The real estate market has been on fire not only in South Florida but around the country. That doesn’t mean people and families aren’t moving and homes of all kinds are being transacted.
But in today’s market should you consider buying vs renting with both becoming much more expensive?
Here are some factors to consider when making this big decision:
- The amount of time you plan on spending in the home. If it somewhere you plan on staying put for, for a long time, owning is your best. In contrast, if you plan on relocating in a year or two, you want to probably look into renting.
- Interest rates are another consideration. In today’s market they are probably only going to go up, meaning costs to buy a home will go up. So if you are set on buying, you should probably do it sooner rather than later.
- If you don’t want to have to maintain home in today’s complicated world, renting is your better option. Owning a home is a major investment, and a serious responsibility, especially when it comes repairs. Plus, you have to pay taxes, and insurance, which can eat up a serious percentage of your fixed expenses each month. With rent, it may be high, but all your repairs should be covered by the landlord.
Renting vs buying is never an easy decision, but if you think about your future goals and endeavors as well as your financial situation, you should be able to easily decide which direction to go in.
For questions and advice, contact us at Alliant Title & Escrow. We would be happy to help.