We recently had the privilege of helping a recent Austin transplant, Michael, move from the condo he was renting in Central Austin to owning his own property a little further south.
His rental condo was a bit dated, he had neighbors both beside and below his unit, and there was no covered parking or washer/dryer hook up.
Michael decided it was time to move from the 750-square-foot condo to a place he could call his own. After working with Habitat Hunters, he is now the proud owner of a new property here in Austin—and is reaping the benefits.
If you’re ready to make the move from renter to owner, then check out the following list of reasons why renters should consider buying a home in Austin.
1: More room to grow
Michael traded in his 750-square-foot apartment for 1150-square-foot property that also features 10’ ceilings, a garage, fenced-in yard, washer/dryer connections in the unit, access to the community pool, and upgraded fixtures and features. This new property provides Michael with the space and amenities he needs to grow while settling in Austin.
2: Acquiring an asset
Michael’s mortgage payments aren’t much more than what he was paying in rent for a much nicer property. Rather than giving money away each month on rent, mortgage payments are investing in an asset—and one that can eventually pay off.
3: The tax advantages
Not only is Michael building equity with his monthly mortgage payments, but he can also take advantage of certain tax deductions. Mortgage interest deductions, property tax deductions, mortgage credit certificates, etc.—there are many ways home owners can see tax benefits from their investment. Ask a CPA for more information.
4: Rent prices are on the rise
As we recently stated, now is the time to buy a home in Austin—the city is growing, the schools are top-notch, and the job market is healthy. But as demand rises so does the cost of rent. And while a one-bedroom in Austin is only a fraction of what you’d pay in cities like New York, San Francisco, or Los Angeles, owning the property is a much better investment of your time and money.
If you need a full breakdown on the benefits of why you should consider buying a home in Austin, let us know. Not only can we help you decide if owning is the right move for you, but we have the Austin real estate experience to help you find the perfect property. Contact us today to get started.