How to Know if Renting or Owning a Home is Right For You
So, you’re looking at moving and you’re not sure if renting or owning a local Orlando home is right for you?
You’re not sure if one is a better financial decision than the other?
You’re not sure if you’ll be able to find the type of house or apartment you’d like to live in?
You’re not sure what you can handle financially?
Well, this article will dive into ways you can learn how to know if renting or owning a home is right for you in the Orlando area.
How To Know If Renting Or Owning A Orlando Home Is The Right Choice
Throughout the 1950’s-1990’s, home ownership was a major goal of most families across America. Owning a home was the “American Dream” and if you didn’t own your house there was almost this stigma that went with that.
But, that rule has changed in recent years. The economic downturn paired with the bursting of the housing bubble makes renting an attractive option for many Americans… maybe even you.
In the past, the choice to rent or own here in Orlando was about whether you’d prefer to live in a house or an apartment. Now, there are opportunities to purchase apartments / condos and rent homes, so there are options for renters or perspective owners to live in whatever type of property that they’d prefer.
Renting is great for people who want flexibility. Perhaps you’re just starting your career, and you’d like to be able to relocate quickly. Renting is a wonderful option for people who like to “try out” various neighborhoods in their city before finding a place to settle down.
Owning a home ties you to one location for a good period of time. It would destroy your credit to step away from your mortgage, and sell your home is a long, arduous process that could end in you losing some of your initial investment.
In many cases, contrary to popular opinion, it can be more cost-effective to rent than own, especially in situations where the local housing market isn’t going up in value very much each year. While renters pay a fixed amount each month, homeowners are required to pay additional fees, such as homeowners insurance, maintenance, repairs, HOA (local community association fees), amongst others.
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