Real Estate

Should You Rent or Should You Buy?

Should you rent your next home or should you buy?  According to a recent NAR study 38% of Tampa Bay area renters are able to afford to purchase their next home instead of renting, which ranks us third in the nation.  Tampa Bay is experiencing a steady growth in jobs and interest rates are at historically low rates.

Are you thinking about the down payment?  Often the amount of money needed to secure a new rental home is almost as much as a down payment.  When you add first months rent, last months rent along with a security deposit it often adds up to the 3.5% down needed for an FHA loan.  Plus there are many conventional loans that will take a low 5% down payment.  Plus there are many county and state programs available to help with the down payment for those who qualify.

Are you planning to stay in the same area for a while?   You save the most money if you are planning to stay in your home for a little while.  The following chart from Ginnie Mae shows some of your cost savings:

ginnie-mae-buy-vs-rent-chart

Still have questions?  Give me a call and we can discuss if buying your next home is the right move for you.

Kelly Harden (813)244-9688

CENTURY 21 Shaw Real Estate Group

 

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