Is It Better To Rent Or Buy A House In Florida?

Question Of The Day: Is It Better To Rent Or Buy AHouse In Florida?

The real estate market is expected to continue to soar high in2021. High demand and low mortgage rates are some of the keyfactors driving this growth. If you are looking for a house now,you might be wondering: Is it better to rent or buy a house in Florida?

Renting A Home

One of the major benefits of being a renter aka a tenant is nothaving to shoulder maintenance and repair costs as well as propertytaxes. In general, fiscal responsibility is not as heavy comparedto owning a property. The monthly fee is fixed, and even if therate goes up, you are given advanced notice so you can prepare forit.

When you buy a home, you must have at least 20% of the propertyvalue ready as a down payment, on top of the approved mortgage.With rental homes, you only need a security deposit, which isusually equal to one month’s rent. Many homeowners alsorequire an advance.

As a tenant, you get to enjoy the amenities that come with yourrental property. If you are renting a seaside luxury home, the rentcomes with all the perks of living by the beach. Renting alsoallows you to live in areas where buying is not an option. This canapply to people whose jobs require them to live in big cities ornear business districts where the cost of buying a home can beprohibitive.  

Renting is ideal if you want to be more flexible. It is easierto pack up and move if your situation changes or if you want todownsize.

Buying A House

Buying a home is about making an enduring investment. If you areready to settle down and raise a family, owning makes morefinancial sense in the long run. The initial costs are bigger butover time, you are building equity. Homeowners in today’smarket understand this value.

While property taxes may change, the monthly payments are fixedif you are on a fixed-rate mortgage. You are not at the mercy oflandlords or volatile market conditions.

Buying your own home is also about stability and peace of mind.After the hard work, you gain lifelong financial security. Itallows you to establish your roots, which is especially importantif you are raising children or starting a family.

Another advantage of being a homeowner is having the luxury ofchoice. You can choose the neighborhood you want to live in. Youcan customize your home with amenities that suit your lifestyle andpassions. When you are a tenant, these luxuries are considered apremium and you pay more for access.

Owning residential property in Florida means you have anopportunity to benefit from the Sunshine State’s position asone of the country’s (and the world’s) mostsought-after destinations for tourism and entertainment. Over time,you may decide to expand your real estate portfolio and become arental property owner. And Florida is one of the most profitableplaces to become one.

To Buy Or Not To Buy?

There is no one or simple answer to this question. At the end ofthe day, it is a personal choice influenced by many factors likefinancial status, work, and family situation, and even the housingmarket.

If you’d like professional and expert advice on what ittakes to be a homeowner in Central Florida, contact CorcoranConnect. Jeanine and her team will be more than happy to answeryour questions and help you make an informed decision.