5 Reasons Why Putting Money Into A Home (Not The Latest iPhone), Might Be Advantageous For Today’s Millennials

There is no argument that today’s millennials are highly educated and tech savvy. Their “carpe diem” philosophy is great for taking risks and enjoying life, but does it help with long-term financial decisions?

The vast majority of South Florida millennials rent vs. buy. With astronomical rent prices and no financial gains, it might be wise to consider purchasing a home in the near future. Below are 5 reasons why putting money into a home, rather than the latest iPhone, might be advantageous for today’s millennials.

1. Mortgage payments are the same (if not less) than rising rent prices

The average rent in the Downtown Fort Lauderdale area is $1900/month (apartment around 750 square feet, with 1 bedroom/ bathroom). What does that equate to in the home buying world? Depending on your down payment, you can most likely purchase something around $300,000. This price range could give you 3 bedrooms, 2 bathrooms and double the square footage.

2. Options, options and more options

One of the many benefits of purchasing the home is options. Now that you can obtain a larger living space, you can have a roommate(s) to share expenses. It is mutually beneficial. It is more affordable for them and allows you to add equity on someone else’s dime. Got a new job offer and need to move? Renting your property could be an option. This allows you to hold onto your assets and maybe even make a little extra every month from rental income.

3. There are many financial benefits

Some financial benefits include tax deductions and appreciation. Homeowners are able to deduct mortgage insurance and property taxes when filing each year. Owning a home is an investment. With the South Florida real estate market continuing to rise (with foreseeable stop ahead), a person can make a quick return on their investment.

4. You don’t need to have 20% down

For qualifying mortgagees, you can put as low as 3.5% down when purchasing a home through an FHA loan. This is sometimes is equivalent to first, last and security deposit when renting. It would be wise to contact a licensed Florida mortgage lender for a complimentary pre-approval before signing a lease. This will open your eyes to options.

5. Don’t pay for someone else’s property

In a nutshell, renting only benefits the landlord. Each month, you are paying for someone else’s mortgage. In addition to building a stranger’s equity, you will be spending your hard earned dollars making someone else’s place nice. Wouldn’t you rather hang that new 65-inch TV on the wall YOU own?

If you are thinking about taking the home buying leap, reach out to a licensed real estate professional. There are not additional costs for buyers to use a real estate agent. Let the experts guide you.

For a FREE step-by-step guide to buying a home, download the Complete Guide To Buying Your First Home CLICK HERE 



The Priciest Pads in the Tri-County

Whether you struck it rich or just dreaming of a life filled with champagne and caviar, you will want to check out these MEGA mansions. We have sourced the most expensive homes on the market in Miami-Dade, Broward and Palm Beach counties.

Miami-Dade County – 46 Star Island Drive $65,000,000

Represented by One Sotheby’s International Realty, 46 Star Island is packed with the luxury punch. This waterfront stunner is 20,000 square feet of living space and sits on 61,000 square feet of prime real estate. This home features 40 rooms, a ballroom sized living room, a 3,000 bottle wine cellar, staff quarters and 255 feet of panoramic views. There is no doubt that even your star-studded neighbors will be impressed with these digs!

See more of 46 Star Island: https://www.youtube.com/watch?v=z3ZpppM0alc&t=56s


Broward County – 534 Bontona Avenue $39,000,000

Designed by renowned architect, Jeffrey Smith, 534 Bontona Avenue has you dreaming of Venice. The Venetian inspired estate, listed by Trump International Realty, has 7 bedrooms, 6 ½ bathrooms, priceless views, and a big price tag! If 17,352 square feet of living space, king and queen master suites, a 350 foot dock, elevator, panic room, putting green, tennis court and basketball court doesn’t impress you, maybe its numerous awards will. This home has received awards for waterfront estate, volume ceilings, landscaping and 10 various recognitions from the Construction Association of South Florida.

See more of 534 Bontona Avenue – http://tours.southfloridavirtualtour.com/898312?idx=1


Palm Beach County – 2000 South Ocean Boulevard $165,000,000

Gemini, represented by One Sotheby’s International Realty, is a15-acre ocean-to-lake-estate that will make most one percenters jealous. Located in Manalapan, Gemini has a whopping 62,200 square fit on living space with 33 bedrooms, 38 full bathrooms and 14 half bathrooms. $165,000,000 will get you a mega mansion sitting on a dune with 360 degree views, 1,200 feet of beachfront and 1,300 feet of lake front. Annoying neighbors? Not here! Enjoy total privacy and tranquility because there isn’t another home for miles.

See more of 2000 South Ocean Boulevard – https://www.youtube.com/watch?v=8HuLFyAiYbU&t=4s