Debating on renting or buying a home? There are many options to consider when it comes to Navarre Real Estate, and putting your hard-earned money into someone else’s investment usually isn’t the best one. A quick look at the Navarre MLS will easily show you that our current rental market is very tight. If you are on a restricted budget, have pets or special needs, you easily could find yourself with very limited options. However, you may have more options available than you realize. Let’s talk about buying a home, and some of the benefits.
With today’s current interest rates, it is quite possible for you to own a larger and nicer home for equal or less than what you currently pay in rent. Many people believe they are stuck renting because they cannot afford the down payment to purchase their own home. In reality, buying a home is easier than ever, with the right help. There are several programs available today that make home ownership far more achievable. If you are a veteran, you may qualify for 100% financing with a 620 or higher credit score through the VA. With a great Real Estate agent, you may be able to get your closing costs paid (or even get money back).
If you are not a veteran, you may qualify for an FHA loan with a down payment as little as 3.5% for a credit score of 580 or higher. (Your credit score can be between 500 – 579 if a 10% down payment is made.)
There are also tax exemptions for homeowners that are not available to renters. These include: Local taxes, Real Estate Tax, the interest on your loan, and the Florida Homestead Exemption which is up to $50,000! Taking advantage of these tax benefits could save a great deal of money.
When you’re a tenant in someone else’s home, you are paying down their mortgage. You are putting your money into their investment – you’re a part of their long-term wealth strategy; wouldn’t you rather build your own? When you own your home, you upgrade and repair it as you like, while adding value to your investment! You can enjoy a relatively stable monthly payment with a fixed mortgage.
As a tenant you could face:
Home ownership provides security and peace of mind. When you own your home, you know it’s YOURS. With the right real estate agent to guide you, buying a home can be the best decision you make towards gaining control over not only your net worth, but your QUALITY OF LIFE!
If you are ready to begin your home search, you can rest assured you have found the best real estate agency in Navarre to help you. Whether you are seeking to access the Navarre MLS, need help prequalifying for a mortgage, or assistance finding your forever home… we’re here to help.
Have questions? Contact Shannon@NavarreRealEstateSource.com!