What is Better: Renting or Buying a Home in Fort Worth Texas?
The decision to rent or buy a home is something that should be take seriously. While there are many advantages to buying a home versus renting, make sure to carefully take into consideration your personal situation before buying in Fort Worth Texas.
Here are some questions to guide you whether it is better to rent or buy a home in Fort Worth TX:
How Long Do You Plan to Live in the Home?
The average rate of appreciation for home prices is around 3% every year. This means if you plan to resell your home, you will not get a financial gain for at least 3-5 years after buying a home in Fort Worth, Texas. You also need to consider the costs associated with selling a home. If you are not planning on staying 3-5 years in your home, this may put you at a financial loss, should you need to sell it before that time. For this reason, buying a home in Fort Worth TX may not be your best option if you think that you might move again in less than 3 years down the road.
What is your monthly budget?
In deciding whether to rent or buy a home in Fort Worth TX, your monthly budget is a critical factor. The monthly mortgage payments may actually be less than the rent on a similar home, however, there are monthly expenses that you must consider when buying a home. You will be paying taxes and insurance, spending for maintenance, upkeep, and unexpected repairs on the home. The benefit of this for the homeowner is the monthly mortgage payment goes toward building equity on your home instead of simply going to your landlord’s pocket.
Are you ready for the responsibility of maintenance, repairs, and remodeling?
One of the advantages of renting is not having to worry about the costs of maintenance and repairs. However, you are also limited in making any changes to the property. Buying a home in Fort Worth, Texas gives you the freedom to do anything with your home from changing the color of the walls to remodeling it.
Do you have cash for down payment?
One of the biggest obstacles between a buyer and owning a home is the required amount of down payment. If funds for a down payment are the only thing preventing you from buying a home in Fort Worth TX, then you could consider obtaining an FHA loan that requires a smaller down payment.
Considering how rent payments add up fast through the years, why rent when you can buy a home in Fort Worth, Texas for just a little bit more than what you are paying in rent? You can use your monthly payment to build equity on your own home.
For more information about buying a home in Fort Worth, Texas, call me, Donnie Keller, 24/7 at 817-932-4900.