Knowing when to buy or rent a home or condo in Tampa is an individual decision. However, most people agree that it is usually better to purchase a home or condo instead of renting one. The main exception to this rule may be people relocating from the North, who are unfamiliar with the best communities, shortest commutes and the area, in general. In this case, it might be advised to enter a short-term rental, until you are somewhat familiar with where you want to live.
The Tampa Bay area encompasses Tampa, St. Petersburg and Clearwater, besides all the suburbs located around these metropolitan areas. This means there are many choices for the home of your dreams. If you are torn between whether you should buy a home or condo in Tampa, versus renting, it helps to feel confident with a purchasing decision. A Tampa Realtor can help you, or at least show you the homes and condos you can afford to purchase, based on your needs.
In recent years, home prices have suffered drastic declines, in the Florida housing market. While some sellers have been able to sell their homes at market prices, others have been renting them out. It's possible you are paying more in rent, when it may be more affordable to purchase a similar home, especially with low housing prices and historically-low mortgage interest rates. If you have a down payment, decent credit and stable income, you may be better off buying in Tampa, versus renting.
The problem with the rental market in the Tampa area is that since less people are buying and selling homes the rental market prices are rising, with the outcome that it will be drastically more expensive to rent versus owning your own home. Also, as the housing market rebounds it will become harder to qualify for a home mortgage as the house prices begin to rise again.
Ownership in a home gives you the ability to make changes and customize your home to suit your needs. However, the reverse to that is you can also have other expenses because you are the 'landlord" and will be taking care of your own repairs.
When you look to rent your new home you will have all the usual costs associated with your agreement such as first and last month's rent, cleaning deposits and possibly a security deposit. This is where a realtor from the Tampa area can help, with services like mortgage pre-qualification and cost analysis they can help find you a home that requires the same or lesser amount of down payment to buy and move into.
When looking to purchase a house or condo in you will have all the usual fees, such as inspections, insurance, closing costs and your down payment which is all part of your investment into home ownership. So, if you plan on moving as part of your work or your income is not very stable then the option to rent may be the choice for you, and again this is where your Tampa real estate agent can help you make the right decision between renting versus buying.
The Tampa Bay area encompasses Tampa, St. Petersburg and Clearwater, besides all the suburbs located around these metropolitan areas. This means there are many choices for the home of your dreams. If you are torn between whether you should buy a home or condo in Tampa, versus renting, it helps to feel confident with a purchasing decision. A Tampa Realtor can help you, or at least show you the homes and condos you can afford to purchase, based on your needs.
In recent years, home prices have suffered drastic declines, in the Florida housing market. While some sellers have been able to sell their homes at market prices, others have been renting them out. It's possible you are paying more in rent, when it may be more affordable to purchase a similar home, especially with low housing prices and historically-low mortgage interest rates. If you have a down payment, decent credit and stable income, you may be better off buying in Tampa, versus renting.
The problem with the rental market in the Tampa area is that since less people are buying and selling homes the rental market prices are rising, with the outcome that it will be drastically more expensive to rent versus owning your own home. Also, as the housing market rebounds it will become harder to qualify for a home mortgage as the house prices begin to rise again.
Ownership in a home gives you the ability to make changes and customize your home to suit your needs. However, the reverse to that is you can also have other expenses because you are the 'landlord" and will be taking care of your own repairs.
When you look to rent your new home you will have all the usual costs associated with your agreement such as first and last month's rent, cleaning deposits and possibly a security deposit. This is where a realtor from the Tampa area can help, with services like mortgage pre-qualification and cost analysis they can help find you a home that requires the same or lesser amount of down payment to buy and move into.
When looking to purchase a house or condo in you will have all the usual fees, such as inspections, insurance, closing costs and your down payment which is all part of your investment into home ownership. So, if you plan on moving as part of your work or your income is not very stable then the option to rent may be the choice for you, and again this is where your Tampa real estate agent can help you make the right decision between renting versus buying.
About the Author:
About the author: Lance Mohr is an authority on the Tampa real estate market with more than 18 years of experience as a Realtor and mortgage banker. For more information on Riverview homes for sale or Sun City Center homes for sale go to Tampa2Enjoy.com.
