Sarasota Real Estate Market News

Should you rent or buy in Southwest Florida?

The house — 1,500 square feet, two bedrooms, three baths in Bradenton’s Tara Preserve — was too good to pass up. “We’re on a golf course and a lake,” said John Waters. “It doesn’t get better than that.” 

For four years, Waters had been renting, most recently in a nearby condo. He and his wife, Francesca, closed on the new property on a Thursday. By Friday they were moved in. “We’re excited,” said Waters. “Before, my office was in the kitchen. We needed more space, and we wanted a two-car garage. Owning my own home was always in the back of my mind, and the price on this was so good, it was impossible to pass up.”

For decades, conventional wisdom held that people should rent for as short a time as possible and buy a home as soon as they could. Renting, it was suggested, was like throwing money away. But when the economy foundered and properties lost value, it made more sense to rent than to buy in many markets.

How does the equation work out now? While there’s no universal answer — the outcome is influenced by how much the buyer can put down on a purchase, how much upkeep is required, and how much appreciation is expected — industry observers seem to be re-gathering in the smarter-to-own camp.

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May 15, 2011 - Posted by | News related to Buyers, News related to Investors, News related to the Market

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