Dallas is one of the fastest-growing cities in the U.S., so we’re not surprised when people want to join in the fun by moving here. This fantastic city has been growing quickly enough to keep Dallas movers busy! But before you make your move, you need to ensure your new home is ready and waiting for you. And that requires you to answer a pretty important question: Are you buying or renting in Dallas? If you’re not sure, here’s what to consider.
Run the Numbers
First, you need to crunch some numbers. You shouldn’t be afraid of them. What you should be afraid of is not being able to afford your mortgage in a few months because your calculations were off! You can avoid that by making sure you factor in every expense. When you’re buying a home in Dallas, those expenses include:
- Principle mortgage
- Property taxes
- Homeowner’s insurance
- Private mortgage insurance
- Homeowners’ association fees
- Down payment
- Home inspection
- Closing costs
On the flip side, when you’re renting a home in Dallas, your expenses will likely include:
- Security deposit
- Renter’s insurance
Clearly, you have some math to do. And as much as math can be difficult for many people, it’s even more difficult to lose your house because you didn’t know just how many bills you’d have. In other words, don’t skip this step!
A great way to determine the cost of buying a home in Dallas (or anywhere, really) is to use an online calculator.
Figure Out Your Financial Stability
So you’ve run the numbers and realized you can afford to buy a home in Dallas. Congratulations! But hold on. Can you still afford to own a home when the water heater breaks down in five years? How about when you lose your job and don’t find a new one for three months? You can see where this is going: You need money put away for the unexpected.
Granted, even if you rent, it’s smart to have savings in case you lose your job. But when you rent, that broken water heater isn’t your responsibility. You can call your landlord and wait for a repairperson. When you own, you have to come up with hundreds or even thousands of dollars if you want your appliances to work.
Decide How Much Work You’re Willing to Do
Even if you have money to outsource repairs, fixing up your home will take time. After all, you’ll need to figure out who to hire, meaning you’ll be calling around for estimates. When you rent, you only have to call one person — your landlord — to schedule repairs.
And realistically, you won’t be outsourcing every job as a homeowner. If your garbage disposal breaks on a Sunday night, it’s probably easier to find an online video that walks you through the repairs than to call an expert — and pay a premium — for a minor issue. Basically, be honest with yourself on how much work you want to do before you decide whether to own or rent in Dallas.
What Else to Consider
You can see that owning a home is often expensive and time-consuming, but it’s also rewarding. Many people enjoy fixing up their home, and you have more freedom to do this when you own. If you don’t like the color of your walls, you can paint them. If you’ve always wanted a jetted bathtub, no one is stopping you from having one installed — assuming you have the money!
Plus, it’s not just a place to live. It’s an investment. In Dallas, experts say the magic number — the amount of years you have to stay in your home for buying to make more financial sense than renting — is seven. So if you can afford to stay for seven years, buying in Dallas may be right for you.
Whether you buy or rent, you’ll need help moving. Fortunately, both renters and buyers have access to experienced Dallas movers. Simply contact 3 Men Movers today to get a free estimate from Dallas movers who know the area well and would be happy to welcome you to Texas!