Renting versus buying a new custom Florida home depends on many factors. Sometimes these factors aren’t in the buyer’s control — hello, layoffs — and sometimes they’re mere speed bumps.
But despite the fact that no two home buyers’ situations and stories ever seem similar, the age-old housing dilemma of whether to rent or buy your next home persists. And, if you’re facing that debate right now, we at ICI Homes are glad to help you sort through it.
Here are some points to consider about renting versus buying a new custom Florida home.
The renting option
Are you aghast at the cost of down payments, new construction and the unpredictability of interest rates when it comes to buying a home? Renting one — or an apartment — comes with its own, sometimes equally breathtaking costs.
Rents can (and do) go up just like building costs and interest rates. Tack on deposits for pets, garages, structural damage and cleaning charges, and you could cough up nearly as much as closing costs in a buying situation. Don’t forget the possibility of forfeiting a deposit if you don’t meet the requirements associated with it.
Renting a single-family home or apartment often is a bridge during a career or life transition. There are some people who are long-term renters, but continually renting often means not being able to put down roots in a community. If you rent a home, you also live with the possibility of its owner deciding to sell it. Which means the likelihood of another move.
Perhaps the most basic, but not unimportant aspect of renting versus buying your next home is that once the lease runs out — whether in six months or three years — you’re once again making a decision: whether to continue renting or to buy a new custom Florida home.
That’s not a consideration if you own your home. Speaking of…
The buying option
Buying a new custom Florida home is one of the largest purchases many people make. Be sure you and your household are ready financially, and that the location, home and community are right for everyone.
Take a look at our Top 10 Reasons to Buy a New Home Instead of a Resale
Aside from planning and research, peace. quiet and privacy are other huge pluses when you own your home. No more wall-sharing! Garages eliminate parking out in the elements and lugging groceries through the rain! And if something goes amiss with mechanicals or structurally? No more waiting on a landlord’s calendar to have it fixed!
And, if you dread homeowner maintenance, many of today’s master-planned communities feature low- to no-maintenance lifestyles, where lawn and landscaping chores are included in your homeowner’s association’s fees.
Stability — being in one place for a while — is another comfort of owning your home. Knowing that mortgage payments go straight toward your investment, rather than a landlord’s pocket, allows you to build valuable equity. That’s something you can’t do in a rental.