Renting vs. Purchasing

Everyone eventually arrives at the question whether they should continue to rent a house or condominium or whether its time to bite the bullet and buy property. It is not an easy decision and certainly not one to be taken lightly. Most financial experts agree, and common sense dictates, that over the long run it is better to own your own home rather than rent. Granted, for the first 3-5 years you may be spending more than the renter, but you are also building equity.

So what factors would you take into account when deciding whether its time to take the next step and explore buying your first property?

According to Ramara Garrett of Waverly Property Group in Daytona Beach Shores, you need to ask yourself a few key questions. First, are you financially ready for the commitment of home ownership. That’s a loaded, multi-part question.

Do you have any down payment capitol? If not, there may be a program that can help you with your down payment says Ramara Garrett.

How stable is your employment? This is a big question and one that you should be secure in answering. If you plan to change jobs, or relocate in the next three years, then now may not be the time to invest in a home purchase.

Have you checked your credit score? The experts at Waverly Property Group advise prospective clients to start monitoring their credit a year before they want to buy. By doing this they can correct any inaccuracies and work on any potential problem areas.

Are you ready for the time commitment required in purchasing a home? The clock starts ticking the moment you make a decision to buy. You have to invest your time finding a Realtor, looking at property, buying the property and then maintaining the property. No more calling the landlord when something breaks.

Are you in stable place in your life? If you daydream of moving to another state, maybe now isn’t the time to lock into home ownership. If you are planning to get married in the near future, or have children, maybe now isn’t the time. Or, maybe you need to take that into account when you are looking for a home.

For some, the simplicity of renting is just that…simple. Ramara Garrett of Waverly Property Group says that while most of her clients dream of owning their own home, there are a select few who simply don’t want the hassle of home ownership.

If you are one of those dreaming of home ownership, give the team at Waverly Property Group a call and ask them to help you make your dream come true! If you are interested in Daytona Beach, Ponce Inlet, Ormond Beach, New Smyrna Beach and surrounding area home rentals, call Waverly Property Group rental department!

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1. Buy Now Daytona Beach Real Estate
2. Daytona Beachside Condos for Sale