If you are thinking of moving to Bangkok but you aren’t quite sure whether you should buy or rent a property, this article is for you. We’re going to highlight some of the reasons why renting a property might be the better option.
Certainly, buying property in Bangkok has many advantages, but that doesn’t make it right for everyone at this particular time in their lives. Let’s take a closer look…
Renting allows more freedom and flexibility
Buying a property is a very big commitment. When you rent on the other hand, you are not bound to the property and you are free to leave whenever you like. Yes, you’ll have a rental agreement that sets out an agreed amount of months, but if for whatever reason you need to leave, you can forgo your deposit. When you own the property outright on the other hand, it’s a little more complicated than that.
There’s so much more opportunity to rent
The rental market is far larger than the property sales market. When looking to buy, you need to find something very specific, from a limited amount of options. As such, you may end up needing to make certain sacrifices in order to find a property in a particular area that you like.
When renting however, there is far more option for you to choose from. That, and since you won’t be committing to the property permanently, you can be more flexible. For example: finding condos for rent near Gateway Ekkamai is easy, however, finding your dream home to buy in that exact location may require that you have to wait far longer for the right opportunity to come along.
No maintenance or upkeep fees
When you own a property it is your responsibility to ensure that it is well maintained and in good working order. Renting on the other hand means that any maintenance work that needs to be carried out is not only arranged by, but paid for by the property owner.
Buying a property in a top-class neighbourhood is expensive. For some people, being able to rent allows them to live in areas that they may not otherwise be able to afford, thus granting them access to an elevated lifestyle – absent the hefty financial investment.
It gives you time to think
When renting, you are in no rush. You can take your time to explore an area and decide as to whether or not it is the area for you. If not, moving on is easy. However, when you buy, if it turns out that you don’t like the area you live in, you’re stuck with a property that you need to flip.
Conclusion – Do what’s right for you
Again, buying property in Bangkok has many advantages. For example, if you would like to live and remain in Thailand, there are several different investment visas for you to explore. Renting on the other hand, unless you have a steady job, it might be trickier for you to stay. Then again, at least you’d have the flexibility to leave as necessary. Ultimately, it all comes down to personal preference, circumstances, and what your lifestyle demands of you.