Rent Vs Buy in Wellington Florida | Olympia

Are you trying to decide whether or not you should Rent or Buy a home in Olympia in 2011? 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.

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.

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.

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 $2,727 vs. $2,600-$2,800 a month to rent a 6-bedroom home.

Rent vs. Buy in Wellington Florida | Olympia

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 pros and cons to owning or renting a home in Olympia that need to be considered especially when the numbers of renting vs. buying are so close. If you become an 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, 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 Olympia contact me today to review your options and I will be able to 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 meets your needs.

*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 on the current homeowner’s rate.

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About the Author

Top Wellington Realtor, Michelle Gibson, wrote: “Rent Vs Buy in Wellington Florida | Olympia”

Michelle has been specializing in residential real estate since 2001 throughout Wellington Florida and the surrounding area. Whether you’re looking to buy, sell, or rent she will guide you through the entire real estate transaction. If you’re ready to put Michelle’s knowledge and expertise to work for you call or e-mail her today.

Areas of service include Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres, and more.

Rent Vs Buy in Wellington Florida | Olympia