U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida > Orlando
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 03-12-2011, 05:11 PM
 
1 posts, read 1,199 times
Reputation: 10

Advertisements

I'll be moving to Orlando this summer with my family. We are looking for a 4bed/2bath house (ideally with a pool) on the east/northeast side of town. From what I'm seeing on zillow and the MLS, buying would give me a lower monthly payment...and more bang for my buck

We're going to be living there for a few years, but I have no qualms with keeping the house as a rental if the market will support it.

Is that really what the situation is down there, or am I missing something? It seems like good property rentals are charging a premium over buying.

I appreciate any input.
Reply With Quote Quick reply to this message

 
Old 03-12-2011, 06:15 PM
 
57 posts, read 141,167 times
Reputation: 27
IMHO, I'd buy!
There are lots of foreclosures in the area at the moment - you can get a house like you're describing at 2005 prices (or less). I'm on the SE side of town, but have noticed quite a few great deals around here. Good if your buying - terrible if you're trying to sell!
Reply With Quote Quick reply to this message
 
Old 03-13-2011, 10:58 AM
Status: "Summer, please don't leave!" (set 11 days ago)
 
Location: Asheville, NC
11,480 posts, read 25,719,413 times
Reputation: 4214
I'd say buy too. There are so many great deals out there. I wish I had the extra $ to pick up a few as an investment.
Reply With Quote Quick reply to this message
 
Old 03-13-2011, 01:58 PM
 
17 posts, read 38,220 times
Reputation: 18
Absolutely buy-- long-term, BUT I"d say you might want to consider renting short term first so you can decide WHERE to buy. We moved here from Virginia last year, intending to buy in College Park. Things didn't go as quickly as we had hoped in the house-hunt, but as time passed, we realized that we really preferred the Casselberry/Maitland area as we made friends and settled in. We're in the process of buying now (in C-berry, a 4/2 w/ pool) and our mortgage payments will be less than the rentals we were considering.
Reply With Quote Quick reply to this message
 
Old 03-14-2011, 09:47 AM
 
4 posts, read 8,903 times
Reputation: 10
Default Mortgage Calculator!

Quote:
Originally Posted by madrupe View Post
I'll be moving to Orlando this summer with my family. We are looking for a 4bed/2bath house (ideally with a pool) on the east/northeast side of town. From what I'm seeing on zillow and the MLS, buying would give me a lower monthly payment...and more bang for my buck

We're going to be living there for a few years, but I have no qualms with keeping the house as a rental if the market will support it.

Is that really what the situation is down there, or am I missing something? It seems like good property rentals are charging a premium over buying.

I appreciate any input.
What you should really do is check out mortgage calculator canada and actually SEE the difference between renting and buying and how much you could save. Personally I think renting is a waste of time unless it's for a short time (under a year).
Reply With Quote Quick reply to this message
 
Old 03-19-2011, 08:22 AM
 
4,159 posts, read 4,196,880 times
Reputation: 2196
Well, if you are going to move again, less than a five year time frame, I would rent. Being a long distance land lord is not easy and the profit margin is not really that great. Florida does not grant a homestead exemption to rental property which means a annual property tax increase. Also, rental property requires a commercial insurance policy, which might point you to Citizens, which is the state owned insurance company. By law, it has to charge more than the private sector. I owned rental property in Florida for 20 years and got out of it due to the taxes, insurance.
Reply With Quote Quick reply to this message
 
Old 03-19-2011, 10:33 AM
 
Location: Orlando
156 posts, read 357,577 times
Reputation: 61
BUY BUY BUY. Why do you want to pay someone else's mortgage and support them. I agree with Herb of Grace though, maybe see if you can get into a short term rental while you decide where you want to be. When we moved, hubby's company paid for a hotel for 2 months and then we went into a furnished STR for 3 months while we looked. They paid to store our stuff so we were able to do that. If you don't have that option, I'd still look for a rental, even if it's 6 months and don't unpack everything. But in the end, buy
Reply With Quote Quick reply to this message
 
Old 03-19-2011, 11:17 AM
 
Location: Lake Mary, Florida
793 posts, read 2,152,605 times
Reputation: 264
Niko has the best idea!

Orlando Metro is made up of multiple small cities each with there own distinct character so it's a good idea to either rent short term or visit a few times.

Unless you have specific needs.

Just received an article stating rental rates are on the rise due to demand over the next 6 months so not only does it make since to buy now the coming rate hike makes it a solid decision.

Hope this helps,
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > Orlando
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top