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The benefits of buying over renting

Many of us have had the difficult decision to either buy or rent a home.  But, as you will see, there are definite advantages to buying.  The Powell Group at Keller Williams of the Western Upstate of South Carolina offers several examples.

Buying a house can be cheaper than renting in the long run
Buying a house can be cheaper than renting in the long run

First of all, buying is cheaper.  In our area, many apartments have a rent of $800 and higher – much higher in some cases.  If you rent in our area, your monthly mortgage could be cheaper.  Of course, your credit scores are taken into account.  So, make sure your finances are in order so you can get the best price.

Next, your monthly payment will often remain the same.  When paying rent, your monthly payment could be increased every time you sign a new lease.  However, when you own a house, your finances are discussed when signing a lease in the beginning – and the lease is good for several years meaning your payment won’t go higher.

Another issue is appreciation.  Renting an apartment will not help you increase the value of your home.  However, that is not the case when you own your home.  Homeowners have the added benefit of seeing the value of your house increase.  We all know that the housing market is improving.  So, those that bought houses since 2008 are seeing the value of their home increase.  In some cases, it is significant.

Lastly, there’s the notion of modifications.  Renters aren’t allowed to change things around their home without permission from the landlord.  However, since homeowners own their homes, they have more freedom to do whatever they want.  Of course, homeowners associations may have rules.  But, for the most part, those rules are more lenient than any a landlord would impose.

The Powell Group invites you to talk with one of our team members to discuss buying a new house.  We can give you all the information you need to move forward and buy the home of your dreams.

If you are moving within the Western Upstate of South Carolina, log on to our website and have a look at all of our beautiful homes.  We are sure you will find exactly what you are looking for.

(Picture used from Flickr)

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