What are the benefits of buying rather than renting in the state of Texas? Let’s review three key points.
Is it time for you to get out of the rental race? If you live in Texas, absolutely.
There are certain circumstances that force people into renting or leasing, but our team only recommends you do it as a last resort and for a short amount of time (i.e. a year or less).
So if the decision between renting and buying has been at the top of your mind lately, there are a few points you should consider:
1. Rental rates are rising faster than home values. With interest rates still relatively low, you allow your money to go to work for you when buying instead of renting.
2. Buying allows you to benefit from property appreciation. In Texas, home values have increased by 42% in the last five years, and 8% in the last 12 months alone. Those who rent, on the other hand, enjoy appreciation rates of exactly 0%.
3. There are tax benefits to buying. Though the maximum write-off amount has changed due to recent tax laws, homeownership still allows you to write off property tax and your mortgage interest. One of our clients found that they could save $335 per month in tax dollars.
Unless you have a very specific desire or reason to rent, buying is still the better option in Texas. And we highly recommend you call us to help you do so.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.