Real Estate Insider Blog

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15
Sep
2016

Is now a good time to buy or rent a home in the Clearwater area?

Sometimes renters just want to start afresh in a new community, perhaps in a home with more room to start a family, or maybe just because they grow tired of having to pay their landlord month after month. There's plenty of people who have gone from renting to buying property, and perhaps you now feel that you are stable enough financially to join them. Let's look at a few benefits to owning rather than renting your own home:


More Predictable Housing Expenses


A classic benefit of owning your own home is that, although rental rates pretty much rise every year, the principle and interest variables of a fixed mortgage payment stay the same throughout the whole period of repayment. This means that, assuming you have a 10-year ?xed-rate mortgage, you will pay the same exact month-to-month payment every month for the whole 10 years, regardless of how much inflation goes up or down.


Better Value


Because of realty appreciation in Pinellas County, it's quite common to see a home that was bought for $60,000 a decade ago is now worth $180,000. In contrast to other geological areas in Florida, Pinellas County is a peninsula and is for the most part overbuilt, so there's not much free land and too little space left for the population to expand. This is why a number of major cities in Pinellas County, such as Clearwater, are coming back as sought-after industrial and residential areas, some of which have seen realty values rise by as much as 220%.

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