Rent in South Florida is not cheap. Maintenance costs aside, in some cases renting a home can cost about the same as a monthly mortgage payment. Where is all that money going besides keeping a roof over your head? With so much real estate opportunities available, there are a couple of reasons why it may be wiser to consider transitioning from a renter into a future homeowner.
Although rates have spiked, obtaining a 30-year fixed mortgage is still considered a relatively inexpensive option. It may vary, but it is feasible to pay $2,400 for a home mortgage that would typically require paying $2,700 in rent.
A major reason to switch from renting to homeownership is flexibility. As a renter, you must abide by the landlord’s rules and restrictions. Do you want to give your bedroom a new paint job? Maybe you’d like to do some landscaping, upgrade your kitchen or have a family pet. As a homeowner, you have the freedom to do all of this and more instead of being restricted by whatever your landlord dictates.
One thing renting will not earn you is equity. Equity can be crucial if you suddenly have an emergency and need funds available for making home improvements or paying for tuition. Having equity also gains you favor among banks when applying for loans as it presents you as being more financially responsible.
This update is brought to you by The Lotus Sisters, experts in Wilton Manors real estate. We are also well versed in Broward County communities like Fort Lauderdale real estate and affluent Miami-Dade neighborhoods such as Coral Gables and Bal Harbour. Contact The Lotus Sisters today to answer any buying or selling questions you may have.