There’s no denying that Austin is in a red-hot housing market right now. The question on everyone’s mind as rent and home prices continue to rise is: should I rent or buy? Here are some key things to consider as you proceed with this decision.
Down Payments
One of the biggest arguments we hear from people wanting to buy is that they just can’t find the money for a down payment. Down payments are always tricky and stressful without the right resources. However, renters can easily save enough to prepare for homeownership if they take the time to understand the benefits available to them.
Prices Continue To Increase
Even with rising home prices, homeownership remains a viable option. Rent has skyrocketed nationwide, with rent for a one-bedroom in Austin more than doubling compared to 2021. With this dramatic spike, the price of rent has grown to be relatively comparable to the average mortgage payment. Due to rising costs, landlords are also less likely to complete those home improvement projects you’ve been dying for this year.
The Freedom Of Ownership
Perhaps one of the biggest arguments in favor of homeownership is the freedom to invest in yourself. You are in control. Out from under the reins of anti-pet, rent-spiking apartment complexes, you can cultivate the life and home you’ve dreamed of. Joining the league of homeowners also comes with significant tax benefits. Texas has become a hotspot for new home buyers, with many moving across the country to partake in its amazing community, as well as its low taxes and zero income tax.
Mobility Vs. Stability
Homeownership allows you to create stability for yourself and your family while enjoying the freedom to fully customize your living space. But owning a home is not a one size fits all situation; flexibility is key, and the right realtor will understand your lifestyle and personal goals to find you the perfect home and investment.
Ultimately, the question you should be asking yourself isn’t: should I rent or buy? It should be: what do I want to invest in? Homeownership can be daunting, but it is a fantastic investment. The best time to buy a home is now, and we can help you find the right one. Contact us today, and we’ll discuss your options!
