The decision to buy or rent a home in Wichita Falls depends on several factors. Each person’s situation is different, but here are a few factors that can help you make a decision.
1. Length of Stay
How long do you expect to live in Wichita Falls? Are there any career uncertainties? Buy a home if you are going to be here for at least 4 years; if not make sure it is in a good area where it can be sold quickly. If you are unsure of your future plans, renting may be a better option since it has more flexibility to relocate.
2. Finances
Buying a home includes large upfront costs? Do you have the funds available to purchase a home? Carefully evaluate your current financial situation and your expectations of future earning from your job. Remember when purchasing a home, there are also additional costs to consider such as insurance payments and taxes.
3. Location
If you are not familiar with the Wichita Falls area, renting gives you the flexibility to determine whether or not you like a particular area. Additionally renting may afford you the opportunity to live an area where you may not be able to buy into.
Here are some advantages and disadvantages of renting and buying a home.
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RENTING |
BUYING |
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Advantages |
Advantages |
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Build credit |
Build equity |
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No maintenance costs |
More freedom to remodel |
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Flexibility to relocate |
Tax deductions |
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Lower upfront costs |
Fixed mortgage payments |
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Lower insurance costs |
Pride of ownership |
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Disadvantages |
Disadvantages |
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No tax benefits |
Pay property taxes |
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No freedom to remodel |
Responsible for all maintenance |
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Possible rent increases |
Substantial upfront costs |
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No return on investment |
Long term commitment |
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Less flexibility to relocate |
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