You’re sure to have heard many times that it not only matters what home you buy, but where you buy it. For first-time homebuyers, knowing where to purchase is a crucial decision, especially with the ever-fluctuating housing market. The good news is many places in the Sunshine State are perfect for first-time homebuyers. According to Builder Online and research found through a new WalletHub study, Orlando is one of the best places to purchase. They compared 300 cities using 22 key indicators, including market attractiveness, affordability, and quality of life. With all of the already amazing qualities of the city along with the many choices for new Dream Finders homes, relocating to Orlando, Florida is a great choice.
Should I Buy a Home in Orlando, Florida?
Buying a home is a great investment overall, and one of the things you want to look for when searching where to buy is market value. Areas where there’s a steady increase in population mean the value of the houses will go up, translating to a higher return on investment when you decide to sell. Orlando is one of these areas. It’s expected to increase in population by 1,500 residents every week through 2030.
Like any metro area, there are numerous towns and cities in the Orlando region to choose from. From quaint suburbs to vibrant urban areas, consider the type of home and lifestyle you want to live as well as your career or commute to work. Different areas will accommodate different budgets too, so consider your budget. Part of that involves seeking help from a trusted lender (we recommend getting mortgage rates from three or more lenders). Your lender can help you determine your budget and find programs that fit your financial situation.
Florida offers many loan programs that can help first-time homebuyers with the costs of buying a home in Orlando. You can receive help with down payments and closing costs with certain programs and grants. However, there will be eligibility requirements you must meet. For example, you may need to have a certain credit score, work with specific lenders, complete an education course, meet purchase price limits, or meet a low-income limit. With the endless options available for first-time homebuyers, a loan officer at Jet Homeloans can walk you through all of your available options, helping to bring your new home in Orlando within reach.
When you buy a home in Orlando, there’s more than the down payment and closing costs to think about. Knowing what expenses to expect will help you prepare for this investment and budget wisely. Here are some home expenses you’ll likely face in Orlando.
- County Tax – Orlando is in Orange County where the average property tax rate is .96% or $2,400 per year based on a home value of $250,000. Taxes are a common expense all homeowners must pay.
- Homeowners Insurance – Insurance is an expense you must have when financing a home. It will protect your home from certain damages. You may also need flood insurance in certain areas. The average cost is $2,312 per year, but it will depend on the value of your home.
- Utilities – Electricity, internet, and other utilities come with their own costs.
- HOA Fees (if applicable) – Depending on where you live, you may have a Homeowner’s Association fee that is due to maintain the neighborhood, and may include lawn maintenance and community amenities.
Why Orlando Is Considered One of the Best Cities for Millennials
Orlando is an ever-growing city with many positive qualities that have people of all ages flocking here. While it offers a diverse population, millennials especially love this metropolitan area.
The variety of things to do is one of the most attractive qualities. You won’t ever get bored with new hangout spots popping up all over and a calendar packed with fun events. Take in the rich culture with a stop at myriad galleries, theaters, museums, and live music venues. Get in touch with nature through recreational options like paddleboarding, outdoor yoga, biking, and hiking. Whatever it is you’re interested in, Orlando is bound to have it. Not to mention the endless list of farmers markets, boutique shops, unique restaurants, and entertainment attractions (Disney World anyone?).
Job opportunities are boundless in Orlando with major corporations like Disney, Lockheed Martin, Electronic Arts, and more calling it home. You can easily find a job that suits you, whether you’re looking to make a career change or opportunities for growth in your current career. Orlando is consistently ranked at the top for job opportunities based on employment growth, average salary, and industries. If you prefer, there are a ton of great options that allow you to work from home too.
While it goes without saying, the weather here in Central Florida is one of the biggest draws and reasons millennials make the move. You really can’t beat sunny, mild weather year-round and average temperatures of 72 degrees. But that’s not all there is to love. Orlando hosts renowned healthcare facilities with highly-trained professionals and some of the best education options for K-12 and higher education students. It’s also worth noting that there’s been huge progress in the eco-friendliness and sustainability of the city. Many communities have opted for greener, healthier standards and Green Works Orlando has many initiatives to work towards this same goal. Lastly, Orlando residents benefit from tax benefits like no state income tax, no inheritance tax, and no estate tax, including property taxes lower than the national average.
Contact Dream Finders Today!
Dream Finders has homes for sale in Orlando, FL that will only add to all of the benefits of moving here. We love working with first-time homebuyers and helping them start their home journey on the right foot. Our team of experts will guide you through everything from which community will best suit your needs to financing options and the steps of our building and buying process. Check out the many areas of Orlando we build in and let us know if you have any questions!