How Much House You Can Get for $1,000,000 in Fort Myers, FL
If you’re about to drop a million dollars on real estate, you want to make sure you get the best bang for your buck. Don’t worry – there are plenty of affordable housing options in any city. It’s just a matter of knowing where to look and what to steer clear of. That’s where a Realtor comes in handy. With their expertise, this process can be less stressful than a visit to the dentist!
The average listed home price in Fort Myers is $341,680. So, if you’re looking to purchase your next home there, $1m will give you a lot of great options. Not only that, but you’ll be able to afford one of the more desirable neighborhoods.
We know all potential home buyers have a unique situation. But if you’re thinking of buying there, knowing how much house you can get for $1m in Fort Myers should help you with your decision.
Just how much will a million dollars get you in Fort Myers?
To answer that question we’ll start by saying, a lot. Sure, a million bucks might not get you a 10k square foot private waterfront mansion. And maybe your next door neighbor won’t be a pro athlete. What it will give you is a beautiful luxury home on a great piece of property in a fantastic neighborhood. That we can be sure of.
What does that mean for your monthly mortgage payment? Well, there are a few factors that determine that. As with purchasing any property anywhere, the biggest determining factor will be the down payment. The smaller the down payment, the higher your monthly mortgage payment will be.
The features to expect from a million dollar Fort Myers home
The size, features, and amenities you’ll find in Fort Myers for $1m vary. That’s not a bad thing though! It means there are options no matter what type of home you’re looking for, or the neighborhood you’re interested in.
Maybe you need a 4 bedroom family home with a pool and big backyard in the area’s best school district. $1m will get you that in Fort Myers. Perhaps a 2 bedroom bungalow that’s
walking distance to Downtown or the resorts is more your thing. Fort Myers has that for a million dollars too. Or, possibly you’ve always dreamt of that high-rise condo lifestyle, with all those amenities right there in the building. See where we’re going with this?
Cost of a $1,000,000 home in Fort Myers
For a 30-year fixed mortgage with 20% down and an interest rate of 6.49%, you’re looking at about $5,334 a month in principal and interest. Of course your individual situation may be different. We’re working with averages. That interest rate could be higher or lower for you. Maybe you’re putting more or less money down. With less down there’d be private mortgage insurance (PMI) to factor in. These numbers also don’t include property taxes or homeowners’ insurance.
The estimated property tax on a home in Fort Myers is about $10,400 annually. Once again, this is just an estimate and isn’t set in stone. Property tax rates fluctuate no matter where you live, so that number can absolutely change over time. Not only can it, but chances are it will. What you pay one year might be different from what you pay the next.
What you’ll pay in insurance is a little more difficult to calculate. There are several variables in play when it comes to homeowners’ insurance. The location and what types of coverage you’ll need to carry can influence cost greatly.
Neighborhoods with million dollar homes in Fort Myers, FL
- Arborwood
- Cross Creek Estates
- Paseo
- Carillon Woods
- Fiddlesticks Country Club
- Heritage Palms
- Waldens Riviera Estates
- Island Park Woodlands
All of the Fort Myers neighborhoods listed above feature beautiful homes and are great places to live.
The Bottom Line
Undoubtedly, one of the best ways to grow your wealth is by investing in real estate. A house you buy today will probably be worth a lot more down the line. By paying down your mortgage and with the appreciation of your home, you’ll be building equity.
There are a lot of options if you’re looking to buy a home in Fort Myers. Build the house you’ve always wanted by purchasing a piece of land, or buy an existing home. The choice is yours.
There’s always one thing to remember when buying a home. This is the place you and your family will be spending your time and building your life. So, when you’re choosing your home, make sure it’s one that makes you happy. Because in the end, you can’t put a price on that!