In Florida Real Estate should I buy or rent ?

A challenging question in Florida real estate market, when it comes to the real estate market decision between renting and buying always become big first thing in the mind. It all depends on many factors that you should answer to them to make the right choice. Your economic situation, life style and goals play significant roles in your decision to answer buying or renting question in Florida real estate market.

Among all factors there are several to answer that play significant role in answering to the question of buying or selling:

•  Real total cost of ownership in Florida real estate market:

Unfortunately a large number of people compare the amount of rent with the amount of monthly mortgage that has to be paid to make a comparison between buying and renting a property. While the costs of ownership of a property in Florida include sum of the mortgage,

costs, homeowner association fees, maintenance fees, insurance and etc. the 10 to 20 percent average down payments.

• Your goals in your life:

Are you more interested to have a family and make toots or you want to enjoy your life as a single person with less financial burden and have a freedom to move around from city to city. Do you want to move around less than 5 years each time that all closing costs will decrease your benefit through property appreciation and you most likely to lose money on your investment?

•  What is your life style?

Do you rather to stable and live your life like that for the rest of your life or you are looking for different life style and moving around changing work and even like to go more international and at the same time of the work explore the world.

• Opportunity cost of property ownership:

 What is the opportunity cost of the ownership you might face with? Are you rather to own the property and stuck you down with the property and loosing possible job or life opportunity somewhere else? Are you rather to own or rent and invest your money in a higher return investment to make money for example renovation and remodeling of the old properties?

so as it was mentioned decision between buying and renting in Florida real estate market is a big challenge, so it is important to answer to all factors and answer to all question comparing buying Vs renting including but not limited to the above four significant factors.

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Renovation to improve and Increasing property value in Florida Real Estate market.

Home improvement is investment on increasing the value of subject property in Florida real estate market. A normally property improvement is among high ROI in Florida that attracts a significant numbers of investors. But it is important to understand that not all the improvement will have high ROI. In fact in some cases wrong improvement could be just extra cost with no benefit.

For instant improvement in kitchen could create a big jump on the value of the property normally the ROI on the kitchen improvement of the property in Florida real estate market is something between

80% to 85%. As you can see when a buyer would step in the selling property would make a judgment regarding the house by looking deep through kitchen including cabinet and appliances.

The other example of good investment is to renovating floors. Although Carpets were traditionally a positive points for properties but these days in Florida costumer are more interested hardwood and tiles. So if the floors are carpet it would be wise to change them with hardwood and if it was expensive using tile, and laminate could be a good choice. In Florida real estate market flooring can have a ROI of 70% to 83%. Another good improvement is bathrooms that like kitchen improvement have a high ROI of 80% to 85%especially if the improvement is correcting the original old bathrooms.

Another good investment is to invest on exterior and entrance of the property with the ROI 75% to 96%. This part is very important since this is the first parts of the property that potential investor will see when he/ she will arrive at the property. This will have initial expiration on the buyer which is very important and will affect her/his view during the visiting of the property. So to increase the value of your property in Florida real estate market you have no choice but improving your property, but at the same time it is important to understand what kind of improvement can be done with positive high return on investment rate instead of wasting time and money on that type of improvement with zero or very low increase in value or even sometime with negative value. It would be highly recommended to consult with a real estate expert in Florida before doing any type of improvement in homes.

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South Florida