Rent vs. Buy

Trulia has done their 2014 study on rent vs. buy in major markets across the country. The overwhelming consensus is buying is cheaper...in just about every situation....

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Rent vs. Buy

Posted by Danny Force on Saturday, July 12th, 2014 at 9:35am.

Trulia has done their 2014 study on rent vs. buy in major markets across the country. The overwhelming consensus is buying is cheaper...in just about every situation. Dallas-Fort Worth is one of the best areas to buy instead of rent. Let's look at the differences:

Buying:
- paying for all upkeep of home, including landscaping, appliance repairs, and roof
- bringing anywhere from 0% (VA loan) to 20% (house over $417K value and more) in a down payment, building instant equity
- ability to get income tax deductions through mortgage interest, property taxes, green credits, and more
- ability to customize home to your liking without landlord approval
- no pet restrictions (unless city ordinances)
- letting the value of your home rise throughout the years you live there

Renting:
- landlord usually responsible for upkeep, unless noted in lease
- only money put down is security and pet deposit (usually refundable)
- only tax deductions are for home office deductions
- any customization has to go through landlord, and usually has to be put back before moving out
- pet restrictions are normal
- paying into the equity of the landlord so their value can rise

It may cost more to buy a home of your own, but it is 99% of the time a better option. Contact me today if you're wanting more information.


Danny Force, Realtor
DFW Legacy Real Estate Group
613 N. Walnut St.
Roanoke, TX 76262
C: 817-903-5442
danny@dannyforce.com

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