Buying vs renting in Florida

A palm.

Everybody wants a home. More importantly, everybody needs a home. Humans, in general, are like that, and the Floridians are no different. Our country’s economy has been quiet in the last couple of years in the sense that there were no big shake ups. This led to the prices of houses rising. Now, in everybody’s life comes a time when they have to step up, grow up and found their own home. Some already have a house that they got from their parents (or in some other way), and they are set. Some, however, are not so lucky, and even those who have a home already often want to find a place to live away from their childhood home. That is why the “buying vs renting in Florida” debate is as heated as ever. In this article, we will try to analyze this question from both angles.

How much for each?

Now, before we start analyzing this section in debt, we should mention that the average monthly mortgage in Florida is $1,297. On the other hand, the average monthly rent is $1,695. It is clear from this that buying a home is a financially sound decision, but that is not the only benefit. While interest takes away a part of your payment, the of the money pays off your debt. That means that after you finally finish paying your mortgage, you will be the sole owner of your home. In Florida, there are even certain tax exemptions if you can meet certain state-assigned conditions. Furthermore, you won’t have to worry about your monthly mortgage payment getting increased, which is not the case with rent. Eventually, you will pay all of it, and a day will come when you won’t have to pay your mortgage anymore, and your home becomes your own.

A man jumping from one pile of coins on another
Both options can be very expensive

However, there is, of course, another side to all this. You should bear in mind that there are three types of costs when it comes to buying a house: upfront costs, recurring costs, and one-time costs. When you add up all of these, they can potentially add anything between 5% to 20% (or even more) of the purchase price. In addition to this, buying a home means that it will probably be completely empty. So, you will have to buy a whole bunch of stuff in order to make it a true home. Also, if you buy a house, you are then bound for it. On the other hand, if you rent an apartment, you can always move if you find a better opportunity or for any other reason. If you have to move somewhere else in Florida, talking to Moving Kings Van Lines FL would be a smart idea.

Buying vs renting  in Florida – Stability

As we said at the beginning of this article, people crave a home. That is why owning a home is such a fulfilling feeling. It gives you stability, it gives you a safe haven to which you can always come back. On a more practical note, your monthly payments are always the same, and you can count on it. On the other hand, if you live in a rented place, you are at your landlord’s mercy when it comes to it staying the same. Once you are done with paying your mortgage you are financially secured. You can live there by your own rules, as your monthly expenses are falling and enjoy life. Still, depending on your angle, there is also a downside here. Some people may see this as a bad thing because having a house means that it is more complicated to go travel the world.

Buying vs renting  in Florida – Freedom

When you own a house, you can do with it whatever you want. You want to party? Sure? You can jump all over the place all day long. Also, since you are in charge, you can modify it in whatever way you want to. You won’t have to ask for permission from your landlord to tear down a part of a wall. You can change the colors around the house whenever you want to. The only thing you have to think about are the law procedures, and that shouldn’t be that hard.

person standing on a beach
Having a home means that you are free and that you don’t owe anything to anyone

If you buy a new home somewhere around the lake Lake Worth Lagoon, Lake Worth movers are the right people to help you. What is important is to always take care of your home, whether it is on a lake, dessert or on a mountain. Home improvements like redesigning your kitchen, or installing a gym, are all perfectly all right since you are in charge. However, this is also a type of liability. Maintaining the house or the apartment is your responsibility and yours only. Your insurance company may cover some of the expenses. Still, most of it comes from your wallet.

Potential income vs Potential loss

Being a homeowner opens up some interesting options for earning money. First of all, you can improve your “Loan-to-Value ratio” which can be very important. The LTVs are what lenders use to determine whether issuing a mortgage is risky or not. It decreases as you pay your mortgage, but you can also lower it faster by increasing your home’s worth. You can do this by improving your property like installing a pool, or something to that effect. Also, as a homeowner, you can earn some extra cash by renting your property. Though maybe you didn’t plan on renting your home, this may be a very lucrative idea for you. If you rent a part of your home, that will be extremely helpful with your mortgage and tax payment. The debate on Buying vs renting in Florida is a complex one, and it shouldn’t be taken likely.

buying vs renting in Florida
Buying a house is a complex process.

Buying vs Renting in Florida

So now that you more familiar with the whole Buying vs renting in Florida topic, it is up to you to choose what is best for you. Both options have their upsides and downsides and you should take both of them seriously because you don’t want to buy a house and then regret it. Neither do you want to look back one day and regret the fact that you could have had your own home by that point.