Buying Vs. Renting a Home in Florida

Buying Vs. Renting a Home in Florida

Are you looking for a new place to settle? Florida is one of the best places that are suitable for settlement? Whether alone or with your family. There are many towns where you can comfortably adapt to and enjoy your life. But you could be asking yourself, which is the best option for housing? Is it renting or buying your own house? Well, this should not worry you anymore. This article discusses both options, and by the time you are done reading, you will know what is best for you.

When it comes to looking for a home, everyone has a different taste and needs. For you to decide whether you are going to buy your house or rent, there are a few things you need to look at, like your life situation, the present market condition, as well as your financial status. So, after looking at those things, should you buy or rent? To know which is best, let’s look at each of them.

Renting a house in Florida

If you are not looking forward to being tied up to a property, renting is a good option for you. It’s also favorable for someone with no finances to purchase a home. Also, if you will be staying in Florida for only a few months, renting is more convenient. Buying a house when you are only staying in Florida in a few months doesn’t make sense to many people. Though some may still consider buying a house and then sell it after their stay is over.

Renting also reduces some of the costs, such as down payment, real estate commission fees, and closing costs that come with buying. The

Advantages of renting your house

There are plenty of benefits that come with renting a house rather than buying. They include:

• Renting does not entail a lot of cost at the start. To start up your rent, you will only need to pay a security deposit and the rent for the first month. However, if you have pets, you may have to pay a little special deposit.
• There are no extra costs for upgrades or repairs. If anything breaks within the house, all you have to do is contact the property management company or the Landlord who will get it fixed. Nevertheless, if you cause breakage or damage in your rental house, the owner can take away your security deposit.

Disadvantages of renting a house in Florida

Even with the many benefits, renting also has its flaws.

• If you are renting a house, you are not authorized to change or fix anything. That means you have to deal with the condition of your house. For instance, if the wall paintings are chipping, you cannot repaint them.
• For something to be repaired or replaced, it can take many days since the Landlord or the property management company can authorize it. With the stormy weather in Florida, it can result in minor damages that can take forever to get repaired.

Nevertheless, if the storms cause severe damages, you don’t have to worry about taking responsibility for catering for the damages.

Buying a house in Florida

Before making any purchase, it is crucial to understand the market trends in real estate. Florida has many houses that you can buy at an affordable price. It also has a booming housing market. Therefore, you are sure of getting a good profit if you resell your house. Buying a house could also mean constructing a house of the same price as buying. There are plenty of locations you can find good houses for sale.

For example:

• Houses in Orlando
• Houses in Tampa

Getting a home in Florida is quite easy, but before making a house purchase, there are a few things you need to consider.

1. Your transaction broker or Realtor. His or her job is to facilitate the transaction and can either represent the seller or the buyer, or both. Transaction brokers in Florida work fairly and ethically with the parties involved to disclose the facts necessary, and that affects the value of the home.
2. Agents close most of Florida’s house transactions, and therefore, attorneys are not needed. If you choose to have a real estate attorney, it will be at your own cost.
3. Get insurance though it can be challenging, especially if the house has old roofs or plumbing.
4. Florida is a homestead state. This means that proprietors can file for a homestead exemption that reduces the sum of property taxes.

Advantages of buying a house

Purchasing a house in Florida has plenty of benefits that include:

• When you buy your house, you will have full control and the right to do with it whatever you desire. However, if your home has an HOA (Homeowners association), you will be limited to what you can do with the exterior of the house.
• Buying a house also gives you a chance to do repairs and upgrading of your house at any given time, unlike in renting where you have to depend on the Landlord’s schedule.
• Buying a house will save you plenty of money. The only investment that will cost you is when making the purchase, unlike renting, where you have to pay rent at the end of every month.

Disadvantages of buying a house

Although buying a house is quite profitable and money-saving, it has some negatives too.

• It comes with lots of obligations since you have to cater for your upgrading and repairs. There are extra charges as well, such as homeowner’s insurance and property taxes. The insurance rates can be high due to the risk of severe damages by floods and storms.
• Purchasing a house will require you to have a bunch of savings. For someone without sufficient finances, it may be impossible to get that house.

In conclusion, although house buying seems to be a good option for many people, Florida is a state that suits both renting and buying houses. If you buy a house, you have the upper hand since you can sell it at a more profitable price. However, deciding which option is best for you will depend on what you want and what goes with your financial standing. And if you opt to buy, it essential to get a well-experienced real estate agent. nn