BUYING A HOME Versus RENTING A HOME

Dated: 09/07/2017

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BUYING A HOME Versus RENTING A HOME

There are many things to consider if you are considering buying a home versus renting a home.  The debate often includes a component of flexibility tradeoffs in lieu of stability.  Without a doubt, there is a financial consideration but often it’s an emotional decision based on lifestyle expectations as well.  If you are considering home ownership versus renting, here are some basics to consider;

  • How long will you live in this home?  Staying in a home longer will help flatten out the initial costs associated with buying a home.  You will want to consider the neighborhood, your career and job situation and any other factor important to making a decision that will work for a while.

  • What are the costs of homes and rental rates?  In many markets, rental rates far outpace the mortgage loan cost of home ownership.  Be sure to consider other factors as well including maintenance, insurance and taxes differences in each scenario.

  • Do you have your finances in order?  First and foremost, you will get a better loan rate if you are in good financial standing.

If you think the time is right, there are many benefits to owning a home.

  • Mortgage Costs are Constant – With a fixed rate mortgage, you know what your debt cost are going to be.  Unless you are in a rent controlled situation, rents can rise at the end of every lease.

  • Enjoy a Tax Break – Mortgage interest and property taxes are deductible on your taxes each year.

  • Appreciation – While there is no guarantee that your home will increase in value, when it does, it adds to the equity you have in your investment.  If you do sell that money will stay with you.

  • It’s Yours – Beyond equity and appreciation belonging to you, you also have the freedom to paint, upgrade and change the home to your lifestyle and tastes.

There are many things to consider but if you are ready, we would love to work with you on your home purchase.

Visit us at http://bo.myhtrraleigh.com/ask/26b1a51da2688cb25d3c08ae4070771b to learn more about home available in Raleigh, Cary, Apex, Morrisville, Holly Springs, Chapel Hill and Durham and the rest of the area.

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