Many people have doubts about whether it is better to buy or continue to rent in Houston, TX. There are many advantages to buying your home instead of renting it.
Rent can be about the same monthly payment as a mortgage payment. Sometimes the rent will be a little less, but the tax breaks homeowners receive actually make it cheaper to own, in most cases. Additionally, rental payments have historically trended upward. As the value of your home increases, you only owe the amount you originally borrowed. As the value of a rental property increases, its rent also increases. You will always pay market value when you rent. If your rent increases by a few percent each year, as it has in the past, it won’t be long before your rent payments are more than what a mortgage would be.
If you’re considering buying a single-family home, townhome, or patio home, think about how much you can afford each month. If your rent is $800 a month and your mortgage will also be $800 a month, don’t forget to factor in some additional costs as a homeowner that you previously didn’t have to cover on your own. The rent includes insurance, maintenance and other amenities that will be your own responsibility when you own it. In general, the long-term savings and equity you gain from homeownership far outweigh the short-term benefits of having someone fix your garbage disposal “for free.”
When you own your own home, you’ll gain a new sense of freedom. Owning your own property gives you the freedom to change your decor, paint, carpet, lighting, appliances, and other amenities that may be restricted from change in a rental property. If your pet has an accident on the carpet, you don’t have to worry about losing a $500 deposit. Your family will feel at ease instead of constantly worrying about what they might be charged for when damages occur.
If you think buying a home in Houston is too expensive, purchasing a townhome or patio home may be a good investment alternative. This is especially true for first-time homebuyers, people who want little to no lawn maintenance responsibility, and people who want to live close to the conveniences of downtown Houston. Courtyard homes are often on one level and can be very popular with older people who can no longer use stairs.
Townhomes and patio homes allow people to enjoy home upgrades like granite countertops, built-in bookshelves, crown molding, and specialty lighting without paying as much as they would in a single-family home. Many of these communities have amenities to enjoy, such as parks, gyms, swimming pools, and recreation areas. Many are gated and offer added security and a sense of community with neighbors.
