To Rent or To Buy? It's Not Always a Black or White Decision.
Top Reasons to Rent
For most families, renting allows you to be much more flexible. Only a short-term commitment is required, most often a 12-month lease - you're not locked into a 20 or 30-year mortgage. You're also not required to qualify for a mortgage, which usually has much more strict requirements than qualifying to be a tenant.
Renting also means that there are fewer up-front costs involved; whereas buying a home requires upfront costs of 10-20% for down payment, and other costs. There are also fewer ongoing costs involved with renting since home owners have property taxes, and those maintenance and repair costs which usually come when you're least prepared.
One of the biggest benefits for some is the lack of responsibility for maintenance and upkeep. The landlord is responsible for most major repairs, and in the case of apartment complexes, also takes care of landscaping - so no need to mow (that can be a big plus in Texas in summer!)
Plus for families planning to move in 3 to 5 years, whether expecting relocation for work, or simply wanting to try out an area before deciding where to purchase a home, in the short-term renting costs less than buying. Most experts say it takes about 7 years for a homeowner to recoup the costs of buying where they will experience a return on their investment if they sell.
Want to find out more about renting? Contact Dallas Luxury Realty at (214) 754 7040 or search for homes for lease at http://www.dallasluxuryrealty.com.
Top Reasons to Buy
There are many obvious reasons why owning your own home would be the preferred choice. For example, when the home is yours, you can do whatever decorating and remodeling that you might desire, making the home really yours. You also have a lot more flexibility on choosing the floorplan that works best for you.
Another obvious benefit is that you can pass the home along to your children, or do pretty much whatever else you desire with it at a later date. Plus - as long as you're making payments etc. - it is unlikely that you could be asked to leave before you're ready, so there is built-in stability.
Building equity is another benefit. If you plan on staying 5-7 years or longer, then home ownership is usually the best choice financially, and during that time you have built equity that can often mean a return on your investment if you do sell later. Plus, you don't necessarily need to sell even if you move, because you could turn the house into an investment property. Another financial benefit is the tax deductions available to most homeowners on their real estate taxes and mortgage interest payments.