|Posted on November 27, 2019 at 3:30 PM|
Are you considering moving to Florida, but you are not sure whether to rent or buy a property there? Of course, this is a tough decision to make, but in the end, it all comes down to your current situation and all the factors affecting it. Some of the factors may include your financial and life situation as well as the market conditions in Florida. Also, it depends on your plans - do you want to use that home for vacationing and retirement, or are you looking for an investment? Every person has a different plan. But one thing stays the same in Florida, and that is the hot seller's market. This means that you will have to compete with other buyers as well as prepare to pay more. So, without further ado, here are some things to consider that might help you decide should you buy or rent in Florida.
Buying a Home in Florida
If you decide to buy a home in Florida, either a house or an apartment, first do research on the home buying basics in Florida. Be prepared to pay approximately $233,700 . That is the current medium home value. But, the real estate market is booming and the prices keep on rising every single day. However, that means that you will be able to resell your Florida home for a bigger price later on. So, yes, right now, it seems a good idea to invest in Florida real estate.
However, buying a home, not as an investment, but as your second home after you move, is also a good idea, especially when you consider the average income in Florida. And, as previously mentioned, if you plan on vacationing there every year and possibly retire, find a good real estate agent to work with as the market is thriving right now. If you are not persuaded yet, here are some other pros and cons of buying a home in Florida.
Pros of Buying a Home in Florida
It goes without saying that owning your own home is one of the best feelings ever. You do not have to worry about the landlord and the monthly rent. Moreover, you can do pretty much anything you want without any restrictions. You can invite people over, have parties and not worry about being loud.
What many people like the most about buying a home is the fact that they can move in anytime they want and set their own rules. So, yes, relocation is simple if well-organized and if you are a homeowner. You can remodel and redecorate the entire home right after you move based on your needs and preferences.
Cons of Buying a Home in Florida
As everything has its pros, it must have its cons too. So, be sure that buying, that is, owning a home in Florida will come with some disadvantages as well. For example, as you are now an owner, you must pay for all the repairs and damages.
Also, be sure to have some money aside for insurance. You probably know that Florida is prone to hurricanes and flooding. Again, do research before buying and do not hesitate to ask your real estate agent any questions you may have.
Renting a Home in Florida
Now, let us talk about the other option - renting. People who prefer renting, not just in Florida, but anywhere in the world are the ones that do not like to be tied down. Also, renting is a good idea if you plan on living somewhere for a short period of time and do not have any interest in reselling a property.
You should also consider renting if you are not sure about your future financial status and do not want to end up in debt. But, if you have a job in Florida, that will not be a problem, as incomes are high and you will be able to pay your monthly rent easily. The median rent price in Florida right now is around $1,850. And, just like with buying, here are some pros and cons of renting a property in Florida.
Pros of Renting in Florida
The biggest pro is definitely the price. Your only responsibility will be to pay your monthly rent, while your landlord is responsible for all other costs. If there is some damage, you just have to report it and somebody else will fix it.
Also, if you need just a vacation home for your entire family or for yourself, you will not be forced to go to the same place every time. When renting, you will have plenty of options to choose from and visit and live in different places every year.
Cons of Renting in Florida
When working with your real estate agent, he or she will tell you that simply renting a home in Florida is not as easy as it seems. For example, you depend a lot on your landlord and his mercy. If there is something that you do not like in the home you are renting, unfortunately, there is nothing you can do about it. Moreover, if you really like the house, and want to stay for longer, that also depends on the owner. Sometimes you will be forced to look for other housing if the owner has different plans.
Furthermore, in case you have some damage from the flood or something similar, it might take months until your landlord fixes everything.
However, maybe the biggest con of renting is the fact that you do not have your freedom. You will have to ask for permission to invite people over, to host events, or to make even the slightest changes inside.
Written by: Lisa Roberts with US Moving Experts