Should I Buy or Rent? A Conservative Guide to Travellers

Travelling is full of cool decisions. From choosing a destination, booking transports, food and amenities are only a fraction of what you have planned. The most important question that keeps you pre-occupied is “Should I buy or rent?”.

Each person will have to face a different situation based on their income, location, future plans and many other factors. And that is why we are writing a conservative guide to travellers, filled with information to make a smart decision for your next move.

Are vacation rentals right for you?

Most people think of beach houses or a rowing boat when they hear about vacation rentals. But these are just a part of this vast industry. You can rent an apartment in Paris, a villa in Tuscany, a brownstone in Brooklyn, a villa in Bali, a penthouse in Sydney or a treehouse in Puerto Rico. Whatever lodging you’re interested in, no matter how exotic, chances are you can rent it.

buy rent traveling

Benefits of renting:

  1. Reduced maintenance responsibilities
  2. Generally affordable and cost efficient
  3. No need to worry about market trends
  4. Flexibility in usage
  5. Reduces your baggage
  6. Easy to get along with locals
  7. Travelling will be easier and comfortable
  8. Save more

Disadvantages of rentals:

  1. No equity is earned, none lost either
  2. Leased only for a period
  3. Annual rent increase outpacing inflation
  4. Fewer tax benefits

How buying better than renting?

If you plan to stay at a single location for decades, buying a home or other vacation equipment can be the best option. Buying involves a much larger commitment than renting.

Things you’ll enjoy after buying a property:

  1. control over your property
  2. Equity is earned over a period
  3. Freedom to expand or modify your property
  4. Emotinal satisfaction about owing
  5. Fixed mortgage spent in loan
  6. Tax benefits
  7. Savings in long-term
  8. control over your property

Disadvantages of buying:

  1. Not very flexible
  2. High upfront costs
  3. Uncontrollable expenses
  4. Maintenance costs
  5. There are no guarantees home values will go up

If you’re looking for flexibility and predictability, renting is the one for you. There are many times when renting is the best option for a person. For others, it is not an ideal plan in case if you are planning to invest in a property.

Seem like a lot to consider?

Remember that renting is an ideal way to buy time if you’re not sure. Leases typically run for a fixed period of months or a year. And you can use that time to decide if owning is right for you. If you’re leaning towards renting, we’re here to help you find the best vacation home rental in your desired location.

Check on our Airfinch page to find the ideal place to start your next business move.