Rent an Apartment or Buy a House?

When deciding on whether or not to rent there are a few factors that need to be taken into consideration before making that leap. A home purchase in most cases is the largest purchase of your lifetime and should never be taken lightly; however, renting an apartment often times only requires a 1 year commitment. The rent is probably the largest bill you will have but it is not a permanent solution to your living situation like a house would be. Below I will go over things to consider like credit and what is required, budgeting for the right location, and the benefits in continuing to rent or moving on to become a home owner.

What to consider before buying a home

  1. What does your credit look like? Most conventional lenders require a mid-score of at least 640, and FHA requires a mid-score of at least 580. Also your debt to income is going to be evaluated. Generally, your total monthly debt payments including the mortgage payment cannot exceed 40% of your gross income(income before taxes) for conventional, and 43% for FHA.
  2. Does your budget allow you to afford a home in the area you are wanting to live? If you work downtown and you do not want to live far from work you need to look and see how much the homes are within the area that you are interested in. If you cannot find something that is going match up with your budget then renting is going to be the best option for you.
  3. Do you need more space? If it is just you and maybe a significant other then a small apartment may be the best option for you; however, if you are a growing family with children a detached home with a yard might be just what you need. Typically there are better school options and larger yards for pets and children to play.

A detached home will be a great investment when the time is right because you will be able to keep the equity that is earned during the time you live there. But, with home ownership there are higher utility bills and maintenance costs that go along with it. Renting an apartment does not have those same burdens but there are things to think about when renting.

What to consider when renting an apartment

  1. Location, location, location: Often times apartments are built in much more convenient locations. Near highways, shopping, and closer to employment. If you have the right budget for it then you can rent in the most prime locations.
  2. Upgrades and Amenities: With newer apartments you are going to get the granite countertop and energy star stainless steel appliances along with dog parks, coffee bars, fitness centers, and resort-style pools. These same benefits cost a fortune and are not always available with a home purchase.
  3. Tired of noisy neighbors? Probably the biggest downside of apartments is the noisy neighbor. And if you live in one of those mega complexes you most likely have one above, below, and on each side of you. With a home you are going to get more privacy and quietness that would otherwise not be available in an apartment community.

So what decision are you leaning toward? With findnewapartment.com we can provide a list of apartments, or even put you in touch with a Realtor. Please let us know how we can help you!

Rent an Apartment or Buy a House?

When deciding on whether or not to rent there are a few factors that need to be taken into consideration before making that leap. A home purchase in most cases is the largest purchase of your lifetime and should never be taken lightly; however, renting an apartment often times only requires a 1 year commitment. The rent is probably the largest bill you will have but it is not a permanent solution to your living situation like a house would be. Below I will go over things to consider like credit and what is required, budgeting for the right location, and the benefits in continuing to rent or moving on to become a home owner.

What to consider before buying a home

  1. What does your credit look like? Most conventional lenders require a mid-score of at least 640, and FHA requires a mid-score of at least 580. Also your debt to income is going to be evaluated. Generally, your total monthly debt payments including the mortgage payment cannot exceed 40% of your gross income(income before taxes) for conventional, and 43% for FHA.
  2. Does your budget allow you to afford a home in the area you are wanting to live? If you work downtown and you do not want to live far from work you need to look and see how much the homes are within the area that you are interested in. If you cannot find something that is going match up with your budget then renting is going to be the best option for you.
  3. Do you need more space? If it is just you and maybe a significant other then a small apartment may be the best option for you; however, if you are a growing family with children a detached home with a yard might be just what you need. Typically there are better school options and larger yards for pets and children to play.

A detached home will be a great investment when the time is right because you will be able to keep the equity that is earned during the time you live there. But, with home ownership there are higher utility bills and maintenance costs that go along with it. Renting an apartment does not have those same burdens but there are things to think about when renting.

What to consider when renting an apartment

  1. Location, location, location: Often times apartments are built in much more convenient locations. Near highways, shopping, and closer to employment. If you have the right budget for it then you can rent in the most prime locations.
  2. Upgrades and Amenities: With newer apartments you are going to get the granite countertop and energy star stainless steel appliances along with dog parks, coffee bars, fitness centers, and resort-style pools. These same benefits cost a fortune and are not always available with a home purchase.
  3. Tired of noisy neighbors? Probably the biggest downside of apartments is the noisy neighbor. And if you live in one of those mega complexes you most likely have one above, below, and on each side of you. With a home you are going to get more privacy and quietness that would otherwise not be available in an apartment community.

So what decision are you leaning toward? With findnewapartment.com we can provide a list of apartments, or even put you in touch with a Realtor. Please let us know how we can help you!

Should I rent or buy?

Apartment Construction Coming Soon

Dallasnews.com has recently posted the two newest apartments that are under construction. Both the "M" Streets and Deep Ellum are the newest areas to be selected for new community sites. Deep Ellum's apartment community will be home to over 250 units and walking distance to Baylor Hospital.

Richardson and Farmers Branch have two new apartments coming soon as well. One right next to CityLine which is the headquarters of State Farm has mixed use retail and two other apartment communities up and running, Lot A and B with two more already on the way. LBJ and Luna is the new Farmers Branch location which has easy access to Addison and Las Colinas.

In Plano there is a new 25 story tower coming to the Shops at Legacy which has been booming for the last few years with the newest resident (Toyota headquarters) just down the street. There are also talks of Collin Creek Mall being demo'd to make way for new mixed used with a creek running through it much like Water's Creek in Allen.

Like the former two areas, the rest of Collin County is growing incredibly fast. The Frisco Town Center area has a new 300 unit apartment community under way and there is a lot more to come with their newest resident the Frisco Star, the home of the Dallas Cowboys practice field and headquarters. And, Mckinney is about to comlete their first income restricted community which will make way for new housing for those less fortunate.

A lot is coming to Dallas and Collin County and once the developers have caught up to the overwhelming demand in the coming years, then we should see some better rent specials and amazing communities that are loaded with amenities and luxury finishes.

Looking forward to it!

Apartment Construction Coming Soon

Dallasnews.com has recently posted the two newest apartments that are under construction. Both the "M" Streets and Deep Ellum are the newest areas to be selected for new community sites. Deep Ellum's apartment community will be home to over 250 units and walking distance to Baylor Hospital.

Richardson and Farmers Branch have two new apartments coming soon as well. One right next to CityLine which is the headquarters of State Farm has mixed use retail and two other apartment communities up and running, Lot A and B with two more already on the way. LBJ and Luna is the new Farmers Branch location which has easy access to Addison and Las Colinas.

In Plano there is a new 25 story tower coming to the Shops at Legacy which has been booming for the last few years with the newest resident (Toyota headquarters) just down the street. There are also talks of Collin Creek Mall being demo'd to make way for new mixed used with a creek running through it much like Water's Creek in Allen.

Like the former two areas, the rest of Collin County is growing incredibly fast. The Frisco Town Center area has a new 300 unit apartment community under way and there is a lot more to come with their newest resident the Frisco Star, the home of the Dallas Cowboys practice field and headquarters. And, Mckinney is about to complete their first income restricted community which will make way for new housing for those less fortunate.

A lot is coming to Dallas and Collin County and once the developers have caught up to the overwhelming demand in the coming years, then we should see some better rent specials and amazing communities that are loaded with amenities and luxury finishes.

Looking forward to it!

New Apartment in Plano, TX

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