Buy Vs. Rent
Is it Cheaper to Buy a Home? Or Rent One?
This is probably one of the most common questions that any real estate agent in Dallas gets. The fact is, you can save money in the long-term by buying a home. That may make some potential homebuyers scratch their heads, but think about it from an investment standpoint. Imagine if you agree to a 20-year, fixed-rate mortgage on a home. You’d likely pay less every month if you were to rent that same home. However, at the end of your mortgage, you now own the property, whereas if you were to rent, you’d have nothing to show for it.
Some might argue that the lack of maintenance costs associated with renting a property saves them money in the short- and long-term. However, repairing, restoring, and maintaining a property you own is actually an investment in the property. You’ll get a return on your investment when it comes time to sell the house.
Ready to Buy a Home in Dallas?
Buying a home is an exhilarating process, but you’ll need to take a hard look at your finances before you get too far into the process. You’ll want to be in sound financial shape before you start working with a real estate agent in Dallas. You can improve your financial status by:
- Paying down your debts
- Raising your credit score to at least 720
- Find ways to improve your income
- Save money for your down payment
With your personal finances in order, you can start working with a financial advisor or lender to get a loan.