When it comes to home for Rent in Boerne, TX, you have a lot of options. There are big homes, small homes, and ones in just about every price range imaginable.
And while a rental home can be a great temporary option – giving you time to save up funds and prepare for homeownership – it’s not always the best choice, even if finances are tight.
Are you considering renting a home in Boerne, instead of buying one? Here’s what you should take into consideration before signing that lease:
How long you’ll be staying – Is Boerne just a temporary stop along the way, or do you want to build a life and plant roots here? If you’re only here for a short time – for a job, while you finish school or for another transient reason – then a rental home may very well be your best option. If you’re looking to stay in the area for a while, however, buying is certainly worth a look. Let’s say you stay in Boerne until your kids grow up and finish high school. That’s nearly 20 years. With a rental home, you’ll be paying for someone else’s mortgage for all those years, instead of putting money toward your own home – a true investment of your funds. Who knows, after all those years, you may have even paid the home completely off and own it outright!
Your family’s needs now and in the future – Take into account your family’s needs, too – both today, tomorrow and a few years down the line. Sure, your little one isn’t walking yet, but what about when they do? When they have friends over and want to run, play and jump in a spacious yard? Or when they want a pet? Rental homes can pose a problem for growing families, as young kids and pets often need more room than they can offer. Additionally, kids and pets are often a little destructive in their early years, and this can get you in trouble with your landlord. In severe cases, it could even get you evicted. Having a home that’s yours and yours alone is always the best bet for a growing family!
The amount of personalization and customization you’d like to do – Are you OK with moving into a home and leaving it as-is? Not painting the walls, adding your own personal touches or really making it your own? Can you do without measuring your kids' growing heights on the door frame or painting their initials on the nursery room wall? What about upgrading the tile, countertops, cabinetry or other features? If you can do without all these things, then a rental home may work for you. Typically, with rentals, you’re not free to customize and personalize your place as much as you’d like to. The landlord picks the appliances, the paint colors and the cabinetry, and remodeling and upgrades are strictly off-limits. To really make a home your own, you need to own it. Only then can you personalize the property as you see fit.
Your savings and credit – Make sure you carefully consider your savings account and your credit, too. Could you qualify for a mortgage? Would that payment actually come out to less you’re your monthly rate? If so, buying is definitely a better option; you’ll just want to ensure you have the funds for a down payment first. Try getting pre-qualified with a mortgage lender, and see what rate you could qualify for. Then, look at some local Boerne real estate, and use a mortgage calculator to figure out what your mortgage payments would be. Many times, you’ll be surprised at how the numbers shake out!
The amount of autonomy you’d like – What sort of autonomy do you and your loved ones want in your living situation? Are you okay with having a landlord who can dictate what you can do in and to your home? Or do you want full independence to use your home as you wish? In any rental situation, you’re always going to be vulnerable to the landlord or property manager’s policies, so if you’re looking for full autonomy, renting is definitely not the choice for you. Considering buying, and you’ll be free to use your property however you want.
Whether you want to make money off your property or not – Buying a home is always a great option if you’re looking for a way to turn a profit (eventually.) By caring for the home, making careful upgrades and renovations, and buying and selling at just the right time, homeowners can often make thousands – even tens of thousands – in profits. With a rental, you just don’t get that option. Your monthly rent goes into a giant abyss (otherwise known as your landlord’s pockets), and you never see a dime back – no matter how well you maintain the home.
The maintenance requirements – How willing are you and your family to care for a home? To mow the lawn, weed the garden, fix leaky pipes and maintain the property for years and years to come? Even more importantly, do you have the finances to do that? Homeownership often comes with some unpredictable and expensive surprises, like broken water heaters, on-the-fritz AC units and more. If you’re not ready to buck up and take responsibility, a rental may be a better choice. Most landlords will handle the maintenance, repairs, and care of any property they manage. Some may even cover utilities like gas, water and trash. These services can save you a significant amount over the years.
Your income and employment – How stable is your job? What about your spouse’s job? Can you count on income from those jobs for years to come, or are you in a volatile, ever-changing market where you could get laid off at any moment? If you’re not on stable footing, homeownership can be hard. Missing a month’s rent is one thing, but if you miss a mortgage payment, your credit score will plummet – and you’ll have financial problems for decades because of it. If, on the other hand, you can rely on your job for quite some time, buying a home can be a great choice. Just make sure you have an income you can count on, and you’re good to go!
Your taxes – Want a way to get some money back on your annual taxes? When you buy a home, the government lets you deduct mortgage interest from your returns. This can equal hundreds (or even thousands) of dollars in savings a year! With a rental, you don’t get that kind of benefit. Only the landlord can use the homeownership deduction – and only he can enjoy the profits.
Are you still considering renting a home, or does buying one seem like the best choice for you? Either way, the team at Keller Williams Boerne is here to help. We’re happy to match you with homes to rent in Boerne, TX (if that’s your preference), or we’ll gladly find homes for purchase that meet your family’s needs, budget and preferences instead. Regardless of what you choose, our expert agents are on your side, so call us today to get started.