See your condo three ways: sell it, or keep it as a rental and use a home equity line for the down payment. Plus what Florida portability could do to the tax bill on the house.
Sell vs. keep-and-rent • HELOC for the down payment • Save Our Homes portability
Estimates only. Results depend on your loan, credit, income, the condo's rent and fees, and the home you buy. No SSN required for estimates. If you choose to apply, SSN and a hard credit inquiry may be required.
At a glance, with the example numbers
Keep & rent the condo–a month out of pocket, all-in
Sell the condo–a month for the house
Home equity line available–
Rent the condo needs to carry itself–
Yearly tax savings from portability–
These are example numbers. Replace them with your own; every box can be edited.
1 · Your condo today
Condo valueWhat it would sell for today
$
Mortgage balanceWhat you still owe
$
Your mortgage rateThe one you keep if you rent
%
Mortgage payment / moPrincipal & interest only
$
Condo HOA / moYour association dues
$
Expected rent / moBeth can pull rental comps
$
Market (just) valueFrom your TRIM notice
$
Assessed valueYour capped Save Our Homes value
$
Condo citySets the condo's tax rate
Condo insurance / yrRental (HO-6) policy estimate — replace with a quote
$
Vacancy & repairsShare of rent set aside
%
Cost to sellCommission, doc stamps, title
%
2 · The house
Purchase priceThe house you'd buy
$
CountyWhere the house is
City or tax districtSets the house's tax rate
Down paymentSame in both scenarios
%
New mortgage rate30-yr fixed, Sample Market Pricing
%
Credit scoreAffects mortgage insurance
Homeowners insurance / yrPlaceholder — replace with a quote
$
House HOA / mo
$
Closing costsEstimate, share of price
%
3 · Home equity line on the condo
Borrow up toCombined loan-to-value cap
HELOC rateIllustrative, variable
%
Estimates only • Not an offer or commitment to lend • Assumptions shown below
Results = Estimates (Not an Offer)
Figures are estimates for educational purposes only and are not a loan approval, commitment, or rate lock. The house payment includes principal & interest, estimated property tax, the insurance you enter, mortgage insurance when you put down less than 20%, and HOA dues. The HELOC payment is interest-only on the amount drawn at the illustrative variable rate shown; HELOC rates can change. Property tax uses the county's published millage and the portability rules in Fla. Stat. §193.155(8); your property appraiser sets the actual values. Rental income, vacancy, repairs and insurance are your estimates. Not tax or legal advice.
Sell the condo
Use the sale proceeds for the down payment.
$0 /mo
Keep it, rent it, HELOC for the down payment
The condo's low rate stays in place.
$0 /mo out of pocket
Taxes on the house
First full year, with homestead exemptions.
$0 /yr less
How it works
Why some condo owners keep the condo
1
The low rate stays
If you sell, the low-rate mortgage on the condo is gone for good. If you rent the condo out, that payment stays where it is, and the rent helps carry it.
2
Open the equity line first
A home equity line is generally easier to get, and priced better, while the condo is still your primary home. Opened before you move, it can fund the down payment on the house.
3
Your tax savings can move
Florida lets you carry up to $500,000 of the Save Our Homes savings from your condo to your new homestead, even if you keep the condo. The condo's own taxes go up once it's a rental, and the numbers above show both.
Good to know
Questions people ask
Where did the starting numbers come from?
If you scanned the code on our letter, we started you with estimates from public records: an automated estimate of the condo's value, a balance estimated from the mortgage recorded on it, and the property appraiser's market and assessed values. They are estimates and can be wrong, so check each one against your mortgage statement and your TRIM notice. Nothing you type here is saved or sent anywhere.
Can I really keep my portability if I don't sell the condo?
Yes. Portability follows your homestead exemption, not the sale. When you move into the house and file homestead there, you give up the homestead exemption on the condo, and the condo's Save Our Homes benefit can transfer, up to $500,000. Generally you have until January 1 of the third year after you leave the condo's homestead to set up the new one. The property appraiser decides the final figures.
Why do the condo's taxes go up?
Once the condo is a rental, it loses the homestead exemption and the Save Our Homes cap. The next January 1 it's assessed at full market value with no homestead exemption, and from then on it has the 10% non-homestead cap. The numbers above assume that full reset.
Can I get a HELOC on my condo?
Often, yes, but it depends on your credit, income, how much you owe, and the condo association itself: some lenders won't lend in buildings with litigation, low reserves or pending special assessments. The line is generally easier to open while the condo is your primary residence, before you move.
Will the rent help me qualify for the house?
It can. Lenders usually count a share of the rent, often 75% under a signed lease, against the condo's payment. Whether you qualify for the condo plus the house depends on your full income and debts. That's the first thing I check.
Your team
We do these together
Todd Hanley, RICP®
Senior Loan Officer · NMLS #1013665 United Direct Lending · NMLS #1749719 Runs the numbers on the HELOC and the house. (954) 806-5114
Beth McKeone
Realtor® VantaSure Realty LLC Finds the house and can help you lease the condo. (954) 957-1000
Want this built around your real numbers?
I'll check what a HELOC on your condo would actually look like, how the rent counts toward qualifying, and what the house would cost with your portability. Free, and no pressure. Or call or text me at (954) 806-5114.
Sources: Fla. Stat. §193.155 (Save Our Homes and portability) • County millage: Broward, Miami-Dade, Palm Beach, St. Lucie. Todd Hanley, RICP® • NMLS #1013665 • United Direct Lending NMLS #1749719 • 5550 Glades Rd, Suite 500, Boca Raton, FL 33431 • Licensed in FL, TX, NJ • Equal Housing Opportunity • Not a commitment to lend. A home equity line of credit is secured by your home; availability and terms depend on credit, income, occupancy, property, and program guidelines. Beth McKeone, Realtor®, Lic. SL3435994, VantaSure Realty LLC, 502 E Atlantic Ave, Ste 213, Delray Beach, FL 33483. United Direct Lending and VantaSure Realty are independent, unaffiliated companies. If your property is currently listed with a broker, this is not a solicitation.
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