Rent or Buy?
A common misconception debating between renting or buying your place to leave is one that many people think that they will save money. Frankly with the continuous cities expansion, continuing to build new developments and more jobs opening in Austin area we are experimenting a shortage in housing solutions. Therefor this reality is driving the increasing rent prices at a point that some, would be able to afford a monthly mortgage payment with the same rent amount.
In and around Austin rents are increasing at a pace of an average of 3% each year since 2011
- Little/no responsibility to maintain the property
- Fixed expenses
- Monthly rent might increase
- Can’t make any changes or update the property
- Landlord could ask the property back
- Tenant’s monthly rent increases landlord’s equity
- Stay in the property for as long as you desire
- Freedom to decorate and remodel
- Build equity and appreciation over the years
- Tax benefit may provide significant reductions like your mortgage, mortgage insurance costs, plus other maintenance related costs
By choosing to own your home you will get a peace of mind knowing that your monthly mortgage payment will remain the same from day one.
If you are renting at this time, you run you run the risk of your rent outweighing your salary in due time.
At the end of the day, owning your place is freedom
- Freedom from landlord
- Freedom to financial stability
- Freedom to call your place “yours”