Real Estate 101 - Renting Vs Buying in Charlotte NC

Welcome back for another entry in the Real Estate 101 Series.  Let's talk about the pros and cons of renting and buying real estate in Charlotte.  There are several factors when deciding on renting vs. buying, and it may vary depending on the current economy and your finances. The details on Renting Vs. Buying Charlotte NC Real Estate in this blog can assist you in making a well thought out decision on which alternative is the best fit.

Renting Vs. Buying

Renting Charlotte NC Real Estate

Renting is a preferred decision if you do not plan to live in the area for 5 to 7 years, are not sure about employment stability, have bad credit standing, or simply do not wish to manage the upkeep of a home. Unless the real estate economy is good and/or is rapidly increasing, it ordinarily takes 5 or more years to realize equity in a property.

If the economy is on a decline or you are not sure how many years plan to keep a house, renting would be the safer option. Job stability is one more consideration. Renting allows you to adjust to loss of employment by transitioning to a less expensive rental and thereby lowering recurring costs. A mortgage is not as easily modified. If you have poor credit, that may lead to higher mortgage payments, making buying a property a less appealing alternative. Finally, taking care of a home takes significant time, energy, and financial resources. There are general expenses related to home maintenance. You may decide that taking on those repairs are not what you want or not realistic for your family.

Purchasing Charlotte NC Real Estate

Purchasing has many benefits such as tax deductions for mortgage interest and property taxes, increasing of equity, and ability to change your amenities. In a majority of cases, buying home ownership costs close to or less than renting. If you intend to stay in the area for an extended period of time, real estate also typically builds equity for a beneficial return on investment.

A down market is a good opportunity to purchase since sale prices are reduced and the potential for increasing values is higher. Finally, purchasing a home allows you to add your personal touch to your living space. You can switch appliances, flooring, fixtures, and other amenities to design a personalized space. These elements make real estate ownership very appealing both personally and financially.

Details On Renting Vs. Buying Charlotte NC Real Estate

Calculate the expense of renting vs. buying (based on current home prices and mortgage rates). When property prices decrease, rental rates do not automatically follow, so a poor real estate market may be the optimal time to buy. The above details on renting vs. buying Charlotte NC real estate is only a generic overview. Before finalizing your plans, consult with an AllenWay real estate agent for up to date information on the real estate prices and a mortgage broker on interest rates and estimated payment amounts.