Since the housing bubble burst, many people, including Stephenville, Texas residents, have been scared of the prospect of buying a home. However, with the improvement that the housing market and economy is seeing, many have reported that they would prefer to buy a home than rent as soon as they are financially ready, according to a survey conducted by Fannie Mae.
One of the main draws for homeownership seems to be the amount of control it offers to buyers. When you buy a home, rather than rent, you can make any renovations you’d like to make the space your own. Renovations are often extremely limited when renting, unless some kind of deal can be made with the landlord. Ninety percent of the renters questioned in this survey stated that they see themselves owning a home in the future, with over eighty percent citing “control over living space” as the main reason for doing so. Just under eighty percent of the renters surveyed stated that having a nice, stable place to raise a family is their main reason why owning a home would be better than renting for them.
However, not all of the renters had bad things to say about renting. About half of the renters stated that it was the right choice for them, given the condition of the real estate market and economy. Living on a budget and avoiding the red tape it takes to get a home, including the steps to secure a mortgage, were some of the top reasons that renters preferred to rent for the time being.
In terms of finances, many agents say that owning a home is preferable to renting so long as the home buyer stays in the home for at least 5 years. Staying in the home for a long time allows the value to rise and gives time to build up equity.
For a helping hand in the process of buying your next Stephenville, Texas home, get in touch with us!