Due to the influx of people moving to Texas, in the Dallas-Fort Worth area alone there are almost 17,000 apartment units in demand. And, that number is projected to increase by as much as 4 percent in 2017. Many people relocating to North Texas choose to rent an apartment so they can take their time looking for a home, resulting in an exceptionally lucrative market for companies who own and manage apartment complexes.
What should you do? Should you buy or should you rent? Consider these five issues:
* Equity – A common argument made by rental property owners is, “renters aren’t losing money, they’re just spending it on a place to live.” The reality is money spent on rent is money you will never see again, while every mortgage payment on a home builds equity ownership in the property.
* Appreciation – In general, people who buy a home hope it will be worth more than they paid for it when it comes time to sell. Rest assured, you can invest in North Texas with a positive outlook; in fact, home values are expected to increase by 31 percent in Dallas by 2020, largely due to job and population growth, according to recent projections.
* Tax Benefits – While paying a mortgage, interest and property taxes does add up, the good news is you may be able to deduct a portion of your expenses – unlike with renting, which you cannot deduct on your taxes.
* Stability – Renters are often subject to increases with each new lease signing. With a fixed-rate mortgage on a home, your mortgage payments will never change.
* Control – When you own a home and you tire of the way your kitchen or bathroom looks you can remodel them to your liking. That’s not an option with an apartment.
Considering purchasing a home? Home Team Mortgage Company, Ebby Halliday’s affiliated mortgage company, has a track record of building long-lasting relationships by providing exceptional service with competitive rates. With an office in each Ebby Halliday branch, Home Team Mortgage loan officers offer the convenience of one-stop shopping, coupled with expertise to ensure peace of mind for borrowers and agents alike.
For all your mortgage questions and needs, contact Home Team Mortgage Company.