Why Rent When You Can Buy

Renting has become immensely popular in South Florida, especially among millennials. Real estate property prices have sky rocketed, which therefore leave many people feeling as if they are not in the right position to make any large financial decisions. Whether you are saving up for a new condo, a starter home or just looking to make a change, you may be able to afford more than you think.

As a professional and experienced real estate company in Delray Beach, Florida, we make it our priority to inform our clients on a realm of options, as well as help them to find the best deals.

Let us explain:

While you are busy saving up to purchase a property, you find yourself leasing from year to year. Rent is actually quite costly in South Florida, and the prices continue to rise.

We often find it to be less of a financial commitment to seek out rentals for short periods of time, opposed to purchasing a property and feeling like we are stuck. Purchasing a home can seem overwhelming, but it can also be a beneficial asset to the supply of your income.

Believe it or not, purchasing a property can often times be less expensive than actually renting, and this in fact is something that many renters wind up misunderstanding.

THE DIFFERENCE BETWEEN PURCHASING AND RENTING A PROPERTY

Income. Did you know that financing a property can cost less than your monthly rental payment?

When you purchase a property you are placed in a more advantageous position because you can either choose to live there with a lower or equal payment, or rent it out to produce an additional income as an investor.

PURCHASING A PROPERTY CAN HELP YOU SAVE MONEY

The truth is that you can find a property with a mortgage that is the same as what a rental might cost you. Often, people think that their mortgage will far more costly than a rental, which is part of the reason that they choose to wait.

However, when you purchase a property, you consistently give your money to your home when paying your mortgage instead of spending it in other unnecessary places. When your mortgage is eventually paid off, and you go to sell your home you may either break even or gain a profit from investing in the property. At the end of a rental, you leave with nothing.

ADVANTAGES OF BUYING A PROPERTY

Buying a property has several advantages in which you will benefit in addition to the fact that it is an investment.

1. Buy a property where you intend on living. It is possible that your mortgage will be the same price as your rent.

2. Buy a property to live in for a period of time, and then rent it out when you are ready to move. Not only do you get to make your move when you are ready, but you will profit from the monthly rent check.

3. Purchase an investment property and rent it out.

PROFITING FROM REAL ESTATE

If you are choosing to rent instead of buy due the large financial commitment, remember that landlords are gaining profit from their renters without feeling the pressure of having to live there.

HERE ARE YOUR OPTIONS:

1. Buy a property where you intend on living. It is possible that your mortgage will be the same price as your rent.

2. Buy a property to live in for a period of time, and then rent it out when you are ready to move. Not only do you get to make your move when you are ready, but you will profit from the monthly rent check.

3. Purchase an investment property and rent it out.

Purchasing a home actually forces you to save your money, and gives you several options.

CONCLUSION

This is a topic that is a common misunderstanding. Renters tend to be mislead on what they can afford and how it can benefit their finances. The best way to discover what position you are in and how much you can afford is to contact a mortgage broker, as well as a licensed and knowledgeable real estate agent in your area to guide you in the right direction.

Because many renters are unaware that they may be eligible to purchase a property, it is of utmost importance to have a professional lead you through the process to ensure that you find the best deals. That is why Alan Abramson make it a priority to help keep our clients well-informed.

If you are a renter and have questions on from this blog post, please contact Alan Abramson today, and a professional real estate agent will happily assist you!

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2424 N Federal Hwy Suite 150,
Boca Raton, FL, 33431


Office: (561) 400-9077
Email:Alan.abramson4@gmail.com
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