One of the main issues to be resolved when moving to Slovakia is the "accomodation issue".
This dilemma: "to buy an apartment or to rent?" faces everyone who has decided to change their country of residence.
In case of renting an apartment, a person pays a monthly fee for something that will never be his or her property. On the other hand, buying an apartment involves monthly mortgage payments (of course, in the absence of own funds for the purchase of real estate). There are several opinions:
One group of people believes that it is better to pay the rent and have some freedom. What if in two years they receive a best job offer in another country? - There will be no need to decide what to do with your own apartment.
The second group prefers to give up rent and find their own place to live.
The third group does not have the opportunity to get a mortgage (maybe on financial reasons) and there is no other choice, as only to rent an apartment.
RENTING A HOUSE OR AN APARTMENT
The advantage of rental is flexibility. If a person does not like the apartment itself or the area eg, they stop renting and find another apartment.
The apartment will never belong to the tenant, see the reason avove. It is also necessary to have a certain amount of money at the beginning of the lease. This includes: the first month's rent, refundable pledge (deposit) to the apartment owner, possible payment of a commission to the real estate agency.
PURCHASE OF AN APARTMENT
There are many motivations to buy your own apartment, including: buying a property as an investment, moving in due to a new job, creating a family, the desire to change your existing home to a home with more or less space, etc.
In most cases, from a financial point of view, it is more profitable to buy with a mortgage than to rent an apartment. Interest rates on mortgage loans in Slovakia are quite low.
Buying an apartment also involves some risks, for example:
mortgages associated with buying an apartment often do not make life easier, but are a long-term commitment. There are also higher costs associated with own property than with the rented property. These include, for example, insurance costs for the property, regular maintenance and repairs of the property. It often happens, that for some time it is possible to sell real estate at a profit. However, there is also a risk that real estate prices will fall. The real estate market is not so predictable.
So, buying a property consider the following:
- Your financial ability,
- Location you want to live in,
- Number of rooms and square meters,
- "Age" of real estate.