Should You Rent or Buy in Frisco Texas
To rent or to buy, that is the question. Whether tis nobler in the mind to rent a home in North Texas and retain thy fortune, or to take arms against the Frisco housing market and by opposing, buy a home with a fixed mortgage rate for 30 years. See, even Shakespeare has been asking the eternal question: is it better to rent or buy in Frisco Texas?
And it’s a tough one to answer. Two months after Money magazine named the North Texas suburb the “best place to live in the U.S.” comes a study from HomeArea.com, a real estate research firm, that suggests that among nearly 60 Texas communities, Frisco has the worst ranking for home affordability relative to rents.
And the results are shocking. The median value for a house in Frisco, Texas rose from $235,000 in 2011 to $ 397,400 in 2019. That’s an increase of over 60%. Keep that mind while house hunting and deciding whether to rent or buy in Frisco Texas.
Now, before you go and hire the local Frisco moving company, consider the following pros of buying a house in North Texas.
Pros of Buying
- It’s an Investment
Perhaps the most common reason to buy a house in Frisco is that it’s an investment. You are not paying rent, you are paying a mortgage on a piece of land that will one day belong exclusively to you. Every penny goes towards that goal and at the end, you own a home.
- Mortgage Payments Tend to Be Cheaper Than Rent
Your monthly mortgage rate is much lower than rent for a home of comparable size. So your monthly expenses are lower. However, keep in mind that all maintenance is your responsibility and the cost to replace a dryer or A/C unit can shake you to your very foundation.
- Your House Your Rules
Want to paint every room in the house to match the colors of the Dallas Cowboys? Go for it. This is your home and you can do whatever you like. Start a garden patch in the back, build a brick patio and put as many nails in the walls as you wish.
Pros Of Renting:
- Low Maintenance
When the washer breaks, it ain’t your problem to fix. Renting means not having to maintain the home nearly as much as you would if you have to buy. You don’t have to do the lawn in the summer months, you don’t have to worry about paying for a broken A/C, you just have to make a call.
Because the Frisco housing market is in such a high turn, you can decide to move somewhere else if you please. There’s nothing holding you down. You can move once a year if you like, though we don’t recommend that kind of stress. The point is, you are not tied down to a home for the next few years.
- Low Down Payment
One of the pros of renting is that you don’t have to put down at least 10% of the home value just to get in the door. Your monthly payments will be higher than a mortgage, yes, but overall, you will be saving more monthly.
Whether you rent or buy in Frisco, Texas, we hope that you enjoy our little corner of paradise. Happy house hunting and happy moving!