Renters, Buying May Be A Better Option!

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Real Estate Agent with Property Matters LLC SL-60697258

Renters, Buying May Be A Better Option!

 

According to a new report by RentCafe, an online rental marketplace, rental prices are up 7% and the spaces are 8% smaller! With developers paying more in construction costs and the demand in large cities being higher, they are forced to fit more units in a smaller space.

New studio apartments may be the smallest in size, having been downsized nearly 18% since 2006. The average size is now 504 sq. ft. One-bedroom apartments have shrunk by 5%, from 794 sq. ft. 10 years ago to 752 sq. ft. today. Two-bedroom apartments, however, have mostly held steady over the past 10 years, actually increasing 1% to 1,126 sq. ft.

This may be a better time to buy, unless a renter has certain circumstances that make it less feasible. Those reasons could be, lack of credit or money down or even uncertainty about staying in a particular city. Otherwise, buying a home is a better investment!

Rates are still at an all time low, so many times a renter can own a home for less. Of course there are factors that need to be taken into account.

1. Is there a condo/homeowner's assoc. fee that will affect your monthly payment?

2. What are the taxes/insurance in the area?

3. What is your timeline for staying in that home?

4. Could you possibly rent it out for income if need be?

It's almost always a better option to buy a home, you get a return on your investment, and write off your mortgage interest. With rent, you get nothing in return!

 

 

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For more information or to search for homes in Delray Beach, Boca Raton, or  South Florida , view my website at www.alwayssunnyinflorida.com

   

 

 

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Rainmaker
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Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

being a landlord and a realtor, I get both sides of the coin!

Jul 06, 2016 12:33 AM #1
Rainer
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Pam Orzan PA ~ Delray Beach Realtor Property Matters LLC
Property Matters LLC - Delray Beach, FL
Selling Delray, Boca Raton, & Boynton Beach

That's the best way to do it Kristin!

 

Jul 06, 2016 12:37 AM #2
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Rainer
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Pam Orzan PA ~ Delray Beach Realtor Property Matters LLC

Selling Delray, Boca Raton, & Boynton Beach
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