Buying vs. Renting

The question that every person comes across at least once in his or her lifetime.

My husband and I moved to the DFW metroplex 4 and-a-half years ago. He worked, and I got to stay at home. We decided to rent when we came up here because

1. We didn't know the market, and

2. His job was just a stepping stone, and we didn't want the commitment if he took a better job somewhere else. (Which, by the way, he did!)

After a year-and-a-half of his job, he received a much better offer for another job. So. . .we moved from Grand Prairie--which is South of Fort Worth-- to Plano--which is North of Dallas. At that point, I was very glad to be able to get out of our lease without having to worry about who would take over payments of "our" apartment.

At this point, we still were unsure where life would take us, so we went through the apartment management company to find another complex managed through them.

At this point, though, there were now three of us, so we had to upgrade to a 2 bedroom, and my husband paid for the best so we wouldn't have to stay home in a high-crime area. We'd learned though that if you plan to rent long-term, you'd better lease long-term because each time you re-sign, they WILL up your rent.

After a year of living in the apartment community, we had a major business go up across the road that brought in a LOT of employees, so. . .

My husband and I decided that when our lease went up for that year, we would buy our first home. So, we began looking. . . .EVERYWHERE. . .ALL the time!!!

We found some land and set up with a builder in the small town of Anna--north of McKinney, which is north of Plano. The plan was to close on the house

December 23rd, 2005.

~~~~~~~~~~Talk about nervous.~~~~~~~~~~

We were going to go from about $300 of credit card debt to over $100,000! This was huge! But, we were right in our judgement. Our rent was going to go from $800 a month to $1100 a month if we renewed!

In the end, our monthly mortgage was less than $1100!! And, the best part, we actually have something to show for that monthly payment:

1. An entire structure in OUR name

2. A front yard w/ a porch, trees, and shrubs

3. A back yard w/ a patio, a fence, a lots of play area for the new puppy.

4. Three bedrooms, two baths, a living room, 2 dining areas, a huge kitchen

5. Our own outer walls, where we don't have to listen to the neighbors TV or other activities. AND they don't have to hear our's.

6. No worries about whether or not to renew a monthly or annual contract, Nor if our monthly payment will go up.

But, really, everyone has their own reason for getting out of the "rent race." These were just some of ours.

Now, I encourage you to sit down and write all the pros and cons of

Buying vs. Renting

~Latisha Huckins, Administrative Assistant

J.J. Chapa Real Estate Team