Moving to the Dallas - Fort Worth Metroplex? Get your answers and make your buying decisions easy by using our resource guide.
| Renting and Leasing |
If you’re relocating to the Dallas-Fort Worth area, you may not be ready to purchase another home. In that case, renting or leasing may be the perfect solution. In the area, you’ll find an abundant supply sure to match your preferences. Whether you’re looking for an apartment, a townhome, a mid-rise, a high-rise, condo or a single-family home, rental rates in the Dallas-Fort Worth area are very affordable. In Dallas and in Fort Worth, you can expect to pay approximately $700 to $1,200 for a two-bedroom, two-bath apartment, depending on the location. This reflects a slight decrease from 2008 rates, so now is a great time to start looking.
While purchasing a home offers many distinct advantages, especially here in the Dallas and Fort Worth region, it’s not always the right solution. The Texas Apartment Association (taa.org) offers these considerations when determining if you should rent or own.
Cost – Buying a home usually requires a substantial investment of cash for a down payment, closing costs and points paid to lenders. You may also need to buy appliances, additional furniture, window coverings and other items.
Additional Costs – With a home, you may possibly have a yard, a community pool or other amenities and more space. You'll also be responsible for maintaining the yard, heating and cooling a larger space as well as perhaps paying homeowner association dues to maintain the pool and other amenities.
Reduced Flexibility – If your company relocates employees frequently, or you're not interested in staying somewhere for more than a year or two, you may want to think twice about buying. The costs you incur to sell a home (realtor's fees, closing costs, costs to market the property) may outpace any gains in the property's value or selling price.
Not Ready to Commit – How likely is it that your life and your needs will change?
Is your family growing, or do you have children who are getting ready to leave home or go to college? Is divorce or separation a possibility in your near future? Will there be other demands on your income or savings?
Return on Investment – Most people believe property always appreciates or gains value, but that's not always the case. A change in the neighborhood or the economy can affect the value of your property, which is certainly an issue currently. Sometimes you'll make money as a result, but you may lose money on your investment if you haven't owned the property for long. You'll also need to consider any additional money that you put into the property for improvements or upkeep while you live there.
Maintenance Responsibility – Home ownership requires being responsible for making the repairs or hiring others to make them, being available when repairs need to be made and paying for the repairs.
Lifestyle Factors – Is the neighborhood you’re interested in affordable with an adequate selection? Is it close to your work or school? Can you find rental housing where you would like to live, or is a home you buy the only option?
Tax Advantages – If you itemize your income tax, you can deduct interest you pay on a mortgage and property taxes that you pay. You can also deduct points paid to lenders in the year that you incur that cost. If you don't itemize, you won't get these deductions.
Peace of Mind – Ultimately, you need to decide if you'll be more satisfied and comfortable in a home you own, or in a home you rent.
If renting is the best option, here’s a basic checklist:
• Set a reasonable budget you can afford. Don't forget that you may need to pay for utilities and other items not included in your rent. Many properties will not approve you as a resident if you'd have to spend more than a third of your gross income on the rent.
• Check out your credit record with a report from a consumer reporting agency (credit bureau), and clear up any problems or mistakes on your record before you fill out a rental application.
• Make a list of what you are looking for in your new home or apartment, including the kinds of features that will make you feel comfortable with your choice. Use your list to check out the rental housing you're considering.
• Look over any property you're considering and see how well it is maintained. That will give you some indication of how well the property is managed and cared for.
• If you're considering an apartment or multi-unit property, talk to some of the existing residents about their experiences with the property. Ask how satisfied they are with the property, how repairs or other problems have been handled, and if they would recommend the property to their friends.
• Visit the places you're considering at night, to see if they look well lit. Compare them to similar properties in the neighborhood.
• Drive around the neighborhood you're considering, and look at the other rental properties available.
• Ask the leasing agent or the owner or manager of the property how emergencies are handled and how any crime or safety concerns are communicated to residents.
