Not sure whether to rent or buy your next home? This page offers you a little food for thought on just that subject! Take a look at this page, and if you still need some questions answered on whether you should be buying or renting your next home, give us a call and we will be your guides! We offer a full service agency and cover all aspects of home buying from first time home buyers, investment properties, vacation homes, with all types of property. Including single family residential, townhouses, condominiums (condos) and ranches. We walk you through the ins and outs of our contract, plus inspection and finance issues.
Charlotte Realtor
Claude Cross
704-975-1733
Today's Blog Charlotte Realtors
Jane Francis Cross 704-608-0228
6420 A1 Rea Road Suite 359, Charlotte NC 28277

 Members of the National Association of Realtors :

 Licensed in both North and South Carolina-

Serving Charlotte Real Estate Needs Since 1994

Charlotte Renting or Buying?

The Cost of Renting

Should you rent a home, or should you buy a home?

Although owning a home is a classic American dream and part of American culture, there are a few things to consider before diving in to home ownership..

Most people view renting as throwing away money.

Why give your money away to a landlord when you can invest in your own home?

The main considerations are your lifestyle, your ability to secure a mortgage and your financial situation. As part of a lifestyle, apartments fit people’s time restraints.

There are few maintenance or upkeep requirements for apartments compared to houses.

For people in large urban areas, apartments give people the opportunity to live in trendy, fashionable neighborhoods that may only be affordable if they rent.

Renting also allows people starting or changing careers more flexibility when a job dictates a move. Not everyone can secure a mortgage.

Despite the myriad types of mortgages and federal programs, some people simply have bad credit or too much monthly debt to get accepted for a mortgage or to get enough of a loan to afford what they want.

Other considerations are how much do you want to invest in a home and how willing are you to let that affect your lifestyle.

You also risk unseen expenses such as a major necessary repairs, property tax reassessment, or disasters. When you rent, you have more flexibility in reacting to major trends in the economy.

Despite risks and lifestyle changes, home ownership is a definite long term reward for most people.

Recent changes in tax laws will now allow for home owners to pull equity out of their homes without needing to be 55 years of age, making individual homes a much more flexible investment.

You also gain tax benefits by deducting certain home costs from your personal taxes.

The Cost of Owning


Choose what is right for you:

Start by weighing the lifestyle and personal changes and risks you can make.

A home does not guarantee equity or profit on sale. Like all investments, a home carries a level of risk.

Because there are fees and costs with securing a mortgage, you will pay thousands of dollars up front for your home.

Depending on your mortgage and payments it can take years to build enough equity to compensate that expense.

If you need to sell in a few years, you may never recover those initial costs and face the expense of sales commissions with the sale of your home.

If you move around much or anticipate needing to in the near future you will want to seriously consider the expense of short term ownership of a home.

Another factor to consider is the risk that your home or community may change dramatically, effecting your home’s property value.

Does the community you live in have one primary employer?

Does your community have one major industry creating most of your community’s jobs?

Can a down turn in that industry shift the demand for housing where you live?

Are the demographics in your community changing?

Income declining?

Crime rising?

These factors among others effect the property values of entire cities.




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