Experts agree that now is a good time to invest in a home in Houston.
For real estate developers, location drives competition and progress. For new buyers, timing often drives decision making. When location and timing come together, the homeowner is positioned to win—in a big way.
Real estate in Houston’s Inner Loop remains a top investment choice, particularly because property values continue to increase and the demand for homes is still high. For individuals looking to purchase a first home or a new home, the right time to buy in Houston is now.
Why Buying Makes Sense
Buying vs. Renting: Which is best in Houston? is a recent article outlining the reality of today’s market: high-end apartment rents are declining while mortgage rates are rising. Despite these factors, buying is still the superior choice. Based on a study from Zillow, the article explains that if an individual living in Houston plans to stay in place for at least 1 year and 11 months, buying is more cost effective than renting overall, even considering things like mortgage rates and home repair costs.
Past blogs from Surge Homes on renting vs. owning explained the benefits of home ownership. At the heart is the word ownership. By buying a home, an individual is putting money in the most reliable investment around, which is real estate.
Meeting Houston’s Housing Demand
Surge Homes is meeting the demand for today’s new buyers with The Isabella at Midtown, a new condominium development featuring lofts, as well as one-, two-, and three-bedroom condos or penthouses that range from 420 square feet to 1,880 square feet. Compared to renting an apartment of similar luxury and quality, buying a condo in Houston is less expensive and a smarter long-term financial move. For example, a buyer can purchase a one-bedroom home at The Isabella for $154,102, and with an interest rate of 4.5 percent, this equates to a monthly mortgage of just $967—a rate that is $279 less than it would cost to rent at an apartment complex located directly across the street. (The breakdown for a one-bedroom at The Isabella: 30-year fixed loan with a 5% down payment; principal and interest: $742; PMI: $120; and maintenance fees: $105).
A buyer could also purchase a two-bedroom home at The Isabella for $1,662 per month—which is $312 less than it would cost to lease a two-bedroom apartment at the complex across the street. (The breakdown for a two-bedroom at The Isabella: 30-year fixed loan with a 5% down payment; principal and interest: $1,245; PMI: $201; and maintenance fees: $216.)
For affordable home luxury, The Isabella at Midtown has it all. Buyers can select from a collection of 70 professionally coordinated interior design packages for the kitchen and baths. Each home at The Isabella comes equipped with kitchen appliances and a 10-year transferable 2-10 Home Buyers Warranty and a Master Insurance Program for the duration of the 10-year warranty.
Buying Wins in Houston
The data confirms that buying in Houston is the right choice for those who are looking to get the most out of their housing dollars. Houston’s Inner Loop—known for its diversity, culture, beauty, ease of transport and much more—remains one of the most coveted locations for real estate and one of the best values in the city. Purchasing a home in Houston while values continue to increase is an opportunity to invest in your future – not in the future of your landlord. Not sure of your long-term plans or needs? You can always sell your home or maintain it as a rental property, which is just one more reason real estate is such a great investment.
