At one point or another, most of us have rented a property – whether that’s an apartment, a condo, a townhome or a house. Renting is a wonderful way to test out a new neighborhood before you decide to buy a home, it helps save money for a down payment on your dream home and it’s a great option for those who are taking their time to find the perfect house. Deciding to rent or buy is an intimidating question, an emotional decision and it’s really not a question that has a right or wrong answer, because there are so many moving parts and factors that go into it. With that being said, there are numerous beautiful available rental homes in Brazos County, TX.
When looking for a home to rent, you’ll be pleased at the wide range of options to choose from. You can really find exactly what you’re looking for based on your specific search parameters – narrow down your search by size, mix of bedrooms and bathrooms, neighborhood, price, design and décor and you can even find rentals that are fully furnished so you won’t have to worry about buying new items or moving your existing furniture.
There are definite pros and cons to renting a home, just as there are to owning a home. Both options offer advantages and disadvantages, and it’s important to look at all the pros and cons and to do your own research so you can make a well-informed decision that what will work best for you and your family right now and in the future. Let’s take a look at the good and bad of both owning and renting a property and then we will share some information with you on available rental homes in Bryan and College Station, TX as well as the steps you need to take to find and secure the right rental property for your needs.
Pros & Cons of Renting a Home
The biggest advantage of renting a home is that it gives you so much flexibility – especially if you’re not ready to permanently settle down. There are various scenarios where you may need to relocate, whether it’s a new job, a new school for your kids or needing to be closer to family. Renting a home typically doesn’t require a long-term commitment, depending on the landlord, which means that it is the best option for someone who doesn’t plan on staying in one place for a long time. Most rentals will require a one-year lease, similar to an apartment, and after the year the landlord will either ask for another year, or you can negotiate an additional six-month lease, or pay month by month.
If you are moving to a new area or relocating from out of state, a short-term rental may be the best option for you as you get to know your new surroundings. Renting a home is a great way to get a good feel for the area, learn about the community and figure out where exactly you will want to live long-term once you are ready to buy a property. The great thing about renting a home is that you can try out different neighborhoods to make sure they’ll be a good fit for you. If you happen to be in a year-long rental, but find your dream home before the year is up, you can always help your landlord find a different tenant to sub-lease from you so that you don’t have to be responsible for a mortgage and monthly rent.
It is much easier to move out of a property that you are renting versus one that you own, because there isn’t added pressure of finding a buyer and ensuring that you get the right price for the home. Unless you are moving out before your lease is up, finding a new tenant is the responsibility of the homeowner or landlord, and you typically don’t have to give more than a 30-day notice, depending on what was agreed upon in the lease agreement.
As a tenant in a rental home you are not responsible for paying for homeowners’ insurance, earthquake, fire or other disaster insurance and you won’t have to worry about paying property taxes, which can save you a significant amount of money. We strongly suggest investing in a good rental insurance policy, which is often require by some landlords, but other than that you are not responsible for insuring the home or any maintenance that may be required on the structure. As a renter, depending upon the contract you sign, you may not be responsible for home maintenance – the landlord has to take care of any issues that arise. If the toilet backs up, a pipe bursts or if an appliance stops working all you have to do is contact the landlord and they will work with the appropriate professional to ensure that it is fixed in a timely manner.
Pros and Cons of Owning a Home
Unlike renters, homeowners can build up a significant amount of equity over time. Every time you pay down your mortgage that means you own a little bit more of the property, and any additions, upgrades or renovations can increase the value of the property, which means that if you sell it for more than you bought it then chances are that you would make a good profit. Additionally, homeowners may qualify for several tax benefits like federal tax deductions and homestead exemptions. You can typically deduct your property taxes and the interest you pay on your mortgage, which can reduce your overall tax burden. These are benefits that are not available to those who are renters.
The biggest pro of being a homeowner is that you have creative freedom over your property when it comes to decorating, spearheading renovations and DIY projects and any additional home improvement decisions that may arise. You can paint any color you choose to, update your kitchen with new appliances, turn your basement into an entertainment room, expand your patio – the sky is the limit and you don’t have to ask for permission from anyone before you begin a new project. If you are thinking of expanding or adding more square footage to the home, you will need to get the proper building permits from the city, but that’s the only permission you will need.
As a homeowner you are more likely to spend a longer period of time in your home, which means that you will eventually become a part of the local community. You can join a local neighborhood association, take part in block parties, work with local business and essentially put down roots and become friendly with your neighbors. As a renter, you are less likely to be an active community member since you may move within a year or two.
When it comes to the cons of being a homeowner, they’re mostly tied to finances. The upfront cost of buying a home is significant – you have to make sure you have enough money for the down payment and closing costs, which means you could end up spending more than 20% of the purchase price. Once you own your home you will also be responsible for covering the cost of any maintenance and repair work that will inevitably come up over the years. This cost will vary year over year, but there are many things around a home that require upkeep and regular maintenance, like the yard, the HVAC system, gutters, etc. Not to mention that if your home comes with a pool you may consider hiring a pool specialist to help clean the pool and maintain the equipment. The biggest gamble of homeownership is the potential for financial loss. Although homeownership typically builds equity over time, the real estate market fluctuates on a regular basis and there are times when home values can decrease during a down market, which means that you risk a financial loss if you wanted to sell during a down market. If you are buying your “forever” home where you intend to spend the rest of your days, then you won’t have to worry about the property depreciating in value, but if you are buying a starter home or a property you would like to fix up and sell, then you have to be vigilant and pay attention to the state of the market so you can make moves when the time is right.
Whether you choose to purchase or rent a home, our team would be happy to assist with your real estate needs. We can show all of the available rental homes in the Brazos County, TX neighborhoods and help you find the perfect property to call home. If you have any questions about the rental process or if you would like more information about available properties for rent or purchase then please contact us – we look forward to hearing from you and working with you soon!
May 2019 – COLLEGE STATION / BRYAN HOME SALES