To buy or not to buy, that is the question. Some may see it as black and white, buying is always better. Others may think that renting is better. You have to decide for yourself which is best for you. I can give you some information which can help with that decision.
If renting a home is costing you MORE than owning a home, then buying is a more sound financial decision.
If you HATE yard work and are loath to give up any of your toys and travels, then perhaps owning a home is not for you.
In the current market, most folks in Florida are better off purchasing their home than they would be renting one. A mid range 4 bedroom home could cost you as little as $1,300 a month, depending upon how much you put down on the home. In the current market, that same 4 bedroom home is renting for between $1,500 to $1,800 er month depending upon condition, location and neighborhood.
It’s not a huge difference in price, but over time it adds up. If you rent the home for several years, you have very nicely paid another person’s mortgage during those years, and you will have nothing to show for it.
However, you will not have been forced to make repairs on a home, replace appliances, perform upkeep. All of those homeowner tasks that no one really loves.
As a Mortgage Originator, I am partial to people buying, but I will let you know that I am more partial to people being happy with their decisions. If the thought of owning a home gives you hives, then I have some referrals I can give you to people who could help you invest wisely and not purchase real estate.
Brian Denton Blog – Vero Beach, Florida