I need first time house renting/buying advice (florida)

#1
Berry4Heisman14

Berry4Heisman14

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#1
I'm looking to move out of my apartment in Orlando, and potentially buy or rent a home anywhere in central Florida with a good crime rate. I need some advice on the perks and cons of renting and buying from some of you who have experienced both. This is my first time doing this, I'm only 23 so if anyone can give me advice on home buying and renting I'd appreciate it. Also anyone who lives in the area of central Florida let me know some nice neighborhoods
 
#2
#2
renting a house is like renting an apartment though you may have to take on some of the maintenance (yard).

buying works if you have some money for a down payment and are going to be in the house long enough to at least get your money back out.

Pros of owning are you can do what you want to the place, you can build equity and most of your monthly payment is tax deductible - it can net out cheaper than rent. Cons are the equity risk and all the expenses are on you.
 
#3
#3
Also, as a first house I wouldn't over buy. It won't be your last so don't over extend to get everything you want. Doing projects to improve the value is the better way and you'll get a feel about what's important/not important when you move on.
 
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#4
#4
Owning a house is overrated. Always something to fix. Whether to buy or rent depends on your income, price range, time you plan to stay, and several other factors.
 
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#5
#5
Since I'm not 100 percent sure I'll be living here a super long time would renting be the better option in your opinion? Thanks by the way!
 
#6
#6
Renting is better unless you plan to own it at least 7-8 years.
 
#7
#7
If you rent make sure to look over your contract well as it can be different from an apartment. When I went from my apartment to the first house I rented I was paying and taking care of several things that the contract said were suppose to be taken care of by the person I was renting from.
 
#9
#9
creekerballer said:
If you rent make sure to look over your contract well as it can be different from an apartment. When I went from my apartment to the first house I rented I was paying and taking care of several things that the contract said were suppose to be taken care of by the person I was renting from.
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You couldn't do anything about this? If your contract says you don't have to take care of those things and they're making you do it then what?
 
#11
#11
Also depends on the markets. Some areas the rents are high enough that a mortgage payment would be significantly less per month.
 
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#13
#13
23..Orlando...you can't afford to buy in the low crime areas.




If you buy I'd say stay there for quite a while..the market isn't super hot for quick flips yet..but its coming..


I'd say rent..save up money for a decent down payment.
 
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#14
#14
FLVOL_79 said:
23..Orlando...you can't afford to buy in the low crime areas.




If you buy I'd say stay there for quite a while..the market isn't super hot for quick flips yet..but its coming..
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I make good money. During the summer and fall about 1500 a week this time of year about a thousand a week. I made 78,000$ this past year combined with my girlfriends income we make well over 6 figures. I like the windermere area a lot but those homes are insanely priced
 
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#15
#15
GAVol said:
It's a little simplistic imo. If you find a good deal in an area with decent resale values, I don't think that rule of thumb necessarily applies.
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What's considered a good down payment in your opinion? I know price of home comes into account. I've been working on my credit for about a year now
 
#16
#16
Berry4Heisman14 said:
I make good money. During the summer and fall about 1500 a week this time of year about a thousand a week. I made 78,000$ this past year combined with my girlfriends income we make well over 6 figures. I like the windermere area a lot but those homes are insanely priced
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Ok good to know. Cruise down 429..some nice homes out in Winter Garden which you can probably afford.

I always say buy because the mortgage for a decent place in Orlando will always be WAY cheaper than renting. But you'll have to factor in your property taxes and insurance in that mortgage as well. When you buy you can do what you want. One poster says there is always something to do, and that is right. Double that if you get a house with a pool. I am in my first house and I will never, ever, ever ever ever, rent again unless its an emergency.
 
#17
#17
Oh yeah.. DO NOT get an adjustable rate mortgage. Use a mortgage calculator that lets you tally in your monthly bills to get a good idea of what you can afford. Lenders/Real Estate people will try to F you in the A especially when you are young.

Oh yeah part 2..


In Orlando..if you find a house you like check the neighborhood out a few times..during the week, at night, weekend, etc. Look for things like tons of cars parked at houses. Cars parked in yards? No go zone for low crime. Check yards. Good neighborhoods have good residents who take pride in their houses and yards.

