The dream of homeownership is nothing new. Many people view buying and owning a home as something that is out of reach when it’s really an investment that builds wealth long-term and can be even more affordable than renting. While renting can have a few advantages, such as flexibility, most people lean towards homeownership for a variety of reasons. If you are weighing a rent vs. buy decision, here is what you need to know and why you should make owning a home one of your priorities.
Renting a Home
When you rent, you have a bit more flexibility than owning. You can move when your lease is up. But that also means your landlord can decide to raise the rent or even sell the property and tell you it’s time for you to find someplace new.
One of the biggest downsides to renting is unpredictability. You might love living and working in a particular town and find the rents affordable. If other people discover that it’s a wonderful place to live, there’s a good chance you will get priced out of that market and have to move someplace less desirable.
Buying a Home
Homeownership offers a long list of benefits, such as the pride of ownership, predictability in your expenses, a sense of stability, and the ability to build wealth. But, if you’re someone that wants to pack up and move to parts unknown at the drop of a hat, owning a home may not suit you as well as it does a person that wants to put down some roots.
As a homeowner, the biggest upside is predictability. You take out a mortgage and know upfront what your monthly costs will be for the next 20 or 30 years. This won’t change even if your neighborhood becomes the most sought-after in the area.
Granted, you will have other costs, such as maintenance, insurance, taxes, and repairs. But these expenses are just as predictable if you understand and budget for them. And don’t forget about the tax benefits associated with homeownership, which you won’t get while renting.
A few other benefits of buying over renting are that you will generally get more privacy when you buy a home vs. rent an apartment. You can also customize your home any way you wish, provided it meets local building codes and adheres to any HOA rules.
Ready to Buy a Home in South Carolina?
While buying a home isn’t right for every person at every stage in their life, it’s an excellent choice for many people, making it more attractive than renting. If you’re ready to stop renting and would like to explore homeownership in South Carolina, The Lafayette Team can help.
Our real estate professionals have over 17 years of combined experience working with clients throughout the Lexington area. We specialize in working with first-time and move-up homebuyers and welcome the opportunity to learn more about your homeownership dreams and goals. Contact us today to learn more about our services or to schedule an initial appointment.