Should You Rent or Buy in Downtown Orlando?
Are you currently renting but interested in purchasing a home to call your own instead?
Buying a home in Downtown Orlando can be easy whether you are looking for a condo, single family home or townhouse. Did you know that the rent you are currently paying for your home can be the same or even sometimes lower when purchasing your own home? Not only is buying a home a good financial decision, it is the perfect time to buy a home. Prices are on the rise and interest rates are increasing, so now is the ideal time to get a home that you can call your own.
Ask yourself these questions and determine if you are ready to settle down and buy a home and say goodbye to renting.
Are you planning on staying in the same city or are you looking to relocate? If you think you may be moving in the longer term, it would not be ideal to buy a house. If your job is steady and you are looking to stay in the area for a while, then it may be the perfect time to buy a house.
Are you comfortable with your current monthly rent? If so, you will be able to determine what price maximum you want to spend on a house to get close to what you are currently paying in rent and to ensure you are comfortable with your monthly mortgage payments. If you have enough saved to put a solid (20% down payment on a house) that will help decrease your monthly mortgage payments. Be sure to talk with your Downtown Orlando Realtor about Homepath properties where you can put as little as 3% down or by doing an FHA loan where you can put as little as 3.5% down.
Need some added assistance with determining if you want to rent or own? Call our Downtown Orlando Specialist today and review the home buying process and see why it may just be better to own than continue to rent.