Should I rent or buy a home?

Our parents’ generation considered this question a “no-brainer”!
OF COURSE, you should buy a home!
However, as Bob Dylan sang, “The times they are a-Changing . . . “ 

It is a personal choice and can be the most expensive purchase you’ll make in your lifetime. So, we have listed below just a few of the many factors to help determine what is the right choice for you.

Rent vs Buy

Financial Situation/Liquidity

Can you afford to buy a home? Approximately one in three American households rent their home, according to the most recent U.S. Census Report data. This is the highest it’s been since the early 1960s! Renting an apartment typically involves few costs other than paying the rent and utilities. Purchasing a home typically requires money for a down payment, closing costs, and maintenance.

Age and/or Stage of Life

Data shows that those just starting out and those at the end of their working years prefer to rent. They prefer to invest their money, use it for other purposes and generally desire less responsibility for yard work and repairs.

Flexibility

Today’s world has changed dramatically in just one generation. We have replaced our roots with wings and become a global civilization. It is now common for young adults to leave their hometown to pursue a career or educational opportunity far from home. Technology and flexibility in the workplace allow for employees to work from “virtually anywhere” so proximity to a business center is not important. People often don’t want to be “tied down” by home ownership.

Winning Your Dream House

Benefits to Buying a Home

Investment

Purchasing a home allows you to develop equity. Hopefully, over time, your home will not only maintain it’s value but increase in value. Real Estate will always hold some value. By owning your home, you would be able to profit from the property’s appreciation in value.

Stability

Most homeowners get a mortgage to purchase that property. Rent can fluctuate at the landlord’s discretion but the common fixed rate mortgage will remain the same over time. Also, most leases last just one year so the turnover of tenants is high, but homeowners typically stay in their home for years allowing for a more stable community.

Personalization

In a rented home, you will have to live by the landlord’s rules and regulations. This might prevent you from customizing the place to your personal liking. Owning a home allows you the freedom to decorate and design your home to a place you really wanted to live in. And the more you customize it, the more it feels like home, and the more you won’t want to leave.

What is Best for You?

What is best for me?

There is no easy answer. This is just a brief overview as everyone’s situation is different. Our local Real Estate market is constantly in motion which also has an effect on the actual costs and benefits of renting vs owning. 
Please email us at inquiries@logpondrealty.com for more information.

About Log Pond Realty

Home is where your story begins. Home is where hopes and dreams are born, memories are made, and lives are lived. We would love the opportunity to assist you in writing your new story.

We can be reached via phone at 919.589.3576 or via email at inquiries@logpondrealty.com 

Serving the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest, and Garner.

Author: kellyj

Kelly Jacoby is a REALTOR and co-founder of Log Pond Realty in Apex, NC. Our team services the Triangle region of North Carolina including Raleigh, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Durham, Chapel Hill, Wake Forest and Garner.

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