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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