Rent vs. Own/First Time Homebuyers

You must ask yourself…why should I buy, instead of rent?  A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your income taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours - a home with your own personal style.

Rent vs. Own Rent Own FHA Own VA
Monthly Payment $1,495.00 $1,074.00 $1,117.00
Mortgage Insurance $0.00 $167.00 $0.00
Hazard / Renters Insurance $30.00 $45.00 $45.00
Real Estate Taxes $0.00 $213.06 $213.06
Condo Dues $0.00 $137.00 $137.00
Total Payment $1,525.00 $1,636.00 $1,512.00

Note the example of renting vs. owning a home. This example is based on a sales price in the mid $200’s. If you decide to purchase a higher priced home, one of our Preferred Lenders will be happy to help with the adjusted figures. Now is the time to buy with historical LOW interest rates! And BUY NEW because of the many benefits!

Approximate Payment/Cost Comparison based on estimated annual tax results. Consult with a tax expert for your actual tax deduction. Payment based on FHA & VA 30-year fixed rate loans with a $3.50% interest rate. (4.216% FHA APR, 3.672% VA APR), sales price of $243,500 and a loan balance of VA $248,735 / FHA $239,089. See a qualified tax consultant for more details. **Mortgage payment assumes a fixed rate and does not account for possible property tax/insurance increases. Other financing available. Rates and examples as of February 2015, and are subject to change.

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Builder reserves the right to substitute or make changes to all model types, prices, site plans, floor plans, materials, and/or specifications, and are subject to change without notice. Actual homes may vary from the renderings and floor plans, the model, or other homes. All square footages listed are approximate. *Sales by Wainwright Real Estate/Virginia Real Estate Broker, 4098 Foxwood Drive, Va. Beach, VA 23462.

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