Rent or Buy?

Hubby and I have been busy checking out online real estate listings, calling realtors and owners and day by day growing more informed about the market here in the Tampa area. While it's definitely a buyer's market now, one has to weigh the costs of ownership. For example, one can buy:

• a 2bed/2bath condo for less than $50K but with annual carrying costs of approx. $5K or more
• a 2b/2b double-wide mobile for $50K or much less but again, annual carrying costs that range from $3,600 to $5K. There are parks with owner share costs which range widely (e.g., $20K to $55K then the mobile cost on top of that). There are parks where you do not own the land but lease it monthly but you can find a mobile for around $10K.
• a 2b/2b house, again similar but slightly higher carrying costs per year and more maintenance headaches.
• If you're an RV'er, you've already invested in a big mobile unit, you have cheap accommodations during your trip to/from and you typically have lower lot rental fees. But you're a little more confined spacewise, depending on your RV.

The benefits? You have invested in an area you like, where you quickly make friends and have a social network. You have a home away from home. You can buy if furnished or not, and rent it out to friends or strangers and recoup some of your annual costs. You can eventually sell it, and lose or make money depending on the market.

Or you can rent. The rents range from $800 to $1200/month typically for a 2b/2b. You may have to clean it up (not all landlords have the same sanitation standards) and even buy items not included in the inventory of furnishings. If you find a place you like, you may get lucky enough to find an owner interested in renting to you year after year so again, you've got that home away from home feeling and some landlords allow you to store items there for use next year. So your costs again are in the $3200 to $4800 range assuming you stay 4 months (not counting all the other costs of living in the sunny south). Many landlords prefer 6 months but the accepted minimum is 3 months. Again, you have freedom to move on to live in and experience other areas.

One factor affecting our decision too is the availability of reasonably priced golf for that is one of our main activities here. Word of mouth has it the further south you go, the more pricey the golf. We're in an area of modestly priced golf, hence our wanting to stay here and return next year. But Florida and other states have so much to offer, it's hard not to want to wander more broadly. The real trick is to find and book a place for next year so we don't have any nasty surprises by renting sight unseen.

We're tempted both ways but since we, as a couple, are newly retired, we plan on renting for now. We're still viewing a few places just in case that wonderful "deal" should present itself!