Rent vs Buy in Sarasota>Question Details

Alexandragin…, Other/Just Looking in Sarasota, FL

Rent vs. Buying -- my dilemma

Asked by Alexandraginae, Sarasota, FL Thu Jun 14, 2012

I have been trying to decide whether or not to rent or buy. I have lived with family in the area for a long time. I work close siesta beach area but have to drive from Bradenton and am ready to start cutting down that commute. Unsure what is the best option for me, but would love to find someone genuinely willing to help me sort through my options and find me a place to call home.

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Lynn Brock’s answer
Alexandraginae, Based upon your statement, you are leaning towards buying a place to call home.

The upside of buying is that it is truly your home and pride of ownership is a wonderful thing. Sounds like you have first time homebuyer jitters. The first step is to get yourself pre approved for a mortgage. Going through this process will help you to organize your financial papers, matriculate you through a series of steps that may be overwhelming (at first) but increase your awareness of yourself, your financial discipline and set realistic parameters for you to consider regarding affordability of homeownership.

The gas cost and vehicle wear / tear associated with your commute is adding to your overall monthly bills, possibly 100-200 hundred dollars. The process of mortgage approval may be the tipping point that you need to best evaluate your options.

The rental market is very active and can be costly. If your commute is shorter, you might be able to afford a higher rent? If your monthly payment for rent or a mortgage is pretty much equal, then look at the cost of the downpayment, and ongoing maintenance costs related to home ownership. Keep a journal of the process, your thoughts along with a wish list.

Sounds like your concern is timing. If you shift from renting to renting or renting to homeownership figure at least one month of double expenses to make the transistion. You can do it and achieve your goals/dreams. You can get started today!

Good luck,
Lynn Brock
Brock Realty Inc.

If you'd like to search the MLS like an agent in real time, you can visit our website and sign up for a free Listing Book account. You will be able to change the search criteria to suit yourself and received morning reports regarding new listings, price changes and recent pendings.
0 votes Thank Flag Link Tue Jun 26, 2012
Hello Alexandra,

rates are at historic low, and there has never been a better time to buy than now.

Please contact me at your earliest convenience to discuss all details in regards an approval for a mortgage loan.

Best Regards,
Beate Rodriguez
Lic. Loan Originator
Cell: 954.695.4849
0 votes Thank Flag Link Thu Jun 14, 2012
Hi There Alexandra!

It is very important to look at many factors just in making a residential move. Location, lifestyle and budget are key. A home requires much maintenance and upkeep. Hence this depends on your availability to do that or hire someone to help you. A condo, villa, or town home provides an HOA that maintains the upkeep of the entire complex and outside of each unit. However, there is a fee for that maintenance. Purchasing a home all comes down to buying power, and whether it is possible for you to get financing. Factor in the taxes and additional community fees for hoa.

The best place to start is to get with a loan officer and see whether you can get a mortgage. This will help see whether you qualify for the criteria necessary for a loan. It will help determine whether you will need to do a 20% down conventional loan or FHA 3.5% down loan. If a loan is not an issue BUYING is definitely a contender. The mortgage rates are at a all time low! Its a great time to buy smart.

If you don't qualify for a loan, the lender can help you prepare for the future purchase of a home and get you on the right track. We can work with you even if you should decide a rental is the right way to go!

I would love to help you make the right connections. Even with your financing, partnering with the right lender is essential to having any real estate transaction go smoothly.

Wishing you the best!

LaRosa Realty Team
Atchley International Realty
Stacey 941-539-1596
Millicent 941-809-3310

Check out our website and get current updates on the latest properties available!
0 votes Thank Flag Link Thu Jun 14, 2012
BUY!!! Since interest rates are so low and prices are still low, a lot of times a mortgage payment can be less than rent. Especially, since the rental market is so HOT. My husband, Keith Hamilton ( does loans at First Federal Bank, he can show you what your monthly payment would be for different sales prices. Give me a call...

