Written by Ashley Lipman
When deciding where you live, you have a lot of choices and factors to consider. You need to choose somewhere you can afford, with a strong job market and the weather you enjoy. If you are looking to live in Jupiter, Florida or the surrounding area, we know that you will LOVE the area. However, perhaps the most important decision is deciding whether to rent or buy in South Florida. This can directly impact which city and neighborhood you live in, how much you will pay and even the things you can do in your home.
In the USA, most people are homeowners, but there are still tens of millions of Americans renting. However, buying is also a large commitment and can often come with a lot of extra costs. So which is the best option and what makes the most sense for you and your family? Is it better to reach out to a local real estate agent and buy a home, or check out some apartments from UMoveFree? Well that is exactly what this article is going to take a closer look at.
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Pros of Renting
FLEXIBILITY
The major benefit of renting is that it is more flexible. You can move much easier and are not tied down by a lengthy mortgage. Most rental terms are only a year at most, so that’s why renting is awesome for people who are not sure where they will be in a couple years and want to keep their options open. Especially if you are new to South Florida, it’s great to start out renting so you can scope out the perfect neighborhood to live in, such as Rialto of Jupiter or The Oaks of Hobe Sound.
Simplicity
Also, renting is a lot simpler than buying. If you own a home, you are fully responsible for everything to do with that home. When you rent, it is often the duty of the landlord to complete required maintenance and handle all of the taxes and insurance for the property.
CONS of Renting
Lack of equity
However, there are also some drawbacks to renting instead of buying. The first is that many people see it as a waste of money. While it isn’t a waste (as you are paying for the roof over your head), the money isn’t working quite as hard for you as it does with a mortgage, as you are not slowly paying down an asset.
Restrictions
Another potential negative of renting is that you might have some restrictions about what you can and can’t do. Some landlords won’t allow pets, won’t allow you to paint the walls and won’t let you hang too much art. This can hurt your ability to personalize your home and really make it your own. However, there are some amazing tricks to customize your rental home without making personal changes.
Pros of Buying
HOMEOWNERSHIP IS AN INVESTMENT
One of the best things about buying is that it is more of an investment than a cost. The money you spend is going towards paying off a mortgage which will eventually lead to you completely owning your home. Once the mortgage is paid off, you will own an asset likely worth hundreds of thousands of dollars.
FREEDOM
Also, when you own a home, you are free to do whatever you want with it, within the legal rules of course. You can design it how you want, paint the walls any color and essentially have little to no restrictions when it comes to the renovation and design choices you make.
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CONS of Buying
HARDER TO MOVE
Of course, there are also some cons when it comes to buying a home. First and foremost, it basically locks you in for a longer period of time, unless you want to move and continue renting it out. This ties you to the home for an extended period of time and if your life changes, or you have to move, it’s not as simple as it would be if you were renting.
RESPONSIBILITIES
Also, while a mortgage isn’t often much more than rent, there are other costs that you will be responsible for as a buyer. You will have maintenance, taxes, fees, insurance and potentially much more. This can end up costing you a lot more than you were expecting if you only budgeted for the mortgage.
Which is the Better Option?
So which is the better option? Well, that depends. If you have a career in South Florida and are tied to this area for the foreseeable future, and have no inklings to leave, it could be a great time for you to buy! However, if you are a student, or not sure exactly what you want to do or where you want to live, you may be better off renting.
Either way, both renting and buying can be a good idea if you consider your budget, find the right space and keep your lifestyle and goals in mind. Buying a home is a very big step, so make sure you are ready and are dead set on it before going ahead with the purchase. If you are thinking of buying a home, check out these 7 Things to Consider Before You Get a Home Mortgage!
In conclusion, we hope this article has helped you make the decision between renting or buying a home in and around Jupiter, Florida. But, if you are still unsure, one of our award-winning agents at the Meyer Lucas Team can provide you with a personalized approach in order to help you decide!
hello@meyerlucas.com | 561-406-5228
Written by Guest Writer Ashley Lipman
Ashley Lipman is an award-winning writer who discovered her passion for providing knowledge to readers worldwide on topics closest to her heart - all things digital. Since her first high school award in Creative Writing, she continues to deliver awesome content through various niches touching the digital sphere.
ABOUT MEYER LUCAS TEAM AT COMPASS
The Meyer Lucas Team at Compass is an award-winning, top-producing real estate team based in the Jupiter area of South Florida and led by Holly Meyer Lucas. Consistently ranked among the leading real estate teams in the state and nation, Holly and her team take pride in providing premium luxury real estate services to our local communities across the Palm Beaches and Treasure Coast. While Holly is known locally and recognized nationally for her work finding homes for Jupiter's professional athletes and their families, the Meyer Lucas Team treats every buyer and seller like a VIP. Whether you are buying a home, selling a home, or investing in real estate, contact our team today to get the ball rolling on your next move. Learn more about the Meyer Lucas Team at www.meyerlucas.com.