Weigh the pro and cons of buying a house and renting an apartment in Orlando
My wife and I need a residence in Orlando. We are not sure if we should buy a house in Orlando or rent an apartment. The realtors of course tell us we should buy a house. Can you give us some reasons to support renting an apartment in Orlando as opposed to buying a house or condo?
This is a great question and one that has many different and often competing points of view. We can’t tell you what is right for you but there are a number reasons that favor renting rather than buying. The biggest is the flexibility and freedom that an Orlando apartment gives you – you leave when lease is over and the apartment maintenance staff fix everything. Financially there are a lot of questions about what the housing market will do, has it hit bottom yet? How long to you plan to own the house or condo? Will you own it long enough to get your money back? What does your financial picture look like? Banks have really tightened down credit and you will most certainly need a down payment of at least 5%, do not be surprised if you need 10 – 20%. Finally there are items like a much lower insurance requirement and no property taxes.
As you can see this is not an easy question to answer. There are quite a number of questions to think about before deciding. You can find more information on an article we wrote earlier addressing the question of buying a house in Orlando versus renting an apartment, which makes more sense.