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/
HANSEN REAL ESTATE GROUP INC.
561.333.0446
Wellington Florida Short Sales | Buying a Wellington FL Short Sale?
©2011 All Rights Reserved
Michelle - this is an excellent post regarding the old rent vs buy issue. Nice job indeed! BTW - I love your stunning red hair against the black background and I would use this to the ultimate in branding.
Fantastic presentation Michelle and comprehensive, so many people leave out the association fees, etc. I wish our area has postive cash flow, rents are high, but not as high as the mortgages even with these great rates.
Michelle, I love the way your bar graphs clearly point out whether renting vs. buying makes better financial sense...great job! :)
Leilani
This really is a great way to demonstrate the benefits of buying vs renting in Black Diamond, Wellington, FL. I know what I would be doing if I had the downpayment.
Barbara - Thank you
Yvette - I know a lot of people only look at the mortgage payment, not the taxes, insurance or HOA, which can be more than the mortgage itself.
Leilani - Thanks
Jane - In a lot of the communities in Wellington it is cheaper to buy than rent.
Awesome Michelle! I love this format and it's ever so helpful for those who are on the fence and nearing the end of their leases. I strongly recommend homeownership--why not right now? It's the best time to buy real estate EVER!
Debe - Thank You!
I love these formats (just like Debe mentioned!) You do a great job getting Wellington & Black Diamond real estate consumers the information they need to make decisions!