Why You Should Own a Luxury Home vs. Renting One

Luxury homes in Austin appeal to both homeowners and renters, which can lead many people to question whether they should own or rent. While there can be benefits to both renting and buying luxury homes in Austin here’s a few reasons why buying may be the better option.

Luxury Home Financing is More Affordable

Buying luxury homes in Austin may be easier than you think. The interest rates are still very low, even for the jumbo loans that are often used to purchase higher priced homes. As long as your credit is very good and you have the funds for a down payment you’ll be able to get financing for a very affordable price.

Tax Advantages

Homeowners that purchase luxury homes in Bee Cave, TX or anywhere else for that matter may actually look forward to April 15th thanks to all the benefits and tax breaks that homeowners get. Because renters don’t get these additional deductions and credits owning a luxury home could ultimately be less expensive than renting one. If you decide to rent out your luxury home at a later date there are still tax benefits that can be claimed.

Appreciating Value, Not Appreciating Rent

According to the National Association of Realtors on average rent will increase by 5% on an annual basis. While appreciation of a home is never guaranteed, if you plan to stay in a home at least 7-10 years there’s a good chance that it will increase in value. So instead of paying more in rent you’ll benefit from appreciating value and your payment won’t change if you get a fixed rate loan.

If you’re interested in buying luxury homes in Austin explore the community of Spanish Oaks. Residents will not only enjoy having a luxury home of their own but also the many amenities that improve the value of all the properties.