At some point, most of us will ask ourselves the question “Should I continue renting or should I buy a home?” While some people dream of the day when they are handed a set of shiny keys to their new home, others would prefer to make a quick call to the landlord when the A/C stops working or the fridge isn’t cooling just right. When making this decision, it is important to weigh out the options.
Ultimately, getting down to the nitty gritty and comparing apples to apples will depend on your circumstance.
Renting allows for more flexibility to move locations quickly. With Atlanta, Georgia being such a commuter city, it is important to remember that moves in your career could be a major weight in the decision to rent or buy. Especially if you are just starting out, there may be a higher chance that you may need to move and figuring out how long you will be in a location is a key factor in making the decision to purchase a home.
Many people believe that they are not under the financial circumstances to purchase a home, which may or may not be true depending on your debt to income ratio. Figuring out if you would be qualified to purchase a home, or if you need to take a bit more time paying off debts and saving up money can be determined with an easy conversation with one of our lender partners.
There are many factors to consider when making the decision to rent a home: financial situation, freedom to make your living space your own, longevity in your location, and overhead costs for maintenance and fees, just to name a few.
Owning a home offers a level of security that many people crave, especially those getting married or starting a family. The turnaround time for moving can be a bit longer than when renting, but putting down roots in a location can bring stability to you and your family.
There is also something to be said for the sense of community that owning a home allows for. Think back to your childhood, chances are a good portion of it was spent playing with other kids in your area. Shorter term renters who relocate often miss out on the opportunity to build these relationships.
Buying a home can be a great investment. Home prices in Atlanta, Georgia have been rising, buying now can help you stay in a neighborhood that you could otherwise be priced out of in a few years. And even if you don’t end up staying in the house long term, a sharp rise in local property values could mean a sizable profit when you decide to sell. Another factor to consider: as we look towards future markets, if interest rates continue in the same rising patterns, the longer you wait, the more difficult it will be to afford the home you desire.
If you are trying to decide if renting or buying would be best for your circumstances and want to talk with someone, our team of professionals is here to serve you! We love helping people find homes in Atlanta, Georgia – contact us today to set up an appointment.