Looking for real estate in the Midland-Odessa area can be quite the task for the uninitiated. By the uninitiated, we mean those of you who haven’t experienced how the oil and gas industry can affect availability, prices, and options. To help you navigate our ever-fluctuating housing market, we have created this guide to renting and buying in Midland.
Why Are You Moving?
The first thing you must contemplate before taking action is simply, “Why am I moving?” It could be for permanent work relocation, temporary assignment, or simply because you found the place you belong. Whatever the reason, by identifying the “why” you are better able to plan a viable housing solution to accommodate your specialized needs.
Consider the Advantages and Disadvantages of Renting or Buying
Buying a home of your own offers the benefits of security, equity, and the opportunity to increase personal wealth. Some disadvantages of owning a home are the huge financial and time commitments to house payments, insurance, maintenance and reselling (if you need to leave). Renting a place gives you the flexibility to relocate and not have to worry about finding someone to take over your lease. Renting is a whole lot easier & quicker to land in an apartment or house, easing any financial burdens on the tenant. Disadvantages of renting are rules and guidelines dictating how you use your personal space (decorating restrictions, owning a pet) and the lack of wealth accumulation from owning property.
At the end of the day, you’re the only one who can weigh the pros and cons to decide on the option that works best for you!
Get A Realtor or Keep a Close Eye on Listings
As soon as you’re comfortable personally and financially to find a place, get looking! This means keeping your eyes peeled for apartments, rentals, and homes that you would actually consider moving into. If you’re searching for a house from a distance, or in a market like Midland where there is a lot to navigate, your best option may be to hire a real estate agent. By having someone shop around for you and guide you through the process, you can find the best deals and monitor availability even from across the country. Keeping an eye on availability is key and can be the difference between finding your dream location and having to wait a few months.
***NOTE: When we say the housing market in Midland is different than anywhere else, we mean it! During the height of an oil boom, it may take months to find a place to rent and years before the right house comes available to buy. At the Hennessey group, this interim time in between buying and renting is our specialty!
Extended Stay the Hennessey Way
If a traditional home or rental isn’t quite what you need for your situation, or if you need a place to call your own as you look around, the Hennessey Group has got you covered. The Hennessey Group creates vacation home-like experiences for the business traveler, relocating families, those on government or military assignments, and anyone out of their home for insurance or remodeling purposes. Our executive staff works closely with you and are committed to providing top-notch service 24/7. Contact us at our Midland location for a free quote today!