Rent in an Pricey Area or Buy in an Affordable Area?

Buy an Affordable Home or Rent a Pricey Home

Rent or buy? It is a tough question. It is a major and expensive decision as an adult to make on whether you should rent your home or purchase it. There are benefits to both and drawbacks to both as well, but what is really the better situation? To make this problem even more complicated there is the decision of where to live. 

Preference and budget will help you to make the ultimate decision. It is good to review the pros and cons of each living situation to help you make the best decision for your personal life.

Is renting better than buying?

Some people may consider America as a nation full of renters because renting can often be the cheaper option in finding housing. This is true in many areas across the country, but in some, the cost of renting could be a higher monthly expense than that of a monthly mortgage payment. Even so, some renters are more willing to pay the additional cost to rent a home in the most sought-after of locations and take advantage of the perks of their surroundings.

Some of these perks can include access to luxury amenities, access to premier social network opportunities, easier access to major corporations, more convenient access to public transportation, more convenient access to entertainment nearby, no commitment, and the freedom to pick up and move at the end of a lease, not having to pay any property tax, and not being responsible for any maintenance fees.

Purchasing a home in a more budget-friendly area

It is cliché for a reason that homeownership is the American dream. Owning a home can be one of the best and smartest investments an American ever makes. But choosing where you live and finding a home that fits within your budget is very important.

For many, this can mean finding a home in a more budget-friendly location than where they may be able to rent. It is a good idea to know your budget extensively and carefully consider your daily personal needs. Buying a home is a very big decision, but it could be a very beneficial one even if you have to move a little further out from all the modern amenities that are at your fingertips in more expensive areas.

The benefits of purchasing a home in a budget-friendly area include the ability to keep your expenses low, the ability to pay off a mortgage much faster, the ability to have predictable monthly housing payments, the ability to earn equity in a long-term investment, and create wealth, the ability to take advantage of tax breaks for homeowners, the ability to tap into additional resources to renovate and remodel your home, taking advantage of equity as a property increases in value, and having more freedom to do whatever you wish to make a home all your own.

When deciding whether to purchase a home in a more budget-friendly area or rent a property in an expensive and highly sought-after one, it is always best to consider the rule of personal finance and quality of living. Only purchase items within your financial means and ask yourself what you want to see from your life in the future.

For a personalized list of homes for sale in Celina or Prosper real estate including all properties around the area, contact us today!

49 Properties
Page 1 of 5
Open 12/4
6304 Mission Ridge Road Plano, TX 75023
$465,000
Subdivision: Spring Creek Pkwy Estates West 5
3
Beds
2F11/2
Baths
2,616
Sq.Ft.
1990
Year Built
1
Day on Site
14716487
MLS
Prime Plano location! All offers due by Sunday, December 5th at 6pm. Large front yard with landscaped flower beds. Beautiful staircase with catwalk leads to the upstairs gameroom. Secondary bedrooms...
$380,000
Subdivision: Avalon Add
4
Beds
3
Baths
1,934
Sq.Ft.
2004
Year Built
1
Day on Site
14717886
MLS
Welcome home! This gorgeous 4 bedroom, 3 bathroom home is nestled in a quiet neighborhood in Princeton. The 1.02 acres allow ample room to enjoy the fresh country air and outdoors. This home has been...
$699,900
Subdivision: Jackson Highlands
5
Beds
4
Baths
3,683
Sq.Ft.
1990
Year Built
1
Day on Site
14718460
MLS
Welcome to your new home! Large rooms with plenty of storage space where all the living spaces look out onto the gorgeous landscaped surroundings. Enjoy your backyard oasis with a pool, heated...
$370,000
Subdivision: Virginia Hills Add Ph Four
3
Beds
2F11/2
Baths
2,191
Sq.Ft.
2002
Year Built
1
Day on Site
14713261
MLS
Beautiful Home in sought-after Virginia Hills!, Elegant two-story entry, 3 Bedrooms, Game room, Sun-room, 2 living areas, and 2 dining areas. Very spacious kitchen with huge walk-in pantry. All...
$495,000
Subdivision: Lost Creek Ranch Ph 3
4
Beds
2F11/2
Baths
2,994
Sq.Ft.
2004
Year Built
1
Day on Site
14698869
MLS
Beautiful 1 owner home located in highly sought after Lost Creek Ranch. You will love the privacy of a corner lot with mature trees. New travertine marble floors. Kitchen offers updated custom...
$399,000
Subdivision: Fountainview Ph Three
3
Beds
2
Baths
1,939
Sq.Ft.
2005
Year Built
1
Day on Site
14718001
MLS
Immaculately maintained home with new HVAC, roof, flooring and so much more! Home has new wood-like tile floors throughout the entry, living and kitchen. Family room is open with fireplace and looks...
$430,000
Subdivision: River Bend 01
4
Beds
3
Baths
2,768
Sq.Ft.
1980
Year Built
1
Day on Site
14659513
MLS
Great location! Great Plano Schools! Lots of space! One story home 4 Bedrooms with 3 Full Bathrooms, granite counter tops in Kitchen, Fresh Painted, laminate wood and tile floor throughout, large...
Open 12/4
1900 Faircrest Lane Wylie, TX 75098
$485,000
Subdivision: Woodbridge Ph 13
3
Beds
2F11/2
Baths
2,918
Sq.Ft.
2009
Year Built
1
Day on Site
14717412
MLS
Gorgeous pool with water feature and attached hot tub. Backyard lighting. Screened in porch that's great for drinking morning coffee or hosting backyard get togethers. Sound system wired to play...
$457,000
Subdivision: BOZMAN FARM ESTATES PHASE 3 (CWY)
5
Beds
3
Baths
2,770
Sq.Ft.
2015
Year Built
1
Day on Site
14717593
MLS
Lovingly maintained, spacious 5 bed, 3 bath, home with 2 living and 2 dining areas. Added features include an extended covered patio with outdoor kitchen and living space complete with outdoor couch,...
$580,000
Subdivision: Villages At Frankford Ph III
4
Beds
4
Baths
3,221
Sq.Ft.
1999
Year Built
1
Day on Site
14717743
MLS
Absolutely perfect custom home! Premier corner Lot w view of park, playground, & school! 4BR+Study+bonus Sunroom+FAM+4 baths+2 garage+ POOL. Tastefully, updated with fantastic layout! Soaring...
Open 12/4
9956 George Washington Drive Mckinney, TX 75072
$340,000
Subdivision: Eagles Nest At Westridge Ph 4
3
Beds
2
Baths
1,950
Sq.Ft.
2004
Year Built
1
Day on Site
14712366
MLS
Location, Location, Location! Adorable 4 bedroom built by DR Horton in the sought out Frisco ISD. Huge living area with wood burning fireplace that opens to kitchen. Ceramic tile in kitchen, nook and...
$375,000
Subdivision: Bent Trail Add Ph Three
3
Beds
2
Baths
1,681
Sq.Ft.
1988
Year Built
1
Day on Site
14715581
MLS
Welcome to this lovely, well maintained north Dallas home. Inviting three bedroom, 2 bathroom home with gorgeous hardwood floors, plantation shutters and great natural light. The open floor plan is...
Information is deemed reliable, but is not guaranteed accurate by the MLS or NTREIS. The information being provided is for the consumer's personal, non-commercial use, and may not be reproduced, redistributed or used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than The LivingWell Team are marked with the NTREIS IDX logo and information about them includes the name of the listing brokerage.

NTREIS data last updated December 1, 2021.

Post a Comment