Rent vs. Buy: The Eternal Debate!

 In Advice for Home Buyers, All About Houses, First Time Home Buyer

Easily one of the biggest struggles adults face is the eternal Rent VS Buy debate. What are the pros and cons? Should I build equity in a home or find a rental with amenities? Given the fact that buying a home is likely the most expensive purchase one will ever make, we’re here to help you decide… rent or buy? Here are 3 pros for each option.

Pros to Renting:

1.Most landlords generally take care of repairs and maintenance and some apartment and condo complexes may even cover trash service or offer amenities like a pool and fitness center.

2.Less up-front cost. Renters generally only need a security deposit to go along with their first month’s rent, whereas closing costs and a down payment on a home can be costly.

3. Freedom to move around. For certain lifestyles, the ability to pick up and go at the end of every lease is very appealing. Houses don’t move. When you buy, you’re planning to stay in one spot. With renting, the option to change it up every year or two is very real.

Pros to Buying:

1. You’ll build equity. Over time, and especially in an in-demand location like Charlotte, the value of your home may increase. That investment is $ in your pocket. If you score a fixed-rate mortgage and plan on staying the full 30 years, not only will you eventually pay off your home, but your mortgage itself won’t increase. (Although property taxes and insurance rates likely will.)

2. Style! As a homeowner you generally have say-so in how you paint, renovate, and make changes to your home. The only exception may be with exterior changes if your home has a Homeowners Association, though usually changes just require permission. Homeowners have the freedom to decide how they want their house to look.

3. Tax Deductions. Itemizing on your tax returns give homeowners access to mortgage tax deductions and property tax deductions.

Visit our Buyers tab for a little more information on how we can help you when and if you decide it’s time to buy!

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