There is no easy answer to that question because everyone’s financial situation is unique.
When you rent, you have little or no maintenance to worry about, and it’s easier to move when you want. But you don’t get any tax benefits, you don’t have any equity build-up or control over rent increases. And there’s the possibility of eviction.
On the other hand, there are quite a few benefits to owning a home.
For one thing, home buying costs tend to be fairly stable. Fixed-rate loans don’t go up (although taxes and maintenance costs can.) The amount of money typically spent on rent can be about the same or less than a monthly mortgage payment. But once you factor in the tax benefit for homeowners, the savings can be significant.
People in higher tax brackets may get more bang for their buck when buying a home, since they’re able to deduct more interest costs and property taxes.
Other benefits of home ownership include:
- Property builds equity
- Sense of community, stability, & security
- More likely to make friends and join local organizations
- Free to change décor and landscaping
- Not dependent on a landlord to maintain property
In addition, there are fewer regulatory restrictions on Texas home builders than in most other states. So that has kept the cost of buying a home reasonable.
Visit Landon Homes and see why we’re rated one of the best Dallas area new home builders. Our better built, affordable green homes are ready now in premier neighborhoods. Visit our website at LandonHomesUSA.com or contact Tanya Smith directly with your new home questions at 214-707-0347.