If you’re looking for a place to get away for a few days, or if you want a place you can visit over and over again, you may be deciding between renting or purchasing a vacation home.
Renting is a low commitment way to find an occasional getaway, or even a year-round home in your favorite beach location.
However, purchasing a home can be a scary commitment.
Becoming familiar with the factors that determine which option is better for your needs, renting or owning a vacation home, will help you make a smarter decision about your housing.
According to a 2016 article from the New York Times, renters account for 37 percent of all households (reported at the time the article was published.)
So if you want a long-term rental in a new location, you’re not alone. Many people have decided that the convenience and low maintenance lifestyle afforded by renting is a good choice.
And if you’re looking for Marco Island beach homes for rent, you have a lot of options currently available to you in the area.
Which is cheaper, renting or owning?
Luckily, there are a lot of calculator tools available on the web to help you determine which option is best for you in your state.
These calculators, which can be found on bank and realty sites help you determine the best option for you based on a number of factors.
These considerations include:
Monthly payments for each option—These tools take into effect how much you pay for rent and how much your mortgage payment would be each month.
The details of your potential mortgage—It is important to understand what the interest rate is, how payments change over time, and how much property tax you will pay on a new home in your area.
Additional costs of renting—These might include security deposits, upgraded appliance fees or washer/dryer rental.
Length of residency—How long you plan to live in a home you buy will determine how much it costs over time. You tend to save money on home ownership the longer you stay in the house.
Home value—These increase after the purchase of the home and can effect the taxes you pay each year.
What if I still can’t decide?
Requesting the assistance of a home buying professional can help you determine which option is best for you.
If you are looking for Marco Island beach homes for rent, a realty professional in your area, might also be able to help you determine what property is right for you.
Likewise, a realtor can help you determine things like taxes and monthly utilities for homes in the area where you want to live.
Whether renting or buying a vacation home is right for you comes down to your specific needs and resources. Thankfully, resources and tools are available so that you don’t have to make the decision alone.