Way back in January of 2013, I posted a great tool from The New York Times that helps potential buyers or tenants determine whether buying or renting makes the most financial sense for them. The tool is still active and it is still a useful resource that you can view if you click here.
Jump to 2020 and we have a new and still useful link regarding renting versus buying! From Outwit Trade, this handy piece gives seven real estate experts’ opinions about why you might consider one option over the other, some of which are interesting. For instance, they put a lot of weight on personal relationships, like those with your significant other and your family. An example of this is to hold off on purchasing a property together if you and your significant other have a strained partnership because adding a mortgage to a difficult situation only adds stress. They also they recommend that if you expect to inherit a property within the next five years, then you should probably rent in the meantime. These are good tips, and definitely not something that a lot of people would necessarily take into account.
Many of the other opinions that the experts shared focus on the financial side: is there a housing bubble? Can you afford to maintain the house? How is your credit? These are all absolutely important factors to look at in determining if you should rent or buy.
Click here to take a look at the article. Between the 2013 buy/rent calculator and this 2020 piece you will absolutely be able to make an informed decision.
If you are looking to buy or sell a home anywhere in Miami, please call me at 305-798-8685, or visit my website at: Luxury Miami Real Estate
My focused dedication as a realtor in my home town of Miami for over 25 years, consistently puts me at the top of my field. Whether you’re looking to buy or sell your home, let me help you from start to finish with my results-proven: professional marketing, excellent property exposure and comprehensive experience.
Consistently in the top 10 company-wide at BHHS EWM Realty for the past 15 years, my focus is on Coral Gables, Coconut Grove, Pinecrest and South Miami — specializing in luxury real estate and waterfront properties. Call me today and let’s get started!