The Age Old Question: Should I Buy or Rent My Next Home?

Without a doubt, there are a lot of benefits to purchasing a home over renting in Charlotte, NC - especially in the current market. However, you have to make sure it’s the right decision for you and your current situation. In order to make a logical decision in terms of renting or buying your next home, you should ask yourself a few questions first.

  1. Can I afford home ownership?
    When renting, the only upfront cash needed is typically a security deposit worth one month’s rent. On the other hand, purchasing a home generally requires more upfront cash for the down payment, inspection fees, appraisal, closing costs, etc. Saving up enough money for the home buying process can be tough. However, there are programs offering assistance like Fairway Mortgage’s 101% Financing Program, which allows you to finance the entire purchase plus 1% of closing costs. Buying a home is easier than you think!

  2. Do I want to plant roots in Charlotte?
    If you’re planning on moving to a different city in the next few years, it may not make sense to purchase a home. However, with current appreciation in the Charlotte market, it could prove to be a good investment. According to the Charlotte Regional Realtor® Association, the average sales price for Charlotte homes between January 2019 and June 2019 has increased 6.2% over the same time period in 2018. In the month of June alone, the average sales price increased by 9.4% year over year. With that said, it could be a lucrative option to invest in a home now and sell it in a few years when you move. Or better yet, you can turn the property into a rental property once you move.

  3. What are the benefits to buying over renting?
    See infographic below.

 
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With rising rent costs, current home value appreciation, and down payment assistance programs, buying a home makes more sense now than ever! For more information regarding the home buying process, click here for a FREE First Time Home Buyer Guide.

For any questions or to get the process started, please fill out this form or use the contact information below.

Lena Suarez
NC BROKER/REALTOR®
704-728-6036
lena@cltrealty.com

Coldwell Banker Residential Brokerage
115 E Park Ave Suite E
Charlotte, NC 28203

Lena Suarez