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Buying a home

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The orientation within the Surinamese housing market is an enormous task. For first time home owners it could feel like searching for a needle in a haystack.

We’ll list the main pros and cons of having a home in Suriname for you.

Benefits being a home owner:
• It’s a piggy bank: with a mortgage and a monthly fixed amount, you’ll have a debt free house after a certain time (up to 25 years). If you decide to sell the house, you have a nice capital build up.

• It’s cheaper than a rental house: on short term the monthly charges of owning a home are often higher than a rental property. A fixed mortgage amount annually opposed to increasing rental prices could be more attractive on the long run.

• It offers more possibilities: If you make improvements in a rental property, you have to restore the premises when you terminate the contract. Owning a home offers you more freedom to improve or build according to your own wishes. Improvements contribute to the value of your property.

Disadvantages of being a home owner:
You’ll have less freedom of movement: tenants can usually move to another property within a month or two. A homeowner should usually sell the house first and is more tied to the location.

Higher maintenance costs: major maintenance is on behalf of a landlord. An owner must pay for this expenditure heading. Especially in older homes or when using poorly insulating material, this could mean an increasing bill, because we live in the tropics.

You have a debt: the word loan equals nightmare to some. The purchase of a home or plot accompanied by a towering debt is in many cases. If this is a (psychological) threshold is, buying may not (yet) be the right choice.