By now, most people know how the many advantages to owning your own home versus renting. You establish set living costs, are paying towards an asset, there’s tax advantages, etc. But knowing the advantages doesn’t help you when you’re looking at your bank account and then seeing the cost of homes for sale in our market. I wanted to take some time today to show you a few examples of similar homes in our market that were rented vs. purchased, and give you some actual numbers so that you can see how attainable the dream of homeownership is right now.
494 Moffat Loop in Oviedo just sold for $315,000. With 3%, or $9,450 down, and a decent interest rate, the monthly payment would be less than $100 more than the rental on a similar (but not as nice) home in the same neighborhood. When you take into consideration that you generally need first and last month’s rent to move into a new home, plus a security deposit in many cases, you’re parting with about $5,000 to move into the rental on the left, when you could be putting that money towards owning your own home. And in some cases, first time homeowners don’t even need a down payment!
Orlando / Dr. Phillips Area
This is a great community in the Dr. Phillips area. In 2019, we sold one of these units to our buyers for $214,000, and today, their home is worth $246,000…a 15% increase in equity in just 2 years! The owner of 7649 Sugar Bend just purchased the home a few months ago for $232,000 and is now leasing it for $1,900, so it’s cash-flowing right away. With just $7,200 (3%) down, you could purchase for less than you can rent in this neighborhood.
Homeownership is attainable in our current market conditions, and we don’t want you to miss any opportunity to create wealth through the purchase of a home. If you’re not sure how to start and need some guidance, we have a comprehensive homebuyer guide that explains the entire process. You can access it through our website for free.
I would also love the opportunity to give you some options for a purchase, and get to know more about your goals and how a home purchase can help you meet those goals. Reach out to me anytime! You can also start your customized search by clicking here.
Still not sure you have the ability to purchase? Our team can help! Click here to get pre-qualified for a loan, or call 863-323-0589 to talk to our preferred lender about opportunities available for first time homebuyers.