Hi everyone,
Soon I will be joining you in Bahrain once I recieve my visa.
In the main time i want to do few prestudies:-).
Based on some search on the internet and with people valuable input in this forum, I should live in either Seef area or Juffair.
Now i need your help to do comparision between buying or renting an appartment on monthly basis. Since am single I need a studio or one bedroom appartments. Am targeting new develpment project with handover latest by middle of 2015.
For example an appartment for 50000. BHD, whats the down payments?, monthly cost...etc
I did some search but unfortionatly couldnt get the info i needed. Called HSBC. Bahrain the whole way from Sweden, but they couldnt help me or even direct me to the right person...they told me to walk in to their office once i arrive.
Buying an appartment in Bahrain
Why do you want to buy an apartment in Bahrain if you are coming here only for a year or so? I would say rent it - especially if you are looking for a studio apartment - you can find them for about 250-350 BD per month, way cheaper than shelving 50,000 BD for a flat - unless you really want to invest in Bahrain.
Downpayments are usually around 25% and the rest of the mortgage depends on your circumstances and preferences. HSBC was right, once you come here, just pop in to one of their branches and they will be happy to help you out. Make sure you have your CPR and at least 3 months salary paid into your account prior to doing this.
I agree with brightonguy - if you plan to be here in Bahrain for a short period only, then renting is the better option. Only if you plan to live and work here for an extended period should you think of buying.
There are few reasons why am I would like to evaluate buying vs renting an appartment.
1) Its an investment, especially if I can get buying a object under construction.
2) Monthly cost between the 2 options.
3) How much is the yearly growth of the real estate?
4) I can sale the appartment with a good price atleast covering my accomudation cost during my stay in Bahrain
5) Do you know how I can calculate the monthly cost of buying an apartment?
I agree with the rest-if you gonna stay for short period, its better to rent- but if for long period, its much more worth beneficial to buy putting in consideration the pay pack period...
I have a contract for 2 years to start with...is this short or long?
Samxx1 wrote:I have a contract for 2 years to start with...is this short or long?
2 years is "short". If you are planning to be in Bahrain for much longer 7 to 10 years at the least, then buy.
I agree with Farhaz, anything less than 5 years and I wouldn't consider really setting up shop here. I couldn't see the investment making it worth the trouble over such a short period.
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