Houses For Sale in Fort Lauderdale

Should I Buy or Rent in Fort Lauderdale

Although the title of this article is focusing on Fort Lauderdale, the information provided is the same for any City you are looking to move into. Have you been pondering whether you should Buy or Rent in Fort Lauderdale? Have you been stuck renting for years and would love to own your house but afraid of the next steps? Are you relocating to Fort Lauderdale and not sure if you should Buy or Rent, and what is the best value? Are you unsure what you can afford? Well, the latter question is very important. The decision whether to buy or rent comes down to what you can afford. Are you ready to buy a house financially, or is renting the best option for you? Let’s compare buying vs. renting.

Should I Buy a House in Fort Lauderdale?

There is no doubt that owning a home is everyone’s dream. It is the American Dream! In addition to the joy and pride that owning a house brings you, it also comes with stress, extra costs and maintenance.

How do you know if you are ready to buy a house? Ask yourself the following questions… 

  • Do you have current debts? Student Loans, Consumer Debts, etc.
  • Do you have at least 3-6 months of “emergency funds”? In other words, if you were to lose your job, can you afford your mortgage and living expenses for the next 3-6 months while you are looking for another job?
  • Do you have the required down payment required to purchase a home? Some loans options offer a minimum 3.5% down, and other options are up to 20% down.
  • Is your mortgage payments under 25% of your monthly income or does it take up most of your income to afford the house you are purchasing?
  • Do you see yourself living in the home you’d like to buy for a minimum of 3 years or longer?

Now, let’s look at the advantages and disadvantages of buying a house? 

Advantages are…

  • Every monthly payment made towards your mortgage loan is a step closer to full-ownership of the house.
  • The likely event is that your house will increase in value, and depending on the market,  your equity will grow!
  • Freedom to renovate. (enough said!).
  • You have more privacy.
  • Tax Advantages.
  • And… The obvious. The house is yours!!! Can you say the same if you were to rent?

Disadvantages are…

  • You will have more expenses. Homeowners Insurance, Property Taxes.  Some locations may require Flood Insurance and HOA fees.
  • Unexpected Maintenance Repair. Who is going to repair a leaky pipe or clogged toilet? If you are not a handy person, you will need to hire a plumber.

Should I Rent in Fort Lauderdale?

Many people believe that renting is a waste of money. Ever heard of people saying, you are throwing your money away. Renting is definitely not the same as Buying a home. When you pay your landlord the monthly rent, that money is not being invested in home-ownership. But, you are paying to live in a place you call home! As long as you are paying for a place you enjoy living, your money is being well spent.

When is Renting an Advantage?

  • You have debts to pay off
  • You have a job that requires you to relocate, causing you to move around a lot
  • You understand that buying a home is a long-term commitment, and you are not quite there yet to make those plans
  • You don’t have to pay for maintenance

What are the Disadvantages of Renting?

  • Rent rates will go up. Property value continues to be on the rise, thus you can expect for the rental rate to increase year after year.
  • No financial incentives. No Tax Deductions. No equity. You will never see the money you pay, since it’s not being invested to home-ownership.

What should I do?

Deciding whether or not to buy a house in Fort Lauderdale or any other City isn’t an easy choice. That’s why it’s smart to partner with a pro who can help you navigate your options. If you’re looking for a local realtor who will offer you trustworthy advice no matter your budget, call Scott Ryan today!

Scott A. Ryan, P.A. is your local real estate agent expert for Broward County, Florida. In the cities of: Wilton Manors, Fort Lauderdale, Hollywood, Pompano Beach, Coral Springs, Plantation, Pembroke Pines, Davie, Miramar, Deerfield Beach, Sunrise, Weston, Coconut Creek, Tamarac, Margate, Lauderhill, Hallandale Beach, Oakland Park, Dania Beach, Cooper City, Lauderdale By The Sea, Lauderdale Lakes, North Lauderdale, Lighthouse Point, Southwest Ranches, Hillsboro Beach, West Park, Pembroke Park, Sea Ranch Lakes and Broadview Park.