Teddy Mussel…, Other/Just Looking in Chesterfield County,...

Rent vs. Buy in Jacksonville Fl or surrounding areas.

Asked by Teddy Musselman, Chesterfield County, VA Sat Apr 7, 2012

I was just accepted for a residency position in Shands hospital in Jacksonville Fl, I will at the shortest be in the area for 3 years, and was curious if any one had any ideas if it market is to shaky to buy and try to sell in 3 years ( townhouse in the $60-$90k range) or should i rent for the time and eat the rent. I dont want to buy and be stuck with a house i cannot sell if i have to relocate for a job in a few years. I am thankful for any advice, as I only have a couple of months to move and start my job in jax. Thanks!!

Help the community by answering this question:

Answers

2
When you consider the cost of purchasing (IE home inspections, termite inspection intangible tax, notes stamps and other closing cost routinely paid by the buyer and then the typical costs of selling ( deed stamps, title policy, real estate commission) 3 years later, and the cost of ownership (property taxes, insurance and mortgage payments.....I would recommend renting. The only thing that would make me reserve that recommendation would be a forecast of real estate values increasing at 7% or more per year. No one is making that can of forecast including me.. trend is for lower or flat values if we are lucky we may see 2-3% appreciation In fact if the trend does not change in the next three year... ( and I don't think it will) you we be $$$$s ahead by renting. Now if you were going to be long term resident of Jacksonville and were looking to buy a house and stay for 5 years or longer...then with interest rate on mortgages and the low real estate values then I would make a different recommendation. Buyer real estate now for a short term investment....in my opinion is not a good idea.
0 votes Thank Flag Link Sat Apr 7, 2012
Hi,

My son is chief resident (ED) at Shands Gainesville, so I have given this some thought some 3 years ago.

As we really don't know the future, it could be better or it could be worse, I would think renting is going to be your best bet. To cover the cost of closing on a new home, and the expense of selling the home when you head off to Fellowship or your first paying job, you would need about 7 to 10 years in the home for it to pay you to buy.

If I can help please let me know, I can't help you with homes in Jax area as its out of my area of knowledge but other stuff I may be of help.

John
352-978-4539
0 votes Thank Flag Link Sat Apr 7, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer