Should you rent or buy a home in South Florida?
The answer may surprise you.
As local Naples movers we’ve helped thousands of families safely pack and move. Apartment to home moves, home to apartments, small home to large home. From whole homes to large furniture, we’ve moved it all. We understand that the cause for a move can vary. People decide to move for many reasons. Here’s just a few:
- You’ve found the perfect house for your growing family
- You’ve decided to scale down on home size as you transition into retirement
- A new job opportunity requires a relocation to a new city
- You want to purchase a home as an investment in your financial future
Many of us believe that owning a home is an important step in your financial maturity, however, an article about a recent study may change the way some people think about renting a home.
The study discovered that those who rent their home or apartment pay less than homeowners. Of course, this makes sense when you think about it. Homeowners have more financial responsibilities:
- Mortgage payments
- Utility bills
- Insurance
- Real estate taxes
- Out of pocket home repairs
On the other hand, individuals who choose to become renters only need to cover rent and utilities.
As you make payments to reduce your mortgage, you begin to build equity. However, smart renters can actually grow their money at a faster rate by investing the money they would have spent on the down payment of their home and additional costs into a portfolio of stocks and bonds. This news may encourage potential homeowners to reconsider a rental home.
