Rent or Buy?

August 14, 2022

With rent prices increasing for many, now is a good time to seriously look at purchasing a home. There are obviously various issues that can impact your choice to rent or buy, but if you are in a position to purchase, now could be a good time before you’re spending so much on rent that you can’t afford to buy. If you do decide to purchase, one of our Columbus GA realtors can help you explore various neighborhoods and communities to help you find a home that fits your needs and your budget.

Increases in price are always a risk when it comes to renting and you can be stuck having a hard time finding another equal or better apartment at an affordable rate. Inevitably, you’ll be paying more with each lease you sign, especially with rents on the rise these days. On the other hand, with a mortgage, you know exactly what your monthly payment is for the life of your loan, assuming you’ve locked in a fixed interest rate. In some cases, you may end up paying less for your monthly mortgage than you do for an apartment.

Another reason to buy rather than rent is that you have something to show for all of that money you’re paying. With home ownership, you are investing in yourself, not someone else. You gain equity in your home as you pay off your mortgage and if you do decide to sell at some point, you could make more than you originally paid, helping you make money from your home. You’re never going to make money from your rent.

With possibly lower mortgage payments, as well as the equity you’re creating in your home, it can be easier to save money over the long term. Plus, if you buy a newer home that is built to be more energy efficient, you’ll be able to save money on your utility bills, as well, further increasing your options to save and create a safety net and money for your future.

Even if you think you won’t qualify for a loan, do some research. FHA and VA loans could be a solid choice for you if your credit score isn’t great or if you don’t have a lot of money for a down payment. You may not start with the home of your dreams, but as you start investing in yourself, rather than your landlord, you may find yourself moving into a home closer to your dreams faster than expected. Plus, with the help of our knowledgeable Columbus GA realtors, you can feel confident in purchasing a home that is right for you right now, letting you get a foot on the home ownership ladder, which is a step in the right direction. Contact us today to see how we can get you started.

Categorised in: Local Info, Market Tips, Rent or Buy?

This post was written by Rose Anne Erickson