Is renting right for you? Maybe. Maybe not. Even if you have rented for many years and thought buying a house was out of the question, now may be the time to revisit the issue and see if a house, of your own, may make better sense.
If you have been renting for years in the same spot or the same neighborhood- then one thing is usually clear- you probably like where you are and if possible would like to stay in that area. So the first thing you want to do is find out if there are homes available in that area? If so, what are the common rents?
Now for the fun part, are there homes for sale in the same area? What kind of prices are you seeing?
With the above information you are equipped to run some basic numbers and come up with an idea if renting or buying is best for your situation.
If you are in an area where common home prices run in the $130’s and are paying $1400/month in rent then you could foresee that buying a home would probably make better sense; at about $980-$1100/month (variable based on prevailing int rates, insurance, taxes and HOA fees or other)
If you are in an area where common home prices run in the $300’s and you are paying $2600/month in rent then you could foresee that buying a home would probably STILL be a great idea; at about $2100/month(taking into account fluctuation due to variables).
With rates in the 3% range- an incredible opportunity exists. So what do you do now? Is your financial house in order? Do you actually know your numbers? Now is the time to get this figured out. Talk to a professional, have them take your application and get you PreApproved for the amount that best fits your situation..and then set out to find your new home!
Happy House Hunting in North Texas. If you need a REALTOR® to list your current home, or are looking to buy or rent in the North Texas region- Give Dawn a call/text 214-604-4561 at Avery Properties/Avery Realty Group- where Sellers Enjoy 4% Listings and Buyers Enjoy Cash Back!! (ask me how…..)