Considering buying a home in Frisco TX or surrounding areas in the near future?
Is homeownership on your horizon? Are you excited about your possibilities?
I remembered one of the freedom I felt about buying my first home is the ability to decide the colors of my walls and I did not have to ask anyone about it……It was such a liberating feeling.
House Rule: Is Buying ALWAYS better than RENTING?
So, you pay $1,000 in rent now. For $1,300* in mortgage payment a month, you could probably buy a first-time home for $175,000 at 4% interest on a 30-year mortgage (estimate). In the Frisco TX home market, $175,000 buys you a good first Frisco TX home.
Sounds like a reasonable and affordable solution for $300 more per month.
So you put your signature on the dotted line. Your Frisco TX Realtor® called you to tell you that your loan closed and funded. You received the keys. Now, you own your American Dream. You move in and you are happy.
New homeowners start to think differently. The mix and match furniture from the college days suddenly do not fit the decor of the new home. The new homeowners do not like the wallpaper the previous owner left behind. The yard needs to be mowed, edged and trimmed. The garage needs some organization. So, what would a new homeowner do in this situation?
They go out to make Home Depot and Lowes their second homes (almost). These are the unseen foreseen expenses that homeownership incurs. How much is ever enough? So, out they go to get a Home Depot or Lowes store credit. Zero percent interest for 18 months? Sounds like a no-brainer. Have pure intentions of paying this off before the zero percent deal ends? But life got in the way? Before you know it, you are adding more debt.
Even if you are disciplined enough not to do home improvement projects and do not mind using the couch Aunt Janet gave you, homeownership have maintenance costs to consider. Remember in your apartment days, when the air conditioning unit is not cooling enough, you pick up the phone to call the apartment manager? Gone are the days. When your heater goes out, you pay for the repair. When your toilet gets clogged, you sign the invoice.
It is not my intentions to dampen your spirits. But if I was your Frisco TX Realtor® – the one who watch for your best interest, if I did not discuss these scenerios about your possibilities but just share with you about how homeownership is blissful, I would not have served you well.
A well-prepared new homeowner is a smart planner. Remember that your home should be a blessing for you. It should serve you and your family well for many, many years, not the other way around.
So, if you feel that homeownership is on your horizon, pick up the phone and call. I’d love to share tips and strategies with you to make your American Dream a pleasant experience.
House Rule: Is Buying ALWAYS better than RENTING?
The answer: In the long-run, yes. In the short-run, no. If not executed well, it can leave a bad taste in your mouth for a while.
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3:16 team REALTY is a locally-owned real estate company serving Frisco
TX and the surrounding cities. Find out
(214) 783-2210
info (at)
316RealEstate.com
Loreena Yeo is the broker of record of 