Hey Everyone! This weeks Tuesday Chat - "Should You Buy Or Rent In Antigua?" (Ep.7)
Nadia shares her expert knowledge on the Pro's and Con's of buying and Renting here in Antigua & Barbuda!
Each week Sam & Nadia will delve into various topics related to property and real estate in Antigua and the Caribbean region, such as property market insights, investment advice, new developments, managing property in the Caribbean and much more!
Tune in next Tuesday for more property insights from the experts.
Below is a summary of Nadia's Pro's and Con's!
Firstly, investing in a holiday home in Antigua presents an excellent opportunity due to the island's growing tourism industry and strong rental market. The market is projected to continue its upward trajectory.
Secondly, owning a holiday home in Antigua can lead to long-term savings. Many homeowners choose to escape the winter months by spending extended periods in Antigua, saving money on holiday rentals or hotels. Additionally, having storage cupboards allows for convenient storage of personal belongings, making subsequent visits more hassle-free.
Thirdly, owning a holiday home provides flexibility. Real estate agents offer online calendars and live photos, enabling owners to easily determine availability and book their flights accordingly. This level of flexibility allows for spontaneous trips whenever desired.
On the other hand, there are some considerations when it comes to owning property. The upfront expenses, including the purchase price and associated costs like maintenance and insurance, should be taken into account. Limited use can also be a drawback if the property is only utilized for a few weeks or months each year.
Rental management can be time-consuming and challenging if proper regulations are not in place. For those who prefer renting over ownership, there are a few advantages. Firstly, it can be a more cost-effective option if one plans to use the property for only a couple of weeks per year. Secondly, renting allows for flexibility in choosing different locations without the need to explore various properties. Lastly, upfront costs are typically lower compared to owning a property.
However, there are also disadvantages to renting. Limited availability during peak seasons can make finding a suitable property difficult, and the prices may be higher. Renting does not provide an opportunity for investment or increasing property value. Furthermore, there may be restrictions imposed by the rental agreement, limiting flexibility in terms of date changes and other arrangements.
In conclusion, if the budget allows and the right location is chosen, owning a holiday home in Antigua is generally considered the best choice. It offers potential for making money rather than incurring losses, while providing flexibility and the opportunity for long-term savings.
