Considering buying a new home in El Paso? This is the year to make it happen. The prospect of home ownership has never looked more attractive in recent years than that of 2018. In the current market, there are many advantages of buying a home compared to renting. As we approach the middle of the year, there’s still enough time to make your goal of buying a new home a reality.
We’ve compiled the top four reasons why buying a new home in 2018 makes sense.
El Paso’s rent prices may not be as high as those of larger Texas cities such as Austin or Dallas, but with new apartment complexes popping up, the prices of rent are certainly rising. You could be paying the same monthly price on a mortgage. Of course, the main difference as we know is that with a mortgage payment, the property eventually becomes yours. If your goal is to become a homeowner, 2018 is a good year to end the streak of renting.
If you have a good credit score and put down a decent down payment, you could be eligible for a lower interest rate on a home loan. With a credit score of 780, you could potentially qualify for a 3.613% APR on a 30-year fixed mortgage. There’s even the possibility if your credit score isn’t nearly as perfect, you could still receive a decent APR on a home loan.
Since rent prices are relatively high at the moment, it doesn’t make sense to continue renting when you could be putting that same money towards an investment in a home that will be yours for years to come. Moreover, buying a new home this year makes financial sense, especially when it comes to saving. The majority of renters spend approximately 20% on their income on monthly rent; whereas people with a mortgage tend to spend about 15% of their monthly income. A contributing factor to this is that a mortgage will often make sense for people’s financial situation. The amount you will save in a mortgage compared to monthly rent will be evident down the road.
With an influx of new homes being built in El Paso, there are a large number of moderately priced homes with new, luxurious amenities to choose from. When it comes to renting, you are very limited in what you can choose from and of course change about the property. Most importantly, a home allows you to truly make it your own. Having the ideal kitchen with the right amount of bedrooms makes living arrangements much more comfortable. You might wonder why you rented for so long.
At Santana Homes, our mission is to offer long-term happiness for our buyers. We take our craftsmanship seriously and help make luxury homes affordable to the residents of the El Paso community. Our team is happy with work with you in making your home plans a reality. We know your dream home is waiting for you. Come see us today!