Buying and renting apartments in Armenia is not as easy as it may seem. If you do it individually without any real estate agency or real estate agent, then it can become a very nightmare, especially if you are a foreigner and if you are new to Armenia, then it’s a better idea to hire a real estate agency.
There are many countries where renting is a better idea than buying, but Armenia is not one of that countries. If you decide to live in Armenia, then buy a home in Yerevan. You can live rent-free, and you are not going to pay any vast taxes or something else. Also, if you decide someday to move then you can just give your apartment to rent. Now let’s see the worldwide experience of renting and buying a house or an apartment.
The difference between renting and buying
Housing Rental
The most pervasive misconception about renting is that you waste money every month. That is untrue. You must remember that having a place to reside always involves some sort of financial outlay. Even while paying rent on a regular basis doesn’t help you develop equity, not all the expenses associated with homeownership are related to doing so.
Renting gives you complete control over your monthly housing expenses. Your lease specifies this sum so you can make appropriate plans. In rare situations, if you reside in a condominium, your landlord might also include homeowner association dues, storage fees, and utility charges in that sum.
Every time your lease is up for renewal, as a tenant, you can experience rent hikes. If you live in particular areas of town, these rent increases may be even more pronounced. This might not be the case if you reside in a region where rent control and rent limits restrict how much if at all, a landlord can raise the rent.
If you rent, you can leave when your lease expires. But it also means that you can be forced to relocate quickly if your landlord decides to sell the land or convert your apartment building into condos. Less dramatically, they could simply raise the rent beyond your means.
Owning a Home
Homeownership has both concrete and abstract advantages. You gain a sense of stability and pride in ownership, in addition to having your own home and having control over its appearance and design.
However, keep in mind that since real estate is an illiquid asset, changing your mind about where you live can be very expensive. It could be difficult for you to sell when you desire. Even if you manage to, you might not be able to buy it for the price you desire, particularly if the property market is weak. There are significant transaction costs involved with selling your house, even if it’s up.
Even if your mortgage payment is less than the rent, owning a property generally has greater overall costs than renting. Here are some costs that, as a homeowner, you will incur that you would not typically incur as a renter:
- tax on real estate
- pickup of trash
- services for sewer and water
- pest prevention
- tree pruning
- habitational insurance
Armenia doesn’t have the above-mentioned problems. Buying and renting a house or an apartment in Armenia isn’t very hard. It is just better to have a house that doesn’t depend on anybody, but if you can’t afford it, renting is a good idea as well.
Rent an apartment in Armenia is easy with real estate agencies and agents. Be sure to sign an agreement.
The Washington Magazine 