Pros And Cons Of Renting A Home

by | | Orlando Property Management

If you’re wondering if it’s the right time for you to buy a Orlando FL home, you might want to think about the pros and cons of renting versus buying.  Here are a few of them, which might help you make up your mind:

Let’s First Go Over The Advantages Of Renting A Home

  • You don’t have to worry about finding a mortgage lender.
  • You don’t lose equity as the real estate market rises and falls; then again, you don’t gain equity either.
  • You don’t have to put down as much money up front.
  • You have fixed rental fees that won’t fluctuate during the length of your lease.
  • All you have to do is leave when your lease is up.  You don’t have to worry about selling your home.
  • You don’t have to pay for maintenance of the home.

 

Now let’s go over the disadvantages of renting.

  • Your investment never goes up. You never gain equity.
  • You don’t gain an investment, in which you can use the equity for other things as you grow older.
  • You’re not free to do your own maintenance.
  • You can’t decorate or renovate your home any way you want.
  • You can’t receive some great tax breaks that go with homeownership.
  • It’s possible for the home to be sold out from under you – sometimes without warning.

 

Both renting and buying a Orlando FL home has its advantages.  Whether you buy a home really depends on your personal life, and factors like job stability and personal finances.  Some people are more than ready to have a permanent place to call their own, and others just don’t mind moving about.

One thing is sure – most Americans don’t want to spend their entire lifetime renting.  At some point, buying a home is going to be a good investment and create equity for your future. But if this is where you are right now, we’re here to help you find the perfect rental property for your situation!