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Rent Vs Buy in Wellington Florida: Olympia

Are you trying to decide whether or not you should Rent or Buy a home in Olympia? Below are three Rent Vs. Buy comparisons on homes that have recently sold in Olympia, which is a magnificent guard gated single family and estate home community located in Wellington Florida.

Olympia Wellington FL Rent VS Buy August 2011

Purchase Price: $215,000:
$1067 for Principal & Interest*
$179 Homeowners Insurance*
$358 Property Taxes*
$307 Olympia Monthly HOA Fee (Includes amenities, basic cable & gated entry)
Total monthly payment $1,911vs. $1,900-$2,200 a month to rent a 4 bedroom home.

Olympia Wellington FL Rent VS Buy August 2011 2

Purchase Price: $243,000
$1206 for Principal & Interest*
$202 Homeowners Insurance*
$405 Property Taxes*
$307 Olympia Monthly HOA Fee (Includes front lawn care, amenities, basic cable & gated entry)
Total Monthly Payment $2,121vs. $2,100-$2,300 a month to rent a 5 bedroom home.

Olympia Wellington FL Rent VS Buy August 2011 3

Purchase Price: $340,000
$1,687 for Principal & Interest*
$283 Homeowners Insurance*
$567 Property Taxes*
$190 Olympia Monthly HOA Fee (Includes amenities, basic cable & gated entry)
Total Monthly Payment $2,727vs. $2,600-$2,800 a month to rent a 6 bedroom home.

RENT vs BUY in Olympia - WELLINGTON FLORIDA

In all of the cases above you might be able to rent for less than the cost of owning a home in Olympia. There are several pro's and con's to owning or renting a home in Olympia that need to be considered espeically when the numbers of renting vs. buying are so close.

If you become a Olympia homeowner you will receive tax benefits, hopefully build equity, never have to worry about an increase in rent or having to move every year and in 30 years be mortgage free.

However when purchasing a home in Olympia you might have to come up with a down payment and closing costs. The most popular loan programs, VA, FHA & Conventional, offer as little as 0-5% down to those who qualify. You can also ask the Olympia seller to contribute towards your closing costs, most lenders approve a contribution of 3%-6% of the purchase price, which will typically cover all of your closing fees excluding your down payment.

One benefit most Olympia tenants enjoy is zero responsibility when it comes to home repairs or exterior maintenance, which as a homeowner you will be responsible for these items, but you will never have to ask for permission to paint a bedroom, hang a picture on the wall or add a pet to your family.

BUYING: If you are thinking about buying a home in Olympiacontact me today to review your options and I will be able walk you through the entire buying process.

RENTING: If buying isn't an option, but you are interested in renting a home in Olympia you can fill out our Online Rental Questionnaire and receive a list of homes for rent that meet your needs.

You can start searching homes for sale in Olympia - Wellington FL now:

*Monthly Mortgage is based on a 30 year fixed FHA loan with a 4.625% interest rate and 3.5% down. This is not a commitment to lend and restrictions apply. Homeowners Insurance will vary, an estimate of 1% of the purchase price was used. Property taxes will also vary, an estimate of 2% of the purchase price was used and when purchasing a home in 2011 property taxes will be based off the current homeowners rate. Originally posted at http://wellingtonhometeam.com/rent-vs-buy-in-wellington-florida-olympia/