Jeanie's Real Estate Blog

Fairview, Lucas, Prosper, Luxury Homes For Lease - Should I Rent Or Buy?
February 10th, 2013 11:14 AM

Undecided if you should lease or buy a home? 

 In some markets that are considered exclusive areas because the population is relatively small in comparison to neighboring large cities they border, and are currently considered to be hot markets due to the current low supply and high demand, the availability of desirable, well-maintained, rental homes are very few and hard to come by.  Thus, it pays to determine if leasing one of these "luxury lease" homes is the best option, or if it makes more sense to purchase a house since interest rates are at record lows and the inventory of homes for sale in these areas are also very low when compared to the last 4 years.

 Some of these areas in the Collin County and North Texas real estate market include the popular cities and towns of Fairview TX, Lucas TX, and Prosper TX,  which all have that desirable "small home town feel" and can boast about their award winning school districts.   The homes for rent or lease in these areas, for the most part start around $1,500 a month on the low end as far as rental rates go; and the average "luxury lease" rental is around $2,500 to $3,500 per month.  The  properties in these areas in the middle or average rental range, and even more so with  those in the upper end of the rental rates which can go as high as $5,000+ per month, could end up costing the tenants far more than going ahead and buying a house now while home financing interest rates and terms are very low.  It is important to note, that purchasing a home also may have some tax advantages for most people, and that needs to be taken into consideration as well.

Our website has 16 great financial tools and mortgage calculators that help today's future home buyers or potential tenants to decide if renting a house versus buying a home is their best option.  These mortgage tools provide information in comparing and budgeting for whichever choice they make.

 It takes more than comparing the anticipated mortgage payment to the desired monthly rental payment to be able to answer this question. There are other factors to consider with owning, including property taxes and homeowners insurance payments that are required for ownership and to satisfy any lenders mortgage requirements.

Check out the RENT VS BUY CALCULATOR on our website to help you with this important decision.

This calculator compare the fees, taxes, and monthly payments to help you determine which of these two options might work best for you.  The Rent VS Buy Calculator report uses the original purchase price, insurance fees and property taxes payable at the time of sale and closing.  However, keep in mind that annual homeowners insurance and property tax costs are subject to change, and these amounts may increase in future years.

Also, don't forget to check out all the other great, free mortgage, budget and financial tools on our website that should also help you with your personal financing plans and goals, regardless if you decide to buy a home or go with leasing a rental property.

Regardless if you decide you might want to lease a house or buy a home, both today's home buyers and tenants need to have a buyers broker that represents their best interest in either transaction.  As a designated, ABR, Accredited Buyers Representative broker, I have both the skills and experience to make your sale or lease process a smooth and successful one.  And, most of all, I love working with home buyers and tenants that want to live in the Lovejoy ISD, Lucas, Fairview, and Prosper, Texas, communities and school districts.

Give me a call today at 972-612-2277.  I would love to answer your questions.

Jeanie Elliott, ABR, ALHS, SRES

Accredited Buyers Representative

Accredited Luxury Homes Specialist

Seniors Real Estate Specialist

 

 


Posted in:General
Posted by Jeanie Elliott, Broker, ABR, SFR, SRES, MS on February 10th, 2013 11:14 AMPost a Comment

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