Rent vs. buy right now? (Orlando, Winter Garden: real estate, rentals, insurance)

[taysee]

Hi All,

My Husband may be getting a job at the Va medical center in Orlando. If so, we would be relocating there around the August/September time frame. I am really having a hard time figuring out which is the better game plan - rent or buy? We may only be in Orlando for 2 years and then may need to move again but it is possible that we could be there longer. WE have a 6 and 7 year old and a German Shepherd dog. A safe neighborhood and a great elementary are our top priority. If we did buy, our price range would be about $350,000. With the high property taxes, HOA's, Insurance , house maintenance etc. I'm really wondering if renting wouldn't be the better way to go. Seems so strange to go from owning to renting ....like going backwards. However, I am concerned that because we may only be there a couple of years that we may have a hard time getting out of our house when we need to. There is also the fear that the house prices are still falling and we don't want to buy while things are still sliding . If we do buy , we would only be putting 5- 10% down and would also be paying the Private mortgage insurance because of it. Owning your home is fabulous but I worry about getting into a negative equity situation and getting stuck! As far as renting goes though - I worry that our dog may be a problem - does anyone know if nicer rentals tend to allow bigger dogs - or will it just be a no go?
Any input will be appreciated!

Thanks

Julie

[info please]

Hi renting sounds like a great idea for now .Rent a house being there our sooooooo many for rent now. Come on over to Winter Garden or Windermere there's a really nice outside mall comming in the fall .Come ride along road 535 I think you be happy in this really nice area close to Disney yet not a lot of traffic. Well good luck .

[Prichard]

Renting is a good idea right now. Just be careful and understand that if the Owner doesn't pay the mortgage, it makes no difference what your lease says - you're out!

[info please]

If you do rent go throught a real estate agency.This way you won't have to worry. good luck

[Prichard]

No real estate agency is going to guaranty that an owner of a house isn't going to default on his mortgage while you're living there. Just like no real estate agency is going to guaranty a closing even though they tell you their buyer is "pre-approved".

[info please]

But you got a better change .

[JohnN]

for two years and this housing market, rent is the way to go,
just find the right place for the schools, etc

[nb_mitch]

I don't know where "Va medical center in Orlando" is, but if it is short term in a questionable market, I would say rent. We rented in Celebration (near Disney) at $1/Sqft for 4 years, we couldn't afford to buy the same home that was valued at $600K. I wish we had rented for 5 years, as we bought in Clermont just as the bubble burst

[pianogal]

You are getting good advice. If I were in your situation, I would invest the money I would have used for a downpayment and rent. In a normal market, much less the current one, two years is not enough time in a home to make it worth the costs of buying and selling.

[HammockDreamer]

Another vote for renting. We moved here from up north late last Fall. We are int he midst of moving in to another rental in the Dr. Phillips area. Renting really gives you a chance to learn the area and find out exactly where you want to be.

There are tons of rentals down here---we have been really happy using FLARent dot com ---- many allow pets--we have small dog and 2 long haired cats and we haven't had a problem.

Best of luck-