Buying an Orlando Home for Sale versus Renting

Should you buy an Orlando home for sale? Maybe yes, maybe no. People don’t live in cookie cutter situations; everyone has a unique set of circumstances. For that matter, you may not even need a house. Maybe an apartment is a better fit.

Here are four factors to consider before deciding whether to buy or rent:

1. Maintenance: One factor you might use to decide whether or not you want to buy an Orlando home for sale is maintenance. As a homeowner, you’re responsible for the roof when it leaks and the plumbing when it’s clogged. As a renter, you have a landlord who takes care of all that.

2. Frequency of relocation: Another factor to consider is how long you plan to be in the area. For example, if you plan to move in less than five years and don’t fancy renting out the home after you move, buying may not be for you.

3. Tax deductions: The interest you pay on your mortgage is usually tax-deductible. As well, when you close on a home you have the option to pay “points” to reduce your interest over the life of your loan. The amount you pay to cover the points is also usually tax deductible for the year in which you buy the home. Now think about renting… none of your rent is tax deductible. You don’t get money back for living in a home; you get money back for buying a home. With that money, you could further pay down your loan, make repairs or any number of things you need to do.

4. Home decor: When you own, you can decorate any way you want. You can paint, hang pictures or even knock down walls. When you rent, you must live by the rules and regulations established by the landlord, which are usually very restrictive.

So, should you rent or buy? I could tell you buying is the best thing to do, but I could be wrong because I don’t know your particular situation. However, if you can afford an Orlando home for sale and want to buy one, don’t pass up the best mortgage rates the real estate industry has ever seen!

Still confused as to whether renting or buying is best for you? Give us a call at 407-876-5771, and we will personally help you figure it out.

Have you decided owning a home is right for you? Let us help you find and buy a great home at a great price. Call us at 407-876-5771 for more information.