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Chris Hounchell is an award-winning Florida real estate Broker that has earned a reputation for providing expert, professional representation to his customers, unparalleled market knowledge, dedicated service and complete transparency throughout the entire buying and selling process.

Buy vs. Rent, Home Options

March 26, 2012 By Chris Leave a Comment

Florida Home Options: Buy vs. RentTampa/St. Pete Home Options: Buy vs. Rent – Which Is Right For You?

We receive a lot of questions from prospective homeowners asking whether it’s better to buy or rent in the current St. Petersburg/Tampa real estate market. Unfortunately, there’s no clear-cut answer that applies to everyone in every market. Following are a series of questions and some thoughts to consider as you’re making your decision.

  1. Are you ready to make a long-term commitment to a home for at least five years? If so, buying is probably your best option.
  2. Have you saved enough money for a down payment? If so, consider buying over renting.
  3. Do you qualify for a mortgage? Visit our Mortgage Calculator to get a feel for how much you qualify for based on mortgage term and interest rate.
  4. Are you interested in becoming a part of a community where you can put down roots and make friends? Again, buying is probably the best choice.

Florida Real Estate, Thoughts To Consider:

  • As home values rise, the equity in your purchased home also rises.
  • Mortgage payments are generally fixed while monthly rents often increase beyond what you might spend on a monthly mortgage payment.
  • When considering whether to rent or buy, take a long-term approach. The longer you plan to stay, the greater the advantage of owning your home.
  • Homeowners receive tax breaks by deducting mortgage interest and property taxes.
  • Consider tapping your IRA for a down payment. Under current law, each individual may withdraw up to $10,000 as a penalty-free (but not tax free) lifetime credit for purchasing a first home. If you’re married, both you and your spouse can withdraw $10,000 for a total of $20,000! And your generous rich relatives are able to use their IRAs to make a penalty-free $10,000 gift to you for a first time home purchase.
  • When selling your home, it’s possible that the capital gains you realize could be tax-free.
  • There is a great deal of emotional satisfaction in owning your home.

For more information on buying vs. renting, contact Chris today at 727-642-9107.

 

Filed Under: Blog, Hounchell Real Estate Tips

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Chris Hounchell · RE/MAX Metro · 150 2nd Ave N. Suite 100 St. Petersburg, FL 33701 · Office: (727) 642-9107 · chris@hounchellrealestate.com