Consider the Pros and Cons of Renting vs Buying
Home ownership may well be “The American Dream” but renting has certain advantages, too, such as convenience, flexibility, less responsibility and sometimes lower costs. Jacksonville happens to be one of the top 10 cities in which owning is less expensive than renting but each persons situation varies and renting may prove less expensive for you. Sometimes - more often than not – buying a home proves to be the smarter option for a whole host of reasons. This is especially true for people who don’t like having a landlord or who don’t like sharing walls with their neighbors. Home ownership is also a historically better way to build financial net worth also. It may not seem that way for people who happened to buy at the peak of the seller’s market but remember… BUY LOW – SELL HIGH. Home prices are at record lows right now so you do the math…
Begin by checking out the local Jacksonville real estate market to determine the cost of homes that meet your needs. The easiest way to do this is by registering for a FREE home search account on this website and start looking at what’s out there.
Even if you determine that buying costs a little more than renting right now, consider the benefits of the tax breaks the IRS allows, the likelihood of steady appreciation over the next 5-10 years, and the ability to borrow against the equity in your home in the future if desired. Plus, you’ll never have to deal with annual rent increases or other fees.
MORE INFORMATION REGARDING THE PROS & CONS OF HOME OWNERSHIP
Planning is essential in making the home buying process easier and more understandable. With the help of an Accredited Consultant in Real Estate® and careful research and planning, you’ll be able to anticipate requests from lenders, lawyers and other professionals, and you’ll move more easily through the home buying process.
Do You Know What You Want in a Home?
Whether or not you are a first-time home buyer, you need to ask why you want to buy. Do you need to move or is buying an option at this time? What property features are you looking for in a new home? Do you have a purchasing time frame?
Whatever your answers, the more you know about the real estate market and buying processes, the more likely you are to effectively define and ultimately achieve your goals.
Once you get an idea of what you want in a home, it is very helpful and practical to talk to an experienced REALTOR® who knows the local markets, current market conditions and the many facets of the complex business of real estate. Our team can answer your questions, give you a realistic picture of the market and help you clarify your real estate goals.