If you have kids check the sex predator registry. Its Florida, they are EVERYWHERE.
 
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#18
#18
Berry4Heisman14 said:
What's considered a good down payment in your opinion? I know price of home comes into account. I've been working on my credit for about a year now
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Obviously, 20% down if possible to stay out of PMI, but as low as interest rates are, it's not the worst thing in the world to put 10 down and use the free money. I really wouldn't go lower than 10%. If you can't put 10 down, you probably aren't in a financial position to afford the house and run the risk of getting into a negative equity position if the market goes south.
 
#19
#19
FLVOL_79 said:
Oh yeah.. DO NOT get an adjustable rate mortgage.
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Yeah, an ARM is pretty stupid When the 30 yr fixed is under 4%.

Needs to go talk to a mortgage guy and know what he can afford before looking at houses.
 
#20
#20
FLVOL_79 said:
Oh yeah.. DO NOT get an adjustable rate mortgage. Use a mortgage calculator that lets you tally in your monthly bills to get a good idea of what you can afford. Lenders/Real Estate people will try to F you in the A especially when you are young.

Oh yeah part 2..


In Orlando..if you find a house you like check the neighborhood out a few times..during the week, at night, weekend, etc. Look for things like tons of cars parked at houses. Cars parked in yards? No go zone for low crime. Check yards. Good neighborhoods have good residents who take pride in their houses and yards.

If you have kids check the sex predator registry. Its Florida, they are EVERYWHERE.
Click to expand...

Thank you so much this taught me a lot I really appreciate it.
 
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#21
#21
GAVol said:
Obviously, 20% down if possible to stay out of PMI, but as low as interest rates are, it's not the worst thing in the world to put 10 down and use the free money. I really wouldn't go lower than 10%. If you can't put 10 down, you probably aren't in a financial position to afford the house and run the risk of getting into a negative equity position if the market goes south.
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I saved my money for about 4 years before getting an apartment down here. Buying a house may be a good idea it'll make me feel like all my saving was for good reason. 20% isn't too bad
 
#22
#22
Berry4Heisman14 said:
Thank you so much this taught me a lot I really appreciate it.
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Np. When I tried to get my first house the lender/agent tried to scam me hard. I just had to hold out a little bit longer and I was able to reap the housing market failure whirlwind.
 
#23
#23
I don't know anything about the Orlando market, but renting is a waste of money. No you don't have to pay the property taxes or insurance or maintenance costs, but where do think the landlord gets the money for those things? Yeah, it's built into the rent you pay, so it's a wash.

Buy a house, it's worth it in the long run. If you're only planning to be there a year or two then no, 3 years and up I'd buy.
 
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#24
#24
Berry4Heisman14 said:
I make good money. During the summer and fall about 1500 a week this time of year about a thousand a week. I made 78,000$ this past year combined with my girlfriends income we make well over 6 figures. I like the windermere area a lot but those homes are insanely priced
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Buy something you qualify for without her income (if you buy) and don't co-buy with someone you aren't married to.

Fine to have her contribute to the mortgage like she would to rent but keep her off the deed.

Agree with GAVol - the 7-8 years stay isn't necessary. If the market is stable or rising then even 2 or 3 years would be fine.

This link has some good calculators you can use to see what you can afford.

Financial Calculator | Free Online Calculators from Bankrate.com

If you bought a house for 250K you'd need 50K down for 20%. A 30 year mortgage at 4.5% would be about $1000/month. No idea what property taxes are and insurance will add about a grand a year. Assuming property taxes of 3800 year you'd have another $400/mo in taxes and insurance (gets bundled in your payment).

So for $1400/mo you own the place - compare that to your rent.

Also figure that about $1100/mo of that is tax deductible so your Fed taxes will go down about $3600/year or $300/mo so your net "rent" on the house would be about $1100/mo.


On the other hand you'll have a ton of expenses so that difference will disappear pretty quickly.
 
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#25
#25
Awesome thank yall a bunch. So moral of the story is buying is the smart way to go but make sure I've got a real good amount saved up for a down payment. I'd say I plan on being here at least 3 years we love it.
 
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