Do you want to go for Cayman Island rentals or buy a house in the Cayman Islands? While the idea that having your own home could be an unattainable dream, you can end up giving up on saving for something that might never happen. We can’t deny you the truth that buying a house in the Cayman Islands is very expensive. Food, travel and entertainment can easily eat into your budget. However, this doesn’t mean that you should pay someone else’s mortgage. Let us look at the comparison between buying and renting a house in the Cayman Islands.
Buying
When you buy a house in the Cayman Island, you can do anything you want with the house. You can change the floors, paint the walls and make a home of your dreams. When you buy a house, it will be yours. The expenses of paying for the Cayman Island condos for rent every month are eliminated once you have paid it off. The house will be in your name.
You can make some improvements to the house and increase its value. You can cover your property fees, mortgage, insurance and other costs by renting your newly bought property. You can even leverage one house to buy another.
Renting
With renting, you will not have to pay maintenance and repairs costs. When you want anything in your house fixed, you will only have to call your caretaker. You can live in a lavish house that you cannot be able to buy and make it your own. With renting, you can try a house before you buy. There is less stress because it is not always possible to get enough money to pay for a deposit. You don’t have to stress over high financial investments with Cayman Island rentals. As your family expands, you can easily change your home.
