What’s the best way to avoid a rent increase? Buy a home! Escaping the roller coaster of rents that creep up year after year – while you get nothing in return – is certainly one of the key reasons to buy a house.
How Do the Costs of Owning vs. Renting Break Down?
The average rent in Palm Beach County is about $1500 (we’re talking one-bedroom here, folks). Rents are the highest they’ve been since… well, people started charging rent. When you buy, your mortgage, taxes, and insurance may come to about that or even less, in some cases. At the same time you’re building equity. Rather than investing in your landlord’s future, you’re investing in yours.
Currently, interest rates are low, making it a great time to buy or build a home in Florida. There are different loan options to consider, including FHA and VA loans, and your credit needn’t be perfect. Another way to save money is to look at cost efficient home models.
Energy Efficiency = Cost Savings
Builders like Synergy Homes offer a number of beautifully designed homes, integrating the latest in home building science. They are up to 50% more efficient than average new homes and up to 75% more efficient than existing homes. As a renter, when was the last time you saw your utility bill decrease? When you own, you can take steps to decrease your energy use, maintain maximum comfort, and save month after month – and year after year!
One of the most important reasons to buy a house is that it can give you a sense of security and stability. You don’t have to endure the hassle and expense of moving from apartment to apartment; you build equity in your future; you build value in your home when it is efficient.
If you want to jump off the rent roller coaster, get in touch with the Synergy Homes team. Our cost efficient home models make the dream of ownership a reality.