If you’re thinking of moving to Port Charlotte, you’ve made a great choice! The community of Port Charlotte is a great place to live, with an abundance of attractive qualities such as low crime rates and a wide variety of things to do. However, if you’re planning on moving to Port Charlotte, you’ll have to make a decision on an important issue: will you buy or rent?
This matter will have to be settled regardless where you move, but the decision you arrive at will depend on your budget, your plans for the future and the local housing market. So what is the best choice when living in Port Charlotte, Florida? Let’s find out!
Buying a home in Port Charlotte
First, let’s take a look at buying a home in Port Charlotte. This option has some prominent pros and cons that you’ll need to consider before you make your choice, but ultimately Port Charlotte is a great option, provided you have the budget for it. Now, let’s take a look at some of the upsides and downsides of buying a home in Port Charlotte.
Pro: low median home price
One of the most compelling reasons to buy a home in Port Charlotte is the community’s low median home price. Port Charlotte has a median home price of $212,000, which is significantly lower than the national average. This makes it significantly more accessible to those with lower incomes, making it more plausible if you’re on a tight budget.
Con: limited flexibility
Unless you’re very well off, it’s highly likely that you’re going to be taking out a mortgage in order to buy a home, rather than purchasing it outright. When you buy a home with a mortgage, it severely limits your ability to move around and experience life in a variety of places. If you aren’t fully committed to living in Port Charlotte, you might want to consider renting.
Pro: investment potential
On the other hand, one of the most attractive upsides to renting anywhere is investment potential. When moving to an area as primed for investment as Port Charlotte, you’ll want to take into account how quickly property is appreciating in value, and whether or not you want to put your hard earned money into investing in this locale.
Con: financial requirements
Of course, buying a house is ultimately contingent on your financial situation and whether or not you can produce a large sum of money before signing the contract. Regardless of whether you buy a home outright or take a mortgage on one, you’ll need a lot of cash upfront. If you aren’t able to source this kind of money, you might want to take a look at renting.
Pro: freedom to renovate your property
One of the greatest advantages of owning your own home is that you can change whatever you want about it, as long as you comply with your local HOA. You can redecorate, remodel or rebuild to your heart's content. Want to knock out a wall to open up that kitchen? Go for it! It’s your house; who’s going to stop you?
Renting a home in Port Charlotte
Now it’s time to take a look at your other option: renting. While it certainly has its drawbacks, renting offers a wide variety of perks such as improved flexibility, superior accessibility for those with limited budgets and the freedom to move at any time. Whether or not you choose this option depends on you; so let’s get you in the know!
Pro: enhanced flexibility
When you live in a rental, you have a lot more freedom than you might in a home that you own. You can leave at any time or once your lease is up, and find a similar rental in a new city. This means that Port Charlotte is a great option for those who aren’t totally committed to the idea of making this community their home, and instead would prefer to retain some flexibility.
Con: poor investment value
On the other hand, one of the largest drawbacks of living in a rental is the poor investment value. When compared to paying monthly mortgage payments on a home, renting provides you with no long term investment options, as each monthly payment only serves to prolong your existing living arrangement, rather than going towards making the home yours.
Pro: No maintenance costs
Of all the things that make renting a great option, this is perhaps the greatest: no maintenance costs! When you live in a rental, you aren’t expected to fix anything that breaks, or install any new modifications to your home. Your landlord will make sure everything is working well, and you won’t have to worry about a thing when it comes to maintenance.
Con: increasing rent prices
Another thing that may deter you from renting is the possibility that your landlord will increase your rent. Unless your landlord signs a contract with you specifying that the rent will not increase in price, they can raise your monthly rent at any time without warning. This can leave you in a financially disadvantageous position with few or no options.
Conclusion
Whether you rent or buy in Port Charlotte, one thing will stay the same: this community is a wonderful place to call home! If you’re interested in purchasing or renting a home in this locale, you’ll want to get in touch with the local realtors in Port Charlotte FL. These skilled, experienced real estate professionals will help you find a home that suits your needs and your budget, as quickly as possible. And once you’re there, we’re sure you’ll love Port Charlotte!