One of the biggest questions in real estate…should I rent or should I buy? There are, of course, a variety of factors that greatly influence this decision but overall, buying is the way to go especially in the Queen City. In fact, in a recent report by Housingwire, Charlotte is listed at #5 out of #25 for markets with the biggest rent hikes this year! That’s a very scary number for renters and one that’s like to increase as the city continues to grow. If an 11.7% average yearly rent increase isn’t enough to convince you to buy, here are 3 more great reasons you should own a home instead of renting…
1. You build equity every month. Every month when you make a mortgage payment, a portion of your payment reduces the amount that you owe on the home. As you continue you reduce the amount that you owe, your equity in the home increases. This is money well spent as opposed to thrown away on rent.
2. Fixed mortgages won’t go up. This protects you against significant increases in monthly mortgage payments if interest rates rise. Unlike the 11.7% increase in rent this year in the Queen City, you’ll have more stability in your monthly payments.
3. Tax Deductions. This one is big! You can deduct everything from mortgage interest, closing costs and real estate property taxes. In the long run, buying is cheaper than renting. We all need somewhere we can call home so why pay off your landlord’s mortgage with your rent dollars when you could pay off your dream home?!