Is It Better To Buy Or Rent In Destin Florida?

Is It Better To Buy Or Rent In Destin Florida?

More simply put, as you pay off more of your home, you have access to more of its total value when you decide to sell. Assuming rent and mortgage payments are equal, then buying will save you money if the amount you end up with when selling is more than you would have been able to make by putting your down payment into an investment fund and continuing to write checks to your landlord each month.

With home prices in both counties Okaloosa and Walton nearly as high as they’ve ever been and rents hovering at levels many residents can’t afford, people are wondering whether to rent or buy aren’t faced with an easy choice.

Each option comes with its own advantages and disadvantages, and one—buying—requires a financial commitment quite a few people are simply unable to make.

Which option makes the most sense from a financial perspective?

Bottom line: Looking at your gross costs, equity and investment potential, it’s better for you to buy than rent if you plan to live in your home more than 3-5 years

Assuming you’ve got some savings lying around, which option makes the most sense from a financial perspective?

There’s no right or wrong answer. You should carefully consider your options.

There are a lot of tools online that offer some guidance on this question. Buying a house becomes cheaper than renting due to equity gained by the homeowner since the purchase.

Bottom line: Looking at your gross costs, equity and investment potential, it's better for you to buy than rent if you plan to live in your home more than 3 - 5 years.

The decision whether to buy depends quite a bit on how much saving you’re able to do in advance.

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