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Buy vs. Rent

Buying vs. Renting

Before planning your next home, ask yourself a question: should I buy or rent? Home ownership is a proud milestone many are actively working towards. If you're not in the right financial position to purchase, renting can be an equally viable option.

Ultimately, there are many factors to consider before deciding to buy or rent. Here are just a few that might help you make the decision that’s best for your family.

Advantages of Buying

  • Owning a house is an investment. Each payment you make builds equity into a valuable asset.

  • With a fixed-rate mortgage, your payments will be more predictable and won’t rise over time like rent.

  • As a homeowner, you have complete control over the property. Renovate and redecorate to your heart’s content!

  • Living in a house offers greater privacy than apartment living.

  • As the market fluctuates, your home's value could potentially go up.

Disadvantages of Buying

  • Buying a house could require a large investment up front.

  • Owning a house is a long-term financial commitment. If you’re not planning to stay for more than a few years, you’re likely to lose money.

  • You’ll likely end up paying more than just your mortgage each month. Taxes, insurance, and potential homeowner fees can leave your budget gasping for air if you’re not prepared.

  • You’re responsible for much more as a homeowner, including all maintenance and home improvement projects your house may require.

  • As the market fluctuates, your home could potentially go down in value.

Advantages of Renting

  • When you rent an apartment, condo, or other living space, rent – which can include utilities – is often the only recurring monthly payment to worry about.

  • Move-in costs are less expensive.

  • Renting offers a lot of flexibility as leases are usually relatively short-term. As a renter, you could feasibly move every year if you desired.

  • Your landlord is responsible for nearly every maintenance and repair project the home needs, not you.

Disadvantages of Renting

  • Rent payments can gradually increase over the years.

  • Unlike mortgage payments, your monthly rent isn’t helping you build equity in an asset you own. Instead, it’s just going to your landlord.

  • When you rent, you have much less freedom to alter your home beyond simple decorations.

  • Rentals, especially apartments and condos, can come with many restrictions, like limits on pets.

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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 06/30/2022. The listing information on this page last changed on 06/30/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of GAMLS (last updated Thu 06/30/2022 3:51:36 PM EST) or Stellar MLS (last updated Thu 06/30/2022 3:47:21 PM EST) or SPC MLS (last updated Thu 06/30/2022 3:52:28 PM EST) or Martin MLS (last updated Thu 06/30/2022 3:49:12 PM EST) or Indian River MLS (last updated Thu 06/30/2022 3:49:17 PM EST) or Daytona MLS (last updated Thu 06/30/2022 3:45:28 PM EST) or Flagler MLS (last updated Thu 06/30/2022 3:49:12 PM EST) or New Smyrna MLS (last updated Thu 06/30/2022 3:48:12 PM EST) or Northeast Florida MLS (last updated Thu 06/30/2022 3:52:40 PM EST) or Beaches MLS (last updated Thu 06/30/2022 3:46:50 PM EST) or BORMLS (last updated Thu 06/30/2022 3:48:33 PM EST) or Golden Isles MLS (last updated Thu 06/30/2022 3:45:40 PM EST) or Gainesville MLS (last updated Wed 10/06/2021 8:39:37 PM EST) or Amelia/Nassau MLS (last updated Thu 06/30/2022 3:50:14 PM EST) or Dixie Gilchrist Levy MLS (last updated Thu 06/30/2022 3:52:17 PM EST). Real estate listings held by brokerage firms other than Watson Realty Corp. REALTORS may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

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