Renting vs. Buying
You are probably here looking for a home or apartment to rent. We, Western Carolina Properties, specialize in the buying and selling of real estate and do not manage rental properties. However, there are many people in the area who do. Have you considered buying a home? There are many pros that come along with homeownership and you may be surprised with what you can afford. If you're sure you don't want to purchase a home, click the link below to see a list of local property mangers who can help you find the perfect rental. If buying a home might be a possibility, continue to read below and check out our amazing home buying resources at the end.
Is Renting Truly Cheaper Than Buying a Home?
Owning a home is a dream for many people in our area. You have the opportunity to invest in a place of your own and build equity, not to mention carve out a space that reflects who you are and what you love.
However, worries about down payments, property taxes, maintenance, and insurance (and student loans) can make buying a home seem like wishful thinking, which is why you may prefer to rent a home or apartment.
But is renting cheaper than buying a home? There are more than just financial costs to consider. Let's discuss the advantages and disadvantages of renting.
You Receive No Return When You Rent a Property
As a renter, you're paying hundreds of dollars a month to live in your community, and if you want to move, it's much easier. But renting a home doesn't offer you investment opportunities.
Unlike paying off your home loan and building equity, the money you pay when you rent goes straight to the property owner or manager.
You Don't Build Credit When You Rent
As this Forbes article explains, your credit score often does not factor in your on-time monthly rent payments, so renting a property is not a great way to build credit.
You Cannot Customize Your Living Space
Not all costs are financial. There are opportunity costs of renting a home instead of buying a home, and customization is one of them.
There may be rules and regulations in your rental community that prevent you from changing your space to fit your style, such as painting the walls or upgrading the kitchen. These rules may also prevent you from living with a pet.
Owning a home means you can create your own space (with your choice of countertops and kitchen cabinets), you can invest in home improvements, and you can live with your furry companion.
Renting vs. Buying: The Bottom Line
Renting gives you flexibility and little maintenance to worry about. Buying a home is a long-term investment that gives you a space you can customize, helps you build credit and equity, and connects you with your community.
We want to help you make the best decision, and we have important real estate market resources that you can use to help you decide if renting is cheaper for you than buying a home. Just contact us at our Dillsboro office at 828-586-3442 or at our Cullowhee office at 828-293-3708 and we can talk about your plans.