There’s nowhere in the U.S. that carries the same level of appeal as South Florida. Year-round warm weather, entertainment galore, the finest restaurants, high-end shopping, and boundless business opportunities await you in the Sunshine State. Whether you plan to spend a few months or years in Florida, or if you want to make the state your home, you’ll need to consider your housing options.
If you’re someone who demands quality and prestige, you might think that buying a house, apartment, or condominium is the only way to meet your needs. However, there is an alternative.
Florida has one of the most robust home markets in the United States, with high-end rentals being particularly active. Luxury apartments in Pembroke Pines could provide the lifestyle that you want, without the overhead or commitment of buying a home.
Take a look at the benefits of renting Pines Garden apartments and make the best choice for your needs today.
Renting Could Be More Economical
In many cases, you will find that renting luxury apartments in Pembroke Pines is actually more cost-effective than buying a house or condo.
No matter what any Florida mortgage broker or realtor tells you, it’s not always the perfect time to buy. In fact, there are times when the market is highly weighted towards sellers.
In 2020, sellers are likely to have an advantage, due to smaller inventories at the high end of the market. You could end up paying more than a home is worth, and, if you don’t plan to live in it forever, you could ultimately lose money when you need to resell.
The Price to Rent Ratio
Calculating a price to rent ratio is simple. It’s the average property price divided by the average annual rent.
Take a market where the median home sale price is $300,000, and the average rent price is $24,000 per year. $300,000 divided by $24,000 leaves us with 12.5. This is the price to rent ratio.
- A ratio below 15 suggests that it’s a good time to buy.
- A ratio between 16 and 20 suggests that renting is more economical.
- A ratio above 21 suggests that renting will be the best option.
Many people use this simple ratio to make their decisions, but there’s more to consider…
Factors Beyond the Price to Rent Ratio
Even if the ratio leans towards buying, you might find that other factors work against you.
For example, you should always aim to rent if you plan to spend less than seven years in the state. Finding a home, working with a realtor, and closing a mortgage can be an expensive process. You’ll also need to pay taxes on the home and keep up with maintenance. Homeowner’s insurance is typically more expensive than renter’s insurance. All of this adds overhead that makes owning a home more expensive.
So, even if you find the ratio to be ideal, keep the above in mind. There’s little point in buying a house or a condominium if you will be moving out and selling in a few years’ time. You’ll spend more, and with no way to accurately predict the home market, you could lose money at resale.
Pines Garden Apartments Rentals May Be Better Suited to Your Lifestyle
There are also lifestyle factors to consider. Florida’s home market is massive, but it’s a fact that many of the best locations have been taken by developers. If you want to buy a condominium or a home in one of South Florida’s more exclusive neighborhoods, you will pay a significant premium.
Being close to entertainment, family activities, business hubs, shopping, and restaurants is a luxury that you might not be able to afford if you buy a home outright.
Large purpose-built luxury rental communities like Pines Garden Apartments at City Center are different. Developers have more leverage when purchasing land. They have strong financing and typically have the pick of the best real estate in Florida. By renting, you can move to an exclusive community in a prime location, without having to worry about exorbitant prices on the for-sale market.
Again, using Pines Garden Apartments as a prime example, let’s look at everything you will gain when renting:
- There’s a 2-Story luxury clubhouse including a media room, game room, lounge and bar, fitness center, business center with co-working spaces, numerous TVs, playroom, bathrooms, and coffee bar.
- You’ll enjoy a resort-style swimming pool area with summer kitchen and grill amenities.
- There are fully furnished outdoor spaces for relaxation.
- Modern apartment units come with luxury appliances, fixtures, and interior designs.
- 1, 2, and 3-bedroom apartment and townhouse options range from 651 to 1491 square feet.
- You can live in the heart of Pines City Center, which is minutes from Miami, Hollywood, and Fort Lauderdale.
Buying a home with the same amenities in a gated community or condominium complex would attract a huge price. Renting, especially for mid-term residents, makes financial sense.
Do You Need Flexibility for Future plans?
When you rent Luxury Apartments in Pembroke Pines, you won’t be tied down to the location. Many young entrepreneurs and professionals prefer the flexibility of renting so that they can follow life and business opportunities anywhere.
If you want to live in high-end luxury without the price tag of buying a home, consider Pine Garden Apartments. Beautiful residences, top amenities, and a prime location can provide the home and lifestyle that you’re looking for.
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