In 2016, realtors and blogs alike were saying how it was a “buyers market” and that before too long, home prices would rise and interest rates would follow suit.
Well, fast forward 365 days and that’s exactly what has happened.
I’ve been renting for the past 6 years. I’ve rented 4 different places. 2 townhouses and 2 apartments.
The townhouses I rented were newly constructed in the suburbs of Orlando and at the time, a steal.
I rented a 2/2 in Casselberry, FL with an attached 1 car garage and 2 car driveway in a gated community with a pool for less than $1000 a month. The home was a year old and across the street from a grocery store. It was great!
Then I got a roommate and decided to move into a bigger place with more space so we weren’t so cramped.
This place was a 3/2.5 in Longwood, just outside Orlando with a detatched 2 car garage and a private courtyard coming in at just over 1,700 square feet and the monthly rent was less than $1500.
Then I moved closer to downtown Orlando and rented apartments in Baldwin Park, a master planned community with a village center and my rent ranged right at $1500 for a 1,000 square foot, 3rd floor apartment.
In my 6 years of living in Orlando I’ve moved 4 times and paid more than I’d like to admit for amenities and location. Each year, rental rates have gone up forcing residents to either pay the increase or find a new place to live. The latter has been my dilemma.
I work in north Orlando and live near downtown currently which is ideal for my commute, but the cost is high.
In 2016, I was pre-approved for a home loan and began looking at places to purchase on my own because rent was just getting out of hand. I soon realized that what I could afford was not what I was hoping for, not in the areas I felt comfortable, and far from work. No one wants to buy something they don’t like or that they’re not comfortable in.
Thus, I shelved my house search and paid the increase in rental rates.
Now, let me say, renting isn’t bad at all. If something in your apartment breaks, the cost doesn’t come out of your pocket. If you don’t like your neighbors, you can move once your lease is up.
There’s also the benefit of most apartment communities now offer incredible amenities such as pools, state of the art fitness centers, covered parking, valet trash service, etc. But again, it all comes with a cost.
Sure, I don’t own my apartment, but I’ve been able to make it my own and I’m happy with where I live for now.
That being said, with rental rates increasing each passing year and new home communities coming online it seems daily, the thought of buying a home further away from work is looking better, especially if I can get it brand new, with a nice community feel, and a pretty good idea that it’ll hold value. I wouldn’t mind tacking on 20 minutes to my 15 minute commute.
If anyone has any thoughts on Lake Nona or Dr Phillips, I’d love to hear your stories about them. My lease is up in the Spring and I’m open to new areas. Especially with the intention on purchasing a home soon.
I’d like to give a new area a test run before thinking about buying and putting down roots.
Who said Millennials aren’t interested in buying homes? 😉