Renting is part of everyone’s journey to adulthood, whether it’s in your hometown while you save up for a down payment on a house or you’re visiting different areas to find where you truly want to settle. Texas is no exception, especially given just how many options there are within the state. The Lone Star state is one of the most popular locations for both individuals and families to settle down, and for good reason.
Managed Properties Just Don’t Cut It for Everyone
Apartment life can be a good fit for some, but a large number of Americans are looking to create a comfortable oasis of safety they can return to after a long day at work. Between being kept indoors during the pandemic and learning how to reacclimate into social situations, it can be tiresome to just go about business as usual.
Renting an apartment always feels like a transitional period as you never know when rent will be increased or intrusive neighbors will put a damper on your living situation. Owning a home means knowing exactly what waits for you the moment you pull into the driveway. Texas has some of the most beautiful homes that often come with acres of land to fulfill your backyard dreams.
Housing Payments Become Investments
When you pay monthly rent, you’re simply covering a fee someone else is charging you to live in their building. Mortgage payments have the added benefit of going directly towards your ownership of the home which is called equity. As you make monthly payments over the years, you’re able to access this equity for either emergency use or to fund new construction projects for remodels and renovations.
Another aspect of owning a property is that it becomes an asset under your name meaning you’re able to take advantage of price increases if you do choose to move later on for work or retirement. Texas also has no state property tax with each county instead electing their own rate.
Counties such as Borden and Ward have extremely low property taxes, 0.34% and 0.51% respectively. This further lowers the cost of home ownership letting more of your money go towards building equity.
Buying a Home Means More Possibilities
Oftentimes renters will avoid purchasing a home because they don’t want to be tied down to a specific area. What they haven’t thought about is how much freedom you have with your property when you own it.
If you have extra rooms you don’t use, renting them out on platforms such as Airbnb can bring in extra income to offset mortgage costs. This has become an increasingly popular option as more and more remote workers are travelling full time across the country with cities like Dallas and Austin drawing more and more tourists each year.
Even if you do end up getting the itch to move and want to sell the home, it only takes an average of two years and three months after purchase for you to be able to sell at no loss. This speeds up significantly with market growth as your home will rise in value as you still pay the same monthly payment based on your purchase price.
Buying a home in Texas has always been a smart choice and that holds true today. If you’re ready to see what type and how much of a mortgage you can qualify for, reach out to the Potempa Team today.
