If you make a side-by side-comparison about whether to rent a home or buy one, it can be a tough call. Ownership means a big tax write-off on mortgage interest, a predictable stable payment (with the right mortgage), a sense of stability and pride of ownership.

It also means responsibility for property taxes, maintenance, and HOA dues (depending on where you buy). And if you’re still undecided … there’s also the appreciation vs. depreciation question, since you can’t be certain whether this market has bottomed out and prices are on the way up. There is no easy answer.

But if you make your personal list and decide that, for whatever reason, it’s best for you to rent right now … here are a few pointers to keep in mind.

Rental Tips

1.  There are some amazing homes for rent out there right now…furnished and unfurnished. But rentals go quickly. Some people are just coming out of short sales and foreclosures and need a place to land. Some are relocating and want to get a feel for the market before they buy. So while it’s not a great market for real estate investors who want to flip homes quickly … it is a great market for landlords who want to hang onto their investment properties and rent them out.
2.  As a tenant, expect to pay first and last month’s rent plus a security deposit (typically a month’s rent). That’s standard operating procedure. Often you can negotiate a lease with an option to buy. That way if you fall in love with the home and want to stay there, you’ll have first right of refusal.
3.  But be careful when renting! Have a trustworthy Realtor^® scope it out for you. Some owners are renting homes that are already in foreclosure. Pocketing the deposit and leaving the tenant to the mercy of the Sheriff … who shows up to evict them before the sale date stipulated by the lender.

Great Locations

I personally represent some remarkable rental properties … like this 5-bedroom home in Tuscany at Abacoa in Jupiter. …within walking distance of the community pool, town center and baseball stadium. Just call for details. Jupiter is a great place to live and love life.  And I ought to know … because I live here and love it!