It’s no secret—I earn my living by selling property and stand by the fact that purchasing a home is the way to go… most of the time.
There are five instances however where renting is really your better option so let’s explore those scenarios.
You are new to Naples and not familiar with the area
If you haven’t lived in Naples before, you likely don’t know a heck of a lot about it. Our town is very different from one area to the next. It is so different in fact that people will cite these different areas as to where they’d like to be. I have people start their call all of the time saying they’d like to be in North Naples, Lely, East Naples, etc..
One thing I really dislike hearing from potential customers selling after a short period of ownership is that they picked the wrong area.
Renting for even a few months can help you avoid this expensive pitfall when purchasing. You’ll get to know the commute to work, the restaurants and shopping areas that you like and that sort of thing.
Your career may be taking you to somewhere new
Companies these days move employees around, open new locations or offer promotions if an employee takes a role in a new city. Take the great company of Arthrex for example. Their main manufacturing facility was located in North Naples yet they moved production to Ave Maria, over 40 minutes away. Employees had to suddenly have quite a commute to the new facility and renting may have allowed them to move closer to work once a lease expired.
Renting gives you the flexibility of simply walking away from your rental once the lease expires in order to move for work.
You’re planning on moving in the next 5 years or less
When looking to buy a home, it’s important to consider how long you will live there before moving.
Buying and selling real estate has a lot of costs involved so in most situations you will not want to purchase and sell in a few year’s time. Staying in a property for 5 years or longer will usually be long enough to offset those costs associated with buying and selling.
Your credit has some issues that need to be resolved
How’s your credit? When you purchase a home, your credit score can be the difference in high interest-rate swings on your mortgage. Or, it could be the difference in being approved or denied for a mortgage altogether.
Renting is the best solution if you’re working to raise your credit score.
You simply do not want to own a home in Naples
I know it’s tough to believe but some people simply do not want to own a home!
Maybe you simply want the ability to call the owner when something breaks and not have to deal with it on your own. Perhaps you don’t want to pay additional fees for things like landscaping.
Whatever the case may be, renting may be your best option if homeownership simply isn’t in the cards for you.