Are you better off renting a condo at Sole or should you buy it.
Sole is a wonderful complex with lots of amenities and a great location in downtown Fort Lauderdale. But should you jump and get advantage now that the prices are low?
The argument to buy a property, in this case a Condo at Sole is a personal one:
- Are you planning in staying put for at least five to seven years
- Do you have some money for the down payment ( 5% to 20% is ideal)
- Are the rents high enough that it’s better to buy?
If you are thinking that is time to buy we can help you decide:
Calculate Price to Rent Ratio:
Price to Rent Ratio is the price of the condo divided by the monthly rent of the same condo. An index of 20 or higher means that is more expensive to own that place than to rent a similar one. An index of 20 or lower means that is more expensive to rent than to buy the same condo.
The average sale price in the last year for a unit at Sole was $213,982 and the average rent price for a condo at sole ( including 1 and 2 Bedrooms) is $1,900 a month or $22,800 a year
The Price to Rent Ratio for Sole is : 9.38
Buying a condo at sole makes sense from the financial point of view. To see what units are sale at sole right now click here or fill out our form and we will get in touch with you.
Determine your Budget for Housing Expenses:
Your income is very important to determine if you can buy a condo. Financial advisers recommend that you buy something that is worth 3 times your family yearly income.
Sole is one of the few luxury condominium complexes in Downtown Ft Lauderdale that allow families or professionals with medium income to buy a condo. With prices starting in the middle $100,000s you should not wait to contact us at 954-507-7653.
Think how long you want to stay put:
A major factor to consider in your purchase of a condo at sole is how long you plan to stay in the area. Do you love the downtown life style? You want to be close to the beach, entertainment venues and go to live events. You should also consider the size of your family. If you plan to have some kids in a couple of years, you won’t be able to make additions to your condo floor plan.
You should also consider the area where you are buying. And Sole and its wonderful downtown location is an area of high appreciation. Even if you don’t plan to stay put for long time it may be a good investment.
Consider the Stipulations of Renting :
Condo living means rules to live by. Sole is pet friendly and allow you to rent your condo in a yearly basis. Check the rules before buying so you can live happy and without surprises.
You will be responsible for some Maintenance:
One of the beauties of owning a condo is that you don’t need to be doing the lawn care, cleaning the pool, fixing the roof, etc. Many of the maintenance jobs are taking care of by the Homeowners Association.
Others like appliance malfunctions, toilet backs up and similar are responsibility of the owner. If you are a renter you only need to call your landlord to have them fixed.
Figure the Upfront Costs:
At the end everything goes back to money. Renting will cost you first, last and security deposit. Sometimes even less.
Buying will cost you at least 5% down plus closing costs like bank fees, title fees, etc. Those cost can be 5,000 or more. Do you have that money ready?
Day to day cost:
The mortgage payment ( principal plus interest) of an average condo at sole ( 20% down) it is $800. But as an owner you also have to pay homeowner association, taxes and insurance. Check if that number makes sense for you.
Long Term Costs:
If you plan to stay you will get the benefits of building equity. Sole has position itself as one of the best real estate investment in downtown Ft Lauderdale. Great location, amenities and capital appreciation at one of the more inexpensive prices per square feet.
Should you decide to buy a condo at sole contact us at 954-507-7653 or fill out the form.
Live at sole specializes in Buying, Selling and Renting at Sole Condominium in Downtown Ft Lauderdale. Our realtors know what units are and will be in the market and they can help you find the one that best suit your needs and pricing requirements.