Raffie Hamilton, Broker
Good Life Realty
0 votes Thank Flag Link Thu Jun 14, 2012

Since you are somewhat familiar with the area, you have a leg up on many buyers that are totally unfamiiar with the Sarasota-Bradenton area. Your options may be clearer with an evaluation of your financial capability and a meeting with a mortgage consultant to nail down possible programs, available rates, and your best options.

You are not alone with your dilemma. Many others are weighing the pros and cons of ownership vs renting. Probably the most important considerations to keep in mind is that "right now" may be one of the best times ever, for buyers to enjoy home ownership. Prices are way down(but beginning to appreciate), there's still availability, and mortgage rates are still near all time lows.

One might consider this "the perfect storm" for buying a home. But, because one is holding a new pair of shoes, doesn't mean they will fit. Buying may not be the best option for every individual.

You have begun a journey by seeking insight on buying vs this point you have made the right choice. Continuing your journey will likely involve more investigation and the collection of information. Safe travels......

Good luck,


0 votes Thank Flag Link Thu Jun 14, 2012
What you need is an experienced buyer broker to assist you. I don't work in Florida, but have attached below a link ot a blog I posted earlier this year here on Trulia to help my own clients understand why if you know you're going to be in one place for at least 4-5 years it typically makes more econmic sense to buy rather than rent. Take a look and and I think this will help you.
0 votes Thank Flag Link Thu Jun 14, 2012
Hello Alex and Raginae,

I would say that now is the best time to buy. Interest rates are very low and you can find a nice home for a good price. You may also qualify for an FHA which is a first time buyers mortgage that offers some advantages.
It is important to find a Realtor to help you through the process.

I have work with many first time buyers and would be happy to help you. Give me a call or send me an email and I can give you some more details on how to get started.

Thank you,
Rebecca Brewer
Sunset Coast Properties, LLC
0 votes Thank Flag Link Thu Jun 14, 2012
Buying a home versus renting a home

With mortgage interest rates and home prices being so low, it is more affordable now than in the past 15 years to own a home. In many cities it is less expensive than renting, according to the Wall-Street Journal’s third-quarter 2011survey. If you are thinking about buying rather than renting you need to do your research, compare the pros and cons, and decide if it is affordable and practical for you.

Some issues that many face are being unable to qualify for a mortgage because of the new stricter guidelines or keeping a steady job. These people are most often forced to stay put or continue to rent. Apartment and home rentals are expected to rise and they have been continually rising in certain areas of the country. This makes owning a home more attractive to renters.

There are some items to take into consideration when buying a home that you will not have to do if you are renting such as: paying property taxes and special assessments, purchasing homeowner insurance, paying for maintenance, paying homeowner association fees (if applicable), and/or paying a membership or recreation fee in a community. Some advantages to renting are you may get more space for your money, you have more flexibility, you don’t have to pay for repairs, and there is minimum risk.

In most instances it is better to buy a home than rent. Your mortgage payment is pretty stable other than homeowner insurance or property tax changes, you can deduct your mortgage interest and property taxes on your federal income taxes, you have pride of ownership, you eventually build equity in your home, no landlords to deal with, and you can remodel, paint or redecorate any way you choose.

If you are thinking about buying rather than renting you need to do your research, compare the pros and cons, and decide if it is an affordable and practical choice for you.

Here is a web link to a calculator to compare the advantages and disadvantages of renting vs. owning.…

If I can help with anything else, please contact me.

Tammy Hayes, Realtor
Green Lion Realty
0 votes Thank Flag Link Thu Jun 14, 2012
There are several factors to consider and it is important that you review all your options. Feel free to give me a call and we can discuss. I have a team that can help you make the right decision for you. We handle sales and rentals so regardless of which direction is best, we can help find the right property.

2007, 2008, 2009, 2010 & 2011 Five Star Award Winner- Best in Client Satisfaction
Sarasota Home Realty
2100 Constitution Boulevard
Sarasota, FL 34231

Phone: (941) 544-6763 FAX: (941) 866-7588
0 votes Thank Flag Link Thu Jun 14, 2012
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