Phuket island is known all over the world for its pristine beaches, unique scenery and easy way of living. As a newcomer, you may be thinking of buying or renting on the island. Even if you’ve never been, it is easy to see why so many people like to call this place their home. You’ll find all kinds of A-list celebrities who have invested in property on the island. Here are some of the pros and cons of buying and renting.
Is Buying the Best Option in Phuket?
It all depends on your situation, if you can afford a nice property and you plan on using it, then Phuket is an outstanding destination for you. If you act quickly, you could invest in the luxury branded Bang Tao beach residences in Phuket or maybe one of the many other developments on show. If you plan on using the property and you are thinking about spending a lot of time there, buying is the sensible option.
Most people consider rent as dead money, you aren’t paying off a mortgage, so why give you hard earned cash to a landlord when you could own a place of your own? When you buy, you can also sell the property in the future, giving you a chance to make your money back or even make a profit on the sale.
Buying a second home in Phuket can be a challenging decision. You must remember to think with your head and not your heart. If you do decide to invest on the island, you’ll be blown away by its modern facilities and natural wonders.
Benefits of Buying
You’ve complete autonomy, you can do whatever you want as it is your property. You don’t need anyone’s permission to redecorate or add a new feature, the house is yours and everything in it. In addition, investing in your own place has many other advantages, such as:
- Pride of Ownership
- Creative Freedom
- Increased Privacy
Is Renting a Good Choice?
There are times when renting a property is a better option, especially if you aren’t planning on staying long and you’ve no real ties to a specific place. Renting makes sense when you don’t really know a place, but you’d like to invest. It gives you time to learn about the area, giving you the opportunity to look around and find the most suitable property.
The only commitment you make when renting is to pay your monthly lease, other than that you are free to leave whenever you choose. Some of the main advantages of renting in Phuket include:
- Flexibility & Less Responsibility
- No Long-Term Commitments
- Experience Without Buying
- Low Initial Investment
There are many pros and cons to both renting and buying a property. If you are an individual who likes to move around a lot and has no ties to one place, then renting is best for you. Renting a property can also be a great way of checking a place out before you buy. Once you evaluate the area, you can then look to invest.