Renting Vs Owning Your Own Home
Why rent when you can own a home? Its the age old question. Should I rent or should I buy? What are the pro's and con's of renting vs owning? Let me put a few things into perspective and with that being said, I am here to listen to you and to assist you in the most gentle and understanding way.
Owning a Home is a responsibility. Lets think a minute - if you own a home you
- Are responsible for repairs and maintenance to the property
- the garden needs to be looked after and refreshed each year
- you have to pay the property taxes, insurance etc
- a home often needs managing when you are away for a period of time
- there are great tax benefits to owning a home in North Carolina
- It can often work out cheaper to own a home than it does to rent one
- You may sell your home for more than you bought it for and then you have made a profit
- If you have to move in a hurry, it may be difficult to sell your home in a faster time frame
If you Rent a Home
- Repairs and general maintenance remain with the owner - you just need to make a phone call to start the process
- You may have the inconvenience of taking time off work to meet the repair person
- The garden needs to be maintained and you would pay for that
- you do not have to pay property taxes, but your rent certainly contributes towards that
- you would probably need renters insurance, or some form of insurance
- if you are away, the house probably needs someone to check it for you
- you have no tax benefit to renting a home
- Sometimes a mortgage is cheaper than renting - ask a lender about that!
- You have the freedom to move without the hassle
- If the home does not fit your needs any longer, you can move easily without worrying about selling the property
So with all this said, when is it a good time to become a home owner?
- When home prices are low and rentals are high
- When you know you want to settle in a particular area for a long period of time
- when the rental payment would exceed a mortgage payment
- if you have a great job and you intending staying in the area for a long time, real estate generally has a long term stable growth pattern
- You mortgage payment would be more stable than a rental payment as the general pattern is that rent would go up and up
- when you want to be part of a community and offer your family or loved ones a stable environment
There is no right or wrong answer about home ownership. I know that many have taken huge financial strain in the 'big meltdown'. Its such a personal decision, but I want you to have some real facts to help you make that decision.
When you looking to buy a home, I am a genuine person with great values and I would definitely be available to share my knowledge and experience with you. At the end of the day, you need to sleep well with your choice. I would love to assist you with your home purchase.
Take a look at the homes for sale in the Cary, Apex, Raleigh and surrounding areas.
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