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Updated 12 months ago,

Account Closed
  • Upstate NY
85
Votes |
72
Posts

Moving - rent before buying?

Account Closed
  • Upstate NY
Posted

My family and I are planning on moving to Florida within the next 18 months. We currently own our home, and upon the sale, will have about $200K in cash. We are looking at a townhome to purchase, but my wife is leaning towards leasing a townhome in a gated community for a year or so in order to get acclimated to the area, schools, shopping, amenities, etc.

From a financial POV, a lease would be between $2300-2500 per month, with a monthly maintenance fee of $105 (lawn, cable, garbage, etc.). A new townhome purchase, based upon what we can afford, would be between $2500-2700 per month, plus a $35-50K down payment, and HOA, which is typically $500-800 per month).

I'd be curious to get some feedback and opinions on the pros and cons of the above.

Any advice is greatly appreciated

Thank you

*we are looking in Palm Harbor, Apollo Beach and Dunedin

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