Renting vs. Buying in Frisco, TX
Do you know anyone who is renting in Frisco, TX right now?
I would like to start by saying that even though now is a great time to buy from a financial standpoint I understand that due to some peoples personal circumstances renting may temporarily be the right thing for them. However with that said some people wait to purchase a home until the “right time”. They may want to rent to clean up credit, get to know a city before buying there, or have a change in family dynamics. All are good reasons to rent. It is important though to balance that decision with the amount of rent you are paying. Did you know that if you are paying $2000 a month for rent that you will pay $24,000 in one year and $120,000 over 5 years?
Owning a home can be a great investment and tax write off. Today’s market makes it a great time to buy, with interest rates at historical lows and house prices down from there highs of three years ago. Home ownership is ideal for someone who plans on living in that house for at least 3 years or longer. It allows you to build equity in something that you can later sale or take out home equity loans against if you choose. Rent is just helping someone else pay off their investment. Why not be paying off your own investment?
If you have friends renting in today’s market tell them to contact me to help walk them through some basic steps. You can advise them that in today’s post sub prime loan crisis, having good credit is important. Today, many loans are based on your FICO score. While I understand that there is much more to a person than there FICO score, lenders none the less, will use this rating to assign what interest rate you will be approved at. A good loan officer can go through your finances and help recommend steps to get you ready to purchase a home in the next few months. I have several great contacts that I can recommend to you. Also, I can help show you some important things to consider when purchasing a home and work with you on what is important to you in your next move.
Feel free to call me to discuss your next move.
Contact Me today if would like information about Frisco TX or Frisco Communities!