The Real Estate Market is an Ever-Changing Industry
There are ups and downs, and as much as analysts and experts may try to predict where it is going, eventually something unpredictable can happen. When people discuss the “state of the market,” and whether or not it is a good time to buy or sell a home, the conversation is supported with statistics or data from recent sales.
There are times when it may be better to buy a new property, or to sell your home, but what it comes down to is if you are mentally and financially prepared for a new adventure in homeownership.
Some people will buy a home and live in a single property for their entire lives. Others will bounce around every couple of years, and there are also individuals who base their buying and selling decisions simply on what makes the most financial sense for them at the time.
Following the Current Market
If the current state of the market benefits sellers, then some individuals may sell their home and choose to rent an apartment, condo or another house until the market shifts in favor of buyers. This strategy allows individuals to be very smart about how they save and spend their money.
Some people may choose to rent a condo, apartment or a house because they are not ready to make the financial commitment necessary to purchase a home, or they may not have the funds necessary for a substantial down payment. Whatever the reason may be, there are definite pros and cons to being a homeowner or a renter.
When looking for a new home to buy, lease or rent it is important to look for a property that fits your needs and wants, and is within your budget. College Station, TX is a wonderful place to call home, and offers an incredible range of activities and amenities for students, young families and retirees. The city has great restaurants, attractions, museums and more – and is also located near other big cities with even greater amenities. College Station, TX is also home to some incredible real estate opportunities and wonderful subdivisions and communities to call home.
One such subdivision is Creek Meadows – an idyllic community with extensive green space, an inviting clubhouse, swimming pools, basketball court and playground and more! Creek Meadows is perfectly located so residents can enjoy plenty of retail stores, dining and activities at a convenient distance, as well as an easy commute into the city. The local schools for kids that reside in Creek Meadows are College Station Middle School, Spring Creek Elementary, Pecan Trail Intermediate School and College Station High School.
The homes in Creek Meadows range in size from 1,400 to 2,600 square feet and the price range is between $220,000 to $320,000 for new construction properties. Each home is built to follow strict HOA guidelines, which means that everything is always very well maintained, and the homes are also equipped with fabulous features that are must-haves for every new homebuyer.
Homebuyers who are interested in buying or renting a home in Creek Meadows can choose from 20 different floor plans, which offer various layouts and one- or two-story homes. Each property shines with charm and elegance and is ready to welcome a new family home.
Rent vs. Buy
Are you considering looking for a home to buy, rent or lease in College Station, TX? The rent versus buy decision has both upsides and drawbacks. Ultimately, your final decision will be based on multiple factors, including your financial situation, what your long-term plans look like and what the state of the market is.
The first thing to think about when debating whether you should buy or rent a home, is how much it will cost you. When you rent, your monthly costs are generally fixed for a specific term, and you can usually predict how much the rent will increase year after year. Your monthly rent may also include certain costs like utilities (gas, electric, water, cable, internet, landscape, pool, etc.). Additionally, when you rent a home you will have to pay first month’s and last month’s rent, in addition to a security deposit prior to moving in.
On the other hand, when you buy a home, your upfront costs are significantly higher than renting. Mortgage lenders require that buyers pay a down payment between three and 20 percent of the price of the property. If you put down less than 20 percent, you may be required to pay for private mortgage insurance, or PMI, which is an additional monthly expense. You will also be required to pay closing costs, which can be an average of two to four percent of the price of the home. During the escrow period, before you even own the home, you will want to get a professional inspection, which can cost up to $500, and any additional inspections recommended, such as a chimney, pool, roof, sewer and others. Once you own the property, you will also have to pay property taxes, homeowners’ insurance, and in some cases homeowners association dues – this is all in addition to utilities, landscaping and other required monthly maintenance.
When you rent a home, your landlord is responsible for taking care of any maintenance the property needs and fixing problems. This includes a dripping pipe, broken heater, leaky roof and any appliances that need to be fixed or replaced. If you are homeowner, you are 100% responsible for the maintenance and upkeep of your own property, which can get very expensive, especially with an older home.
Pros of Renting a College Station, TX Home
Here are a few additional pros and cons to consider when renting or buying a home:
- Less paperwork
- Fewer upfront costs
- Freedom to move around if necessary
- Not responsible for maintenance and repairs for the property
- No property tax bills
Cons of Renting a College Station, Texas Home
- Rent can fluctuate and be increased annually
- Landlord can choose to sell the property, meaning you will need to find a new home if the new owner chooses not to rent it out
- You don’t build any equity
- There are no tax benefits to renting
Pros of Buying a College Station, Texas Home
- Builds credit and equity
- You don’t have to answer to a landlord
- You can modify, upgrade and add improvements to your home as you wish and to your specific design preferences
- There specific tax benefits and write offs to enjoy
Cons of Buying a College Station, Texas Home
- Requires a substantial amount of money upfront
- You could lose money if house values drop
- There are additional expenses to consider and plan for in addition to the monthly mortgage
Still Have Questions?
Still not sure which option is best for you? There are various reasons that would make buying and renting a great option, it really depends on where you are at in life and what your long-term goals are. If you are planning on staying in the same place for a few years and you can afford the upfront costs of buying a home then that may be best option for you. If you are also willing to spend some time and extra money into a fixer-upper then you can increase the home’s value with improvements and it’ll pay off in the long run.
While owning your own home offers a sense of security, it also may not be the right time for you or your family to spend the money right now. Renting a home allows you to enjoy all the benefits of living in a house without worrying about the financial burden, and it also gives you more flexibility so you don’t have to feel tied down to a single property.
If you’re still not sure, then check out these handy mortgage calculators to help you calculate your potential monthly payments so you can see what you can expect to pay based on your current financial situation. There is also this rent vs. buy calculator specifically designed to help you see the difference in cost between renting and buying a home in College Station, TX.
Whether you are ready to pull the trigger and purchase a place to call home long-term, or if you prefer to rent or lease a home for a few years before you make a permanent move, we would be happy to help you find the perfect house. There are many lovely communities in College Station to consider when looking for a house, and we would love to show you around and share everything we know about the city. Take some time to look through our current listings, and contact us if you find something that catches your attention. We can also introduce you to some trusty lending professionals who can help you assess your current finances and offer recommendations on current finance options for buying a home – you may be surprised at just how much you can afford. We look forward to hearing from you and helping make your real estate dreams a reality!