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Renting vs Buying? What’s the 2020 answer?

Posted on: August 27, 2020

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For many average American workers, the dream of owning a home has been a lofty aspiration. Renting was a choice by necessity, not the end game. Now, with the current climate creating uncertainty in many areas of life, home ownership may be a silver lining that results from the events of 2020. Historically low interest rates are opening the doors to homeownership to many who may have previously been priced out of the market. It might sound surprising, but now may be the ideal time to transition from renting to buying, or just to make a move in general. Here are the three main things to consider:

1. The Market

The current state of the market certainly has its opportunities right now. Those in the seller’s shoes can negotiate higher prices for their properties due to limited existing inventory. Buyers, on the other hand, can take advantage of competitively priced homes and extremely low interest rates. The option to affordably build your dream home within a new community may also be on the table.

2. Your Budget

Potential buyers may be in a perfect position to capitalize on their situation. And if they have money already set aside to invest and job stability, even better! Timing is a key factor when considering a home purchase.

Homeownership offers not only the benefits of stability, belonging to a community and pride of ownership, but also greater financial flexibility. There are special types of loans offered to individuals like first time home buyers or veterans, tax breaks and the opportunity to build equity and long-term wealth for yourself and your family. And since interest rates are so low, your mortgage payment will most likely be less than what you were spending in rent. There are even new communities currently being developed aimed at providing a variety of options to meet every budget. Tributary, a new community by GreenPointe Developers, is bringing a new style of modern-rustic homes to Nassau County that are competitively priced from the $200’s. You can take a look at the impressive selection of 30+ distinctively designed single-family homes here.

3. Your Reason

Why are you thinking of buying a new home? Is your family growing, downsizing, or are you just looking to make a move to an area more suited to your lifestyle? A growing number of people now have the flexibility to work remotely, decreasing the need to reside near and commute to an office every day. This is allowing those the option to expand their home search to more areas bringing in more choices to consider. Millennial buyers are now at the age of starting families and deciding that more square footage, quality school systems, abundant outdoor space and new communities with family-friendly amenities are a critical component of their home searches.

If you are currently residing in or considering a move to sunny North Florida, Nassau County is a growing area that’s worth a look. GreenPointe Developers has unveiled Tributary, an exciting master-planned community located just west of I-95 off of SR200/A1A. Where modern-rustic homes from the area’s top builders are affordably priced from the $200s, perfect for first time home buyers.

Tributary’s renowned amenities will serve as the social centerpiece of the community. The Lookout Amenity Center will include a sparkling, resort-inspired pool, Adventure Zone Tot-Lot, paw-some dog park, state-of-the-art fitness studio and an array of sports courts, pocket parks and trails that directly connect to neighboring Four Creeks State Forest. It’s the perfect place to gather with family and friends to create memories and “Explore More” right in your own backyard. It truly is a one-of-a-kind location surrounded by nature, close to A-rated schools, historic downtowns, shopping and incredible beaches.

Interested prospective buyers can check out over 30 unique home designs, learn more about the community, and contact the sales team by visiting TributaryLiving.com. Connect with us to stay updated and discover why Tributary is the perfect place to call home.

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