If you’re a renter ready to buy your first new custom Florida home, you may be conflicted about whether today’s complicated residential real estate market is the best time to do that.
Our response here at ICI Homes? Absolutely.
We’ve built new custom Florida homes all over the state for more than 40 years. Through all types of residential housing markets and United States economies. And what we do know is that owning a home is ALWAYS a smarter investment than renting one — no matter the market.
To recap the first two parts of our series on this topic, now is always the time to buy, particularly if you want to escape the rental hamster wheel. Action is what turns you from a renter into a homeowner.
Tossing away monthly money on rent versus a mortgage payment that helps you build valuable equity in your own abode, doesn’t make long-term economic sense. Neither does sitting on the rental sidelines hoping to “time” the residential housing market for lower future interest rates, better housing selection, or less buying competition.
Here’s another tried-and-true reason that now is always the time to buy — your first home is the first step toward your dream home.
More on that below.
Buy low, sell high in any real estate market
You’re probably heard that mantra in relation to economics, or to stock-market and investment strategies. You make more money if you buy anything — say, an antique dining table — and sell it at a higher price for profit.
Once you become a homeowner, you have the ability to do the same thing by building equity (or value) in your home. The more you pay down your mortgage, the more your home’s value increases. It becomes a tremendous financial asset
Then what do you do? When you’re ready for more room, or that dream home, you sell your tremendous financial asset and roll the proceeds into the purchase of your new home, either eliminating the need for another mortgage, or greatly reducing its amount.
You can’t accomplish that with rent.
Right-size your first home
Once of the keys to making the transition from renter to homeowner is to buy the type of home that’s priced right for you, right now.
Our first homes usually aren’t the dream homes. But today’s just-right new custom Florida home or maintenance-free townhome that’s perfect for your current budget, lifestyle and financial goals, can help you buy smart and sell high later. So that next home can include a swimming pool, or be the dream home from our ICI Custom Homes division.
Financial clarity is key
Since buying a home is the largest purchase for most folks, do your homework. Determine the affordability of price, monthly mortgage payments and the size of a down payment, then conduct your home search around those budget parameters.
Before you know it, you’ll be able to stop renting and start buying.
Are you ready for your new custom Florida home? Reach out to ICI Homes here and explore your options.
P.S. – Don’t forget to ask us for more information on our preferred lenders and special incentives available in your area!