There was a 7 percent increase in the number of vacation homes purchased in 2012. Destin readers of this blog may remember our discussion of that topic last month. As the housing market has picked up it appears more people are interested in buying a home, and there is evidence that people in Florida and others living elsewhere may be better off buying a home rather than renting one.
According to Trulia.com, people can actually save more money when they buy a home. According to one report, it costs about $1,600 per month to rent a home in Broward County. It costs about $770 a month to buy a home. That same trend is being seen in other Florida counties and even in other states across the country.
However, people should not rush into buying a home. One real estate broker points out that owning a home can be more risky.
People who are interested in buying a home right now should know that they could run into problems because of a lack of inventory. In particular, people looking to purchase a home at a lower price could find themselves with a lack of options to choose from.
Buying a new home can be one of the most exciting milestones in a person's life. People who are thinking about purchasing a home should be to think through the decision carefully. After all, a home cannot be returned like other items after it is purchased. To be sure they are making good choices, people looking to buy a home may find consultation with an experienced real estate attorney beneficial.
Source: Sun Sentinel, "Buying beats renting in South Florida, study finds," Paul Owers, March 20, 2013
- Our firm works with people as they are settling real estate transactions. Please visit our Fort Walton residential real estate page to learn more.