Rent Vs Buy in Wellington FL:
Black Diamond
Are
you trying to decide whether or not you should Rent or Buy a home in
Black Diamond? Below are three Rent Vs. Buy
comparisons on homes that have recently sold in Black
Diamond, which is a beautiful guard gated single family home
community located in Wellington Florida.
Purchase Price: $199,000:
$989 for Principal & Interest*
$166 Homeowners Insurance*
$332 Property Taxes*
$279 Black Diamond Monthly HOA Fee
Total monthly payment $1,766 vs. $2,000-$2,100
a month to rent a 4 bedroom home.
Purchase Price: $277,000
$1374 for Principal & Interest*
$231 Homeowners Insurance*
$462 Property Taxes*
$290 Black Diamond Monthly HOA Fee
Total Monthly Payment $2,357 vs. $2,300-$2,500
a month to rent a 4 bedroom pool home.
Purchase Price: $350,000
$1,737 for Principal & Interest*
$292 Homeowners Insurance*
$5583 Property Taxes*
$290 Black Diamond Monthly HOA Fee
Total Monthly Payment $2,902 vs. $2,800-$3,200
a month to rent a 4 bedroom estate home.
RENT
vs BUY in Black Diamond - WELLINGTON FLORIDA
In all of the cases above you can own
for less than the cost of renting a home in Black Diamond. There
are several pro's and con's to owning or renting a home in Black
Diamond that need to be considered espeically when the numbers of
renting vs. buying are so close.
If you become a Black
Diamond 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
Black Diamond 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 Black Diamond 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 Black Diamond
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 Black Diamond contact
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
Black Diamond you can fill out our Online
Rental Questionnaire and receive a list of homes for
rent that meet your needs.
Start
searching homes for sale in Black Diamond - 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-black-diamond/
