SHOULD YOU BUY OR RENT A HOME IN FLORIDA?

Are you confused about the decision to buy or renting a home in Florida? Everyone has different real estate needs that are based on a variety of elements that match your current situation. If you are trying to decide whether renting or buying a home, Florida is the best solution for you. Below is everything you need to know about buying or renting in Florida.

Deciding whether you should rent or buy in Florida will definitely come down to some few factors. First you want to look at the current market conditions, financial standing, and your life situation when buying a home in Florida. Real estate stands as an option for every person to fit their lifestyle and family.

The real estate market in Florida is currently a hot seller market. Competition between buyers is higher on hot seller’s market thus leading to higher housing prices. The market will affect not only how much you pay for a house but if you were to pay for an apartment. A typical home value in Florida is $259,642 and this value is seasonally adjustable according to Zillow.

Home prices in Orlando Florida are very high and the tax property reflects this. for decades putting down 20% was the standard to first time home purchasers, but in the last few years that number has dropped. A 2018 survey by the National Association of REALTORS states that the median down payment for first time home buyer was 7%. This is not to suggest that putting down 20% is no longer a good idea. Any down payment lower than that may require you to get a private mortgage insurance.

Homes for rent in Fort Lauderdale decreased from last year.as you can see, houses are fairly priced right now but, you should still do your research and see which option best suites you.

RENTING.

Renting is definitely a more favorable option for people who are not looking to be tied down to a property .It might not also be the best option for someone who does not have the financial assets to buy a home.

Also, not everyone will want to buy a house because of the number of expensive upfront costs that are associated with it. It’s necessary to make sure that you can be able to pay the down payment, real estate commission, and closing cost. After you get past the initial cost, you are in charge of paying for your own upgrades and repairs.

Advantages of renting

• You are not responsible for as many costs at the beginning, a land lord or a property management will only require a security deposit and first months’ rent.When renting you don’t have to worry about the repairs or upgrades, normally if something breaks you will need to call for the land lord or the property management company to report the problem to have someone come and fix it.
• You don’t pay for property ownership taxes

Disadvantages of renting.

• You might have to pay for a special deposit if you have pets.
• In case of any damages in the house, they might take away the security deposit.
• You will need to deal with the existing condition of the residence. For instance, if the carpet is old and the paint is chipping on the walls, you don’t have the authority to fix.
• You are at the mercy of the land lord or property management if you want something replaced.
• For a state like Florida, that is prone to natural disasters, such as hurricanes, renting can relieve the responsibility of paying for damages from storm. You also won’t have to worry about having to buy a new house if the damages are severe. However, if a storm causes minor damages, it might take weeks or months to repair depending on the damage and how many houses the property management company is in charge of

Buying a home

As we discussed earlier, the housing market in Florida is booming and based on market research, it will continue to do so in years to come. This means if you buy a home in Florida, it will prove to be profitable investment. Housing prices are not incredibly high and are selling at $259,642which is affordable given the average income in Florida. Buyers in Florida can take advantage of building a new house at around that same amount, which will also prove to be a great investment.

Advantages of buying.

• Having control of what you choose to do with your property.
• You get to do repairs and upgrades on your own willing time.
• Buying is appealing to people who want their monthly payments to pay off one day. For example, in Florida, the average rent payment is $1,850 a month. This is equivalent to $22000 without gaining anything at the end. To some people, there is not worth the money to be paying that much to not even own the house after all that time.

Disadvantages.

However, buying a home does have its negatives that tend to deter people away from buying immediately. Owning a home comes with a lot of responsibilities that some people might not be ready for, for examples;

• You have to pay for your own repairs and upgrades.
• You are in charge of paying the property taxes and home owner insurance.
• You need to pay for a decent insurance home owner bundle, due to the fact that in Florida they are highly affected by flooding and hurricanes.
• The need to have money saved to cover any potential damage caused by frequent storms.

Overall, buying a home in Florida is not a bad option. The market is doing really well and you would be more likely to profit from the sale of your home down the road. You might also be saving more every month than you would if you rented, depending on how much you put down on your house.

Whether you decide to go down to buying or renting, it’s important to do you research on the current market conditions and take a look at your financial standing. Buying a house is a tricky process if you have never bought one before, it’s advisable whoever, to connect with an experienced local real estate agent for support throughout the whole procedure.