To rent or to buy?
That is the question many people moving to South Florida are asking. While the answer to this question depends on a variety of factors, including personal preference and the ability to purchase – thousands are relocating to Florida every year. But, is South Florida, specifically the Sarasota metro area, an ideal place to rent vs buy a home?
If you are a family or someone who cannot afford to buy vs rent is this the best city for you to live in Florida? Check out this video for more pros and cons to rent vs buy in Florida… https://youtu.be/eMR0ilwkVQw. What are the pros and cons to rent vs buy? Which makes more sense when moving to Southwest Florida? Are you moving to Sarasota Florida?
What are the pros and cons to rent vs buy a home in Florida? In this video we talk about renting vs buying pros and cons, some real estate market information, and why some people believe living in Sarasota Florida is the best and and worst city in Florida.
So, in this video, we are going to take a look at renting vs buying when moving to Sarasota, Florida and which option is better. Are You Curious…?
To rent or to buy? That is the question many renters are asking. While the answer to this question depends on a variety of factors, for Florida residents who wish to save money, buying is the answer!
The monthly cost to own a home vs. rent a home has really favored buying for a number of years and even more so with the recent historical interest rates. People who had their lunch handed to them during the downturn are beginning to have their credit scores return. The fact that rent far exceeds the cost to own and has been for some time in the Sarasota area. Despite home prices that have risen steadily during the past three years, the overall costs tied to home-ownership through a conventional 30-year mortgage is about 55 percent cheaper in the North Port-Bradenton-Sarasota market than rent for a comparable.
That price discrepancy between the cost to own and buy is wider in Southwest Florida than any other area of the country. Home prices are climbing out of reach, wages largely remain stagnant, loan availability is now tougher than it has been in decades, and there is fierce competition for a limited supply of desirable listings. That is why many people are asking does it really make sense to rent vs buy?
Those conditions are forcing consumers in this region to rent, even in an environment where it would be drastically beneficial to their personal finances, and the health of the overall economy, to buy. The demand is high here and rent prices are creeping up and this will continue to last as long as the only choice a family has is to rent because they can’t qualify for a loan or can’t save the money for a down payment. Buying is the best choice for those who have the cash or financing behind them.
While home prices escalated here, across the county, the growth in housing prices over the year were almost even with gain in rents.
Demand for apartments has skyrocketed, driven by younger professionals with no desire to buy and families who are still nursing credit too bruised during the Great Recession to enter back into the housing market. Meanwhile, supply remains anemic.
New construction for apartments is still in the area has picked up but it’s still slow in comparison to the growth and demand, with multifamily developers instead rolling out condo projects in record numbers. The vast majority lease communities now sprouting target a more affluent renter, and the many of the apartments built decades ago were converted to condos during the housing boom of the mid-2000s.
In Sarasota County and the surrounding metro area, fair market rent for a typical modest apartment this year is $800 for a studio, $950 for a one-bedroom, $1220 for a two-bedroom, $1630 for a three-bedroom and $1980 for a four-bedroom unit, according RentData.org. So these steeps rents would make anyone reconsider the rental market. So would you rent vs buy?
Homeowners accrue equity as they continue to make payments on their home. Renters have no guarantee that their rent will not rise, and no portion of their monthly payments will be returned to them as equity.
Rent costs will likely continue to rise over the next few years, causing the expenses of renting a home to accumulate faster and outpace the costs of purchasing a home. So again, rent vs buy?
Statistics aside, the choice to rent or buy is ultimately a personal one.
The question is how many people who want to buy have 20 percent to put down on a house? Second, it takes a very good credit score to qualify for these mortgages. Landlords know it’s difficult for their renters to buy, and they’re taking advantage of it. So you can see how it doesn’t make sense to rent vs buy.
Why People Buy a Home in Sarasota, Florida
White sandy beaches. Visitors and residents love the area beaches. Take a walk along Siesta Key beach and you will understand why this is such a popular destination.
Rich arts and cultural community. Sarasota offers opera, theatre, art galleries, symphony, John and Mable Ringling museum and live music performances.
Numerous golf courses. Sarasota offers golf some of the most beautiful and challenging golf courses.
Fine and casual dining. This area offers a vast array of dining options. With all of the casual eateries and innovative fine dining establishments, you may never have to get the kitchen of your second home dirty.
Weather. The winter months offer dry, gorgeous weather. There is no shoveling snow down here.
Fishing. Go offshore for some large grouper or stay in the Sarasota bay to catch a snook. There are plenty of great fishing spots.
Stunning real estate. Sarasota offers a vast array of amazing homes and condos. Here you can find an equestrian estate, beachfront or downtown penthouse, golf course villa, cozy starter home or a large home with fabulous bay views.
Shopping. There are many unique shops in the area to keep even the most picky shoppers satisfied.
Family oriented. Many of Florida’s beach areas have the reputation for being party cities, but this isn’t one of them. Sarasota is a community made up of families, young professionals, retirees, and affluent visitors.
What is your lifestyle and property requirements?
Do you love the beach? Would you rather spend your days on the golf course? Or do you just love hanging out in downtown Sarasota with your spouse eating a nice meal at an outdoor cafe?
If you do buy a vacation home in Sarasota the good news is that the beach, golf, dining, shopping, arts, culture and other entertainment are not far from each other.
For example, you can own a Lido Key condo on the beach yet be very close to golf, tennis, outdoor dining, shopping, arts, culture and all of the other fun things to do in Sarasota.
Make a list of priorities. Do you need to be able to walk to the beach? Then Siesta Key, Longboat Key, Casey Key, Bird Key and Lido Key should be at the top of your list. Do you want to live the metropolitan lifestyle where you can walk to basic necessities and enjoy all of the downtown Sarasota restaurants and shopping? Do you love hitting the golf ball around every day? If so you may want to explore Lakewood Ranch. Figure out what you need to be near.
If you or someone you know is planning to move to the sunny state of Florida – share this blog and video!
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Every day I work with people like you who are relocating from out of state, especially to Florida. Who do you go to get answers to all your questions? Where do you begin? My goal is to provide answers related to relocating to Florida, the Florida lifestyle, real estate and otherwise. So welcome!
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