Before you start looking and comparing properties, determine your needs. Do you need a place with lots of space, good closets, proximity to work or school, or near to shopping or public transportation? Are you looking for a neighborhood with a suburban feel or prefer being closer to higher density, urban areas?
Then, of course, determining how much space you need and whether you’ll need a storage space for extra furniture. Are you interested in a specific school district for your children? Is there a washer dryer in the rental? How is the traffic leaving your neighborhood in the morning and at night?
While purchasing a home offers many distinct advantages, especially here in the Dallas and Fort Worth region, it’s not always the right solution. The Texas Apartment Association (taa.org) offers these considerations when determining if you should rent or own.
Cost – Buying a home usually requires a substantial investment of cash for a down payment, closing costs and points paid to lenders. You may also need to buy appliances, additional furniture, window coverings and other items.
Additional Costs – With a home, you may possibly have a yard, a community pool or other amenities and more space. You'll also be responsible for maintaining the yard, heating and cooling a larger space as well as perhaps paying homeowner association dues to maintain the pool and other amenities.
Reduced Flexibility – If your company relocates employees frequently, or you're not interested in staying somewhere for more than a year or two, you may want to think twice about buying. The costs you incur to sell a home (realtor's fees, closing costs, costs to market the property) may outpace any gains in the property's value or selling price.
Not Ready to Commit – How likely is it that your life and your needs will change?
Is your family growing, or do you have children who are getting ready to leave home or go to college? Is divorce or separation a possibility in your near future? Will there be other demands on your income or savings?
Return on Investment – Most people believe property always appreciates or gains value, but that's not always the case. A change in the neighborhood or the economy can affect the value of your property, which is certainly an issue currently. Sometimes you'll make money as a result, but you may lose money on your investment if you haven't owned the property for long. You'll also need to consider any additional money that you put into the property for improvements or upkeep while you live there.
Maintenance Responsibility – Home ownership requires being responsible for making the repairs or hiring others to make them, being available when repairs need to be made and paying for the repairs.
Lifestyle Factors – Is the neighborhood you’re interested in affordable with an adequate selection? Is it close to your work or school? Can you find rental housing where you would like to live, or is a home you buy the only option?
Tax Advantages – If you itemize your income tax, you can deduct interest you pay on a mortgage and property taxes that you pay. You can also deduct points paid to lenders in the year that you incur that cost. If you don't itemize, you won't get these deductions.
Peace of Mind – Ultimately, you need to decide if you'll be more satisfied and comfortable in a home you own, or in a home you rent.
If renting is the best option, here’s a basic checklist:
• Set a reasonable budget you can afford. Don't forget that you may need to pay for utilities and other items not included in your rent. Many properties will not approve you as a resident if you'd have to spend more than a third of your gross income on the rent.
• Check out your credit record with a report from a consumer reporting agency (credit bureau), and clear up any problems or mistakes on your record before you fill out a rental application.
• Make a list of what you are looking for in your new home or apartment, including the kinds of features that will make you feel comfortable with your choice. Use your list to check out the rental housing you're considering.
• Look over any property you're considering and see how well it is maintained. That will give you some indication of how well the property is managed and cared for.
• If you're considering an apartment or multi-unit property, talk to some of the existing residents about their experiences with the property. Ask how satisfied they are with the property, how repairs or other problems have been handled, and if they would recommend the property to their friends.
• Visit the places you're considering at night, to see if they look well lit. Compare them to similar properties in the neighborhood.
• Drive around the neighborhood you're considering, and look at the other rental properties available.
• Ask the leasing agent or the owner or manager of the property how emergencies are handled and how any crime or safety concerns are communicated to residents.
Before you start looking and comparing properties, determine your needs. Do you need a place with lots of space, good closets, proximity to work or school, or near to shopping or public transportation? Are you looking for a neighborhood with a suburban feel or prefer being closer to higher density, urban areas?
Then, of course, determining how much space you need and whether you’ll need a storage space for extra furniture. Are you interested in a specific school district for your children? Is there a washer dryer in the rental? How is the traffic leaving your neighborhood in the morning and at night?
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