Buying a home will be one of the largest financial investments you will make. It is important that you decide what is best for you. As a real estate professional I like to provide the tools to buyers so they understand why it may be a good time from being a renter to a home owner.
Here is a rent vs. own comparison that should illustrate the advantages of owning a home:
Purchase Price $250,000
Mortgage – 5% for 30 years $241,250
Monthly Payment (Principal and Interest) $1,295.08
Taxes and Home Insurance 450.00
Total Monthly Payment $1,745.08
Less monthly tax savings 332.95
Less monthly appreciation 625.00
Less monthly principal reduction 296.61
NET Cost of Owning $490.52
Monthly rent for comparison $1,600.00
Less net cost of owning 490.52
Monthly cost of renting vs. owning $1,109.48
Annual cost of renting vs. owning $13,313.75
Above analysis courtesy of Florida Realtors Magazine ®
If you would like more information about the home buying process or how to get started, please click on our buyer link for more information.
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