The Lone Star State has a wide range of cities and their suburbs as well as neighborhoods to choose from when it comes to finding a place to settle down.
It’s one of the fastest-growing states in the nation with its affordable cost of living, strong job market, good weather, and abundance of activities.
Perhaps you’re considering Omaha apartments for rent or homes to buy in Dallas. How do you know whether to put a down payment on a home or sign a lease for a rental property?
There are pros and cons to each.
Do you want a home, or simply a living space?
If you are looking for a place you can truly customize and make your own, you’ll want to lean towards purchasing a house.
With renting comes rules, many of which apply to making bigger alterations to the living space. You may not be able to paint the walls your preferred color or nail too many things into them.
You might also ask yourself if you’re in need of flexibility in terms of location. It’s easier to pick up and move on from a rented space than sell a home you’ve purchased in order to move into your next one.
Are you ready for responsibility?
The flip side of this is that if you own a home you are responsible for everything. There is no landlord to call or bail you out should a pipe bust or major appliance stop working.
If you feel you are ready – financially and emotionally – to take on the task of running a home, then purchasing is the choice for you.
Are you invested?
One of the major reasons to buy a home is to buy into a long-term investment. Homes gain value as the years go on and you put work into them.
A rental property is not something that is ever years, and so the money you pay each month is not being put into anything substantial for the long haul.
Can you afford it?
The biggest thing to look at when deciding between renting and buying is cost. How much can you afford, and what does the market look like right now?
This will depend upon the area you’re looking at. A larger city will typically cost much more monthly than a smaller town.
Take a close look at your finances and see how best they serve you when it comes to renting or buying.
Look also at your credit score, as this will be a major factor when it comes to financing a home. Renters are more lenient with lower scores, but loaners draw a harder line when it comes to what they deem acceptable when providing a mortgage.
It May Be A Close Call
With the way the market is right now, the decision to rent or buy comes down to a variety of factors that may be on an even playing field.
Scrutinize your finances and also your “why” for where you want to live.
If you are ready for responsibility (financially and otherwise) and can afford it, buying a home may be right for you.