Should You Buy or Rent?
There have been a lot of good articles of late showing that it is better to buy than rent right now because homes are so affordable. I agree that it is a great time to buy depending on your situation. There is a great article titled “How To Know Whether It’s Time To Buy” that gives the 6 things you need to consider to determine whether you should buy or rent. Those include:
- Examine the housing market – it all depends on where you are buying. Although Fort Lauderdale and South Florida prices have fallen it is still location, location, location.
- Consider additional costs – there are additional costs when owning a home such as insurances going up and maintenance
- Look into the future – will your job still be where you are living or will you have to move?
- Look into your personal future – do you plan to own for more than 5 years?
- Consider your personal finances – how much can you put down?
- Think about opportunity costs – is it better to put less than 20% down?
Here is another good article on buying versus renting from The WSJ title “Stronger Lure For Prospective Home Buyers.”