Making the decision whether to rent or buy property in Malaga and the Costa del Sol requires time, research and expert guidance.
In a previous article, To Rent or Buy in Malaga, published five years ago, I wrote:
The decision whether it is better to rent or buy in Malaga is a very personal one. It is a decision that should be taken once you have researched thoroughly. It is a decision you should make without unnecessary, outside influence. (ie. pushy estate agents!)
I also said
As a general guideline, if you are moving your family to Spain, with view to permanent living, I advise renting in the area we help you to chose, for around eighteen to twenty-four months, before deciding to purchase a property. This allows you to experience the lifestyle during the various seasons.
Since writing that article, the Spanish property market, for both sales and rentals, has changed.
The property market in Malaga and the Costa del Sol especially has experienced many changes. As a result, my advice to you has also changed. Let me explain …
Five years ago:
- It was relatively easy to secure a great long term rental property in most areas
- Rental prices were reasonable
- Owners didn’t demand upfront rent payments
- Agencies charged only owners for securing rental contracts
- Sales property prices were pretty stagnant
- Bargains were still to be found
Today, in 2019:
- Securing a good rental property is extremely challenging
- Rental prices are continually increasing in almost all areas as demand outweighs supply
- Owners often request upfront payment of 6 to 12 months rent
- Agencies often now charge a finder’s fee to people looking to rent, as well as sometimes charging the owner
- Sales property prices are increasing year on year.
- Bargains are far and few between. (read https://movetomalagaspain.com/blog/making-an-offer-on-property-in-spain/)
Based on this, here is my advice to you …
As before, “The decision whether it is better to rent or buy in Malaga is a very personal one. It is a decision that should be taken once you have researched thoroughly. It is a decision you should make without unnecessary, outside influence. (ie. pushy estate agents!)”
However, if you are moving your family to Spain, with a view to permanent living, and;
- You are sure about which area you want to live in. This is often dictated by your choice of school (we can assist you with this).
- You are in a secure financial position to make an investment.
- You are willing to seek independent guidance from property finders such as ourselves.
- You monitor fluctuations in currency exchange in order to get the best rate.
- You are financially stable and have an income that will continue once you have relocated.
- You prefer to invest now before further price increases.
- You are moving for a better quality of life
If you comply with the 7 factors stated above, get in touch with us and we will explain how we can help you make the best decisions about your property purchase and relocation to Spain.