Renting vs. Buying Property in Denton County

 

The Dallas-Fort Worth region is exploding with new developments, offering the availability to lease or purchase homes in and around Denton County. Country living has never been better, with shopping districts and village-style living connecting communities and offering something to do nearby for all. There are moments when renting a home is necessary, and Denton County communities are full of options to rent luxury properties with short and long-term contracts. At the same time, the area also offers many choice neighborhoods to purchase your new home.

Denton County is in a fantastic location for lake fun, supreme shopping experiences, excellent schools, world-class amenities, and spacious homes fit for a king or queen. Diving into the lavish lifestyle this community offers, you have a perfect opportunity to find a single-family luxury home in Flower Mound and similar neighborhoods outside Dallas.

As of October 2022, active listings in Denton County were up 140% from October 2021, putting total inventory at over 3,100 properties. Denton County is about 950 square miles; there is plenty of space to go with increased inventory. And despite inventory more than doubling, closed sales are down from October 2021. As we enter winter 2022, the local market favors buyers. (As for luxury properties, some 5% of all Denton County homes sell for over $1 million.)

Choosing to purchase with the ultimate goal of making a profit is one reason buying your home pays over renting. It’s an excellent opportunity to generate revenue as an added return on investment. Creating passive income is one way to profit while the property gains appreciation. When your domain has hit the desired market value, selling is the ultimate reward, resulting in optimum capital gains.

Denton luxury condominiums and apartments near Dallas/Fort Worth International Airport are promising properties to consider. With high-end shopping centers and Lewisville Lake nearby, purchasing a luxe unit in this area of Denton County can be an excellent investment with a high turnaround of tenants traveling to the region for pleasure, business, or both.

Lush green lots are waiting for purchase in this affluent community with the opportunity to build luxury townhomes and residential or senior living homes. Depending on your need, purchasing a spacious lot and creating your dream is always a fabulous adventure and one that you can carefully organize and establish in your own time.

 

Owning your home brings benefits that are not available with a contract to rent and can substantially offset the mortgage cost. If you purchase your home as an investment, various write-offs are available at tax time for maintenance and property management. Texas homeowner exemptions include:

Purchasing a home allows you to change and modify property as you see fit, whereas renting a home does not allow for alterations without permission from the owner. Having a title to your property ensures that you are the rightful owner, and possession of the deed gives the right of claim to the property as your own.

There are times in life when renting makes more sense than purchasing a property. When you’re always on the go, traveling the world, or jumping between multiple cities, it may be necessary to find a rental property. There are plenty of reasons to forgo investing in property and choose to lease a home.

Signing a contract for an allotted number of months over purchasing a property with an obligation to reside at the residence for several years is one of the biggest reasons to rent over buy. You may be new to the area and hoping to buy eventually. The flexibility of short-term leasing helps when finding neighborhoods with amenities and activities that best suit your lifestyle. Looking in the area for six months to a year while living in a rented residence is one of the ways to anchor down while searching for available homes for sale in Double Oak, North Fort Worth, Northlake, or Lewisville. And because properties sold in Denton County take over a month to close, leasing is a good option if you want the key ASAP.

Many times, choosing to rent comes down to property insurance. Renters’ insurance is much less cumbersome than homeowners’ insurance, allowing for an opportunity to save in the long run. Having the freedom to make monthly payments or pay the lease in full is also quite a change from locking in a mortgage and dealing with financing to purchase.

Renting comes with less of a burden, as the home belongs to another and falls under their responsibility. There are terms built into every contract. However, the owner is ultimately responsible if there is damage to the house. One reason some may choose to rent their homes is the ability to have the repairs done without paying out of pocket. There is less of a burden of maintenance and upkeep. Plus, many homes for lease come equipped with top-of-the-line appliances, and some even come fully furnished.

If you rent a house, you must abide by any rules that come with the contract on the owner's terms. If they decide to sell their home, tenants will have to relocate. Living by another’s rules and timeline is not attractive to most — often, this is reason enough to seek home ownership.

The most important thing is finding a property that meets your needs and your situation while in the market. Teaming up with a local realtor is the best solution when searching for a residence to call your own.

Our team at Berry Boyd Group is ready to help you find a lovely new home in Highland Village. We know the area well and look forward to searching for your next luxury leased home or helping you achieve ownership in the community. From Argyle and Highland Village to Flower Mound real estate, we are the team you want by your side. Contact our team at Berry Boyd Group to learn more about what’s available in the area.


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