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Should You Rent or Buy in Charlotte?

Looking to make the move to Charlotte? Will you rent or buy a home? That is a question which may not have the simplest answer. Nearly two-thirds of U.S. citizens live in an area where renting is cheaper than buying a home, yet in more than half of the housing markets across the U.S., the median price of a house is more affordable than renting a 3+ bedroom home. This creates quite a great conflict. So, what will you do?

According to the real estate website, Trulia, it is more cost-effective to buy a house in Charlotte than it is to rent in Charlotte by a factor of nearly 40%. This is with the assumption of a down payment of 20% along with a 30-year fixed mortgage, so long as the buyer stays on the property for a minimum of seven years.

When you buy a house, you must take into consideration the purchase price, the costs of insurance, maintenance, taxes, utilities, and your regular daily, monthly, and yearly costs, as well as the amount of money you may need to put into the house to make it to your liking. When renting, you don’t have to worry about most of those costs, as they will be covered by the homeowner/landlord. As a renter, your responsibilities are paying rent, whatever utilities are not covered by your landlord, and your regular expenses.

For the most part, a renter will not have to worry about fixing even the most miniscule damages or issues within the property; from changing a lock to patching the roof and everything in between, as a renter, you won’t have to deal with just about any problem. Just as well, you won’t have to replace a sink or a toilet or a bathtub, pipes, electrical anything, a stove, or a refrigerator. You also won’t really have to worry about cutting the grass in most properties, either.

Another big deal with renting, versus buying, is the fact that you can essentially stay in your rental property as long as you’d like. Sure, you may sign a lease and be bound to it for the time being, but, when you’re bound to a mortgage, you’re essentially caught in a stranglehold by the bank for the term of the mortgage. Unless you sell the house, effectively getting rid of your responsibilities on the mortgage, you’re stuck with paying the mortgage for years, even decades.

 

CALL ALL MY SONS TODAY!

No matter what decision you make, you can always count on All My Sons Moving & Storage to help you in your move to Charlotte quickly and efficiently. We are your premier residential movers in Charlotte, meaning that we are the BEST around! Give us a call today for your free, no-obligation quote at (704) 251-6055!