Should You Buy or Rent a Metro Atlanta Home?

Should you buy a home or is it better to rent? That may seem like a simple question to answer, but it’s really not.

Both buying and renting have their advantages and disadvantages. Let’s take a look.

Renting:

  • You don’t need as much money upfront. A landlord may ask for first and last month’s rent, but it is usually still significantly less than what you would need to make a down payment when buying a house.
  • You can’t personalize your living space or update it. While it is nice to have a landlord to call when you have a leaky faucet, you can’t install a new kitchen sink or paint the cabinets, even if they really need it.
  • Your rent can increase every time you renew your lease.
  • It’s not as difficult to move or relocate if you want to take a job in another city. When you move from a rental, the process is a whole lot less complicated.

Owning:

  • Mortgage companies require you to make a down payment when you want to buy a home and you generally have to pay some closing costs as well.
  • Repairs and maintenance of your home are your responsibility, but the upside is that you can make renovations and paint the walls of your home in any color you like.
  • The value of your home can rise or fall over time. When you do sell, your home could be worth more than what you gave for it or you could discover that you owe more on it than your house is worth.
  • You can build equity in your home. This means that you not only increase your personal wealth, you also may make a nice profit when you one day decide to sell your home.

Now that we’ve looked at the advantages and disadvantages of buying versus renting, how can you determine which is right for you?

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Should You Rent Your Home?

Owning a home can provide a sense of security, but home ownership isn’t for everyone. Renting may be a better fit for you if:

  • You don’t know how long you will live in the same place because of your job, family circumstances, or for some other reason. As an example, you are getting engaged or may have to move in with an aging parent who needs assistance.
  • You don’t have time or don’t want to be bothered with the maintenance and upkeep that is involved when you own your own house.
  • Your income is subject to change and it could make it more difficult to pay a mortgage payment.

home-for-sale

Should You Buy Your Home?

Buying a home is one of the best investments you will ever make. Prices are on the rise, however, so you could find that you are unable to purchase in the neighborhood you you want to live in if you wait to buy.  Owning may be a good fit for you if:

  • You don’t plan on moving anywhere in the next few years.
  • You have good credit and are eligible for a low interest rate mortgage.
  • You have money to put down and can afford a monthly mortgage payment.

Conclusion? When it comes to buying versus renting, the right option is always the one that best aligns with your personal and financial goals.

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Are You Ready to Buy a Home?

kristen-reed-cartersville-realtorThere has never been a better time to buy a home. If you’re thinking of purchasing a home, you need a real estate professional like Kristen Reed, who knows and understands the Metro Atlanta real estate market. Contact her today to have free access to hundreds of listings and let Kristen help you find the house that’s right for you.