Are you contemplating moving and unsure whether you should rent or buy? Considering why
you are moving – a new job, expanding your family, or looking to downsize, etc. can help
determine what is the right decision for you.
Location plays an important factor in deciding where to move, regardless of why you’re moving.
If you’re moving for work, how long will the commute take? Starting a family – what are the
school’s like? How big is the yard? Are you moving to retire – how much maintenance is
required? What amenities are close by? Considering questions like these will help you find a home
that complements your lifestyle.
If you’re moving for a predetermined set amount of time, then renting or subletting a lease would
both be reasonable options to consider. You may be in this position if you are moving for
college, or fulfilling a temporary job position. Renting requires less upkeep and eliminates the
task of finding a buyer when your contract is up. Rental properties are also generally in a more
central location, which could help reduce transportation costs.
However, rental properties do not suit every living situation. A rental on the edge of a city’s
industrial sector may meet the needs of a worker who is contracted for the season, but not meet
the needs of a young family looking to grow. Furthermore, most rental contracts do not allow
any renovations or modifications to the dwelling.
In contrast, a homeowner has the ability to modify their house however they please, as long as
it meets building codes and any homeowners’ association rules. Home upgrades can also
contribute to a higher selling price should you choose to sell later on. On top of creative
freedom, owning a home also contributes to feeling like part of your community since
homeowners generally move less frequently than renters.
If you are planning a more permanent move, another huge benefit of homeownership is building
equity. Rather than pay monthly rental fees, homeowners build equity as they make mortgage
payments. On most mortgages, a portion of each monthly payment goes toward the loan’s
interest and the rest pays the principal loan. Every dollar put towards paying off the principal
represents a step closer to actual homeownership.
Whether you’re looking to make the transition from renting to homeownership, or move from
your current home to one that better meets your needs, Berkshire Hathaway HomeServices
Florida Realty has real estate professionals throughout Florida ready to help you through your
next real estate transaction. Our real estate agents have years of local market knowledge and
expertise to help educate you towards making a well-informed decision that you feel confident
about. Contact us today to get expert help completing your next real estate transaction.