Buy or rent a home?
The market right now in Rome and NWGA appears to be in the seller’s favor, many still opt to buy for stability, tax benefits or long term stability
There are plenty of reasons to buy and likewise plenty to support renting a home. Below are a few considerations.
Buying. A home provides a place to live and stability for you and your family. When you own a home, you are no longer at the mercy of a landlord ever changing whims, and with each mortgage payment you also know you’re closer to full ownership
Some good points:
• Payments- You payment never changes. This helps with budgeting and cash flow..
•Tax benefits. As a homeowner, you can deduct many related expenses.
•Tangible asset- Real estate appeals to many other potential buyers and investors.
• Equity building-. As a homeowner you will likely enjoy a lower cost of living in retirement.
Renting. If you’re part of the population that is unable to buy renting provides a place to live.
•Flexibility- You can move faster and easier at a moments notice such as a career change,
•Avoiding extra costs. Homeowners are responsible for moving costs, furnishing, decorating, leaky pipes, gardener wages and any other expenses for up keep
•Liquidity- Your money is not ties up in the large investment
•Building credit- Having a renting history and on time payments will help build your credit to qualify for a mortgage down the road. Keep up with your payment history
Oit may take a year or so of renting but once your credit is solid, you can reevaluate if owning a home seems right for you