may cost 2 or even 3 times as much as you were originally quoted.

One way around this is to use a pre-fabricated home design company. When you order a pre-fab home, it arrives in a shipping container with everything necessary for assembly. It goes up much more quickly than a house that is being built from scratch. The downside is that you are limited to other people’s dream homes.

Conclusion

Whether you rent, lease, or buy a house, there are pros and cons to every solution. Consider how long you want to stay, how certain you are that you want to be in a particular neighborhood, and how much you want to customize your environment.

What is right for one person is not necessarily right for another. You’re moving to your paradise. Make sure your housing solution is as idyllic as your location.

Jennifer Dunne is originally from New York, has lived in Colorado for the last 12 years, and will soon be moving to the Caribbean nation of Nevis.