Own vs Rent?

[inkitnow]

I plan to move to the west coast of FL as soon as my TH sells...somewhere between Tampa and Venice. Although I plan to rent month to month and investigate various communities before I buy, I'm wondering if buying is a smart move. Yes, price in FL are very low and perhaps buying at the low is a smart move. Any thoughts from people who currently rent? Other than the emotional reasons, which move is smarter, given our current real estate fiasco?

 

[flyfishnevada]

If you are sure you want to live there, buying might be smart. But if you don't like it, selling in the short term could be problematic and you might even lose money. I'd hate to buy a new place, find out it's not my cup of tea and then being stuck there because I can't sell.

 

[inkitnow]

Good point. Thanks.

 

[Aiming_4_55]

I see you are from IL. My question to you... how much time have you spent investigating FL in person?

Dan has a good point. Unless you know you want to stay 5 - 10 -15 years, renting might be more cost effective in the long run considering realtor cost to sell, insurance, repairs, taxes, etc. It might be different too if you have kids and you want better school districts etc.

I've seen articles that say FL real estate will be depressed for the next 10 years... general statement to the general area, I'm sure a few areas could be out of the norm.

I've researched the Tampa area as I'm seriously tired of the winters of Chicago and now Twin Cities. While getting a deal on a property is fairly easy, the supply is incredible, so your exit strategy might be key.

I viewed moving to Tampa as semi-early retirement, but concerned that the Tampa job market is questionable, so I'm staying put as the low cost housing was offset by other higher expenses... for me with some luck, FIRE in 5-6 years and then decide if FL is something I still want.

 

[inkitnow]

Retired now; no kids. I'm thinking of somewhere between Tampa and Venice, most likely Sarasota. I've been to FL many times but don't know the west coast too well. Mostly Ft Lauderdale. I like the west coast better and plan on staying there for a long time.
So, bottom line, I'm going to rent until I determine if it will be my "last" move and then hope to buy at a good price. Good luck to you....and maybe you'll get to warmer climes sooner than you think.

 

[GregLee]

....and maybe you'll get to warmer climes sooner than you think.

Sounds a bit sinister.

 

[obgyn65]

I would not be surprised if the national real estate market remains depressed for 20 + years...

I've seen articles that say FL real estate will be depressed for the next 10 years...

 

[urn2bfree]

From a demographic standpoint- the real estate bust was totally predictable as is the upcoming boom. The economy and the real estate market are largely suceptible to bubbles or booms in population. The last such bubble was known as the BABY BOOM. Their hunger for homes drove the last boom, but they are largely settled and not going anywhere now. Their children- the so called ECHO BOOM- are not yet old enough to buy their own places---(they buy iPods and XBOXes and go on Facebook- hence the thriving of those parts of the economy)...but they are just beginning to reach the age of first home purchase...but the gap between the two has created the current mismatch in the market or trough. BUT

Those 75 million people are NOT going to live at home forever.
Those 75 million people are NOT different from every other generation before in their desire to have 4 walls all their own and a yard, etc.
They were born between 1984 and 1992- give them a little time and the market will be back for a while...until the next group of idiots forgets this completely predictable boom/bust pattern between generations.

 

[rescueme]

I would not be surprised if the national real estate market remains depressed for 20 + years...

I'm glad it dosen't affect me.