First Time Buyers - Is Buying Always Better Than Renting?
Updated: Oct 9, 2020
If you’re planning to move to Atlanta, one of the biggest issues you may face is deciding on whether to buy or rent a home. While renting a house may help you save money in the short term, buying a home especially in the city of Atlanta offers you a range of long-term benefits.
In this article, we will show you five (5) reasons why you should consider owning a home in Atlanta instead of renting an apartment.
Buying a home gives you the liberty to customize your space to your taste. It is your house and you can decide what you want to do with it. You can paint the exterior any color of your choice, remodel the kitchen, or even change the flooring to suit your personality without the need for approval from a landlord.
Unfortunately, this isn’t possible if you are renting a house. If you are living in a rental, you are most likely restricted to the type of changes you may be allowed to carry out. Major changes like the remodeling of kitchens or bathroom, removing a wall, and changing the flooring may not be allowed by the property owner.
2. Building Equity
One of the reasons why real estate is one of the most-patronized investment vehicles in Atlanta is because of its ability to help investors build wealth for the future. A recent study reveals that the Atlanta real estate market appreciated 66.14% over the last ten years. Owning a home instead of renting allows you to increase your equity on the home with each mortgage payment.
Renting a home doesn’t afford you this benefit. Whether you pay your rent on time or the property appreciates even up to 500%, you cannot claim the equities if the owner decides to sell it in the future. You need to pay for housing, so why not allow these payments to work in your favor?
3. Paying Less
With the Atlanta population expected to reach 8.6 million by the year 2040, the price of rent is likely to experience a continuous increase. Reports show that there has been a 2% increase in the price of rent when compared to the previous year. One of the upsides to buying over renting in Atlanta is that you are control of your monthly mortgage payments.
If your mortgage rate is fixed, you are more likely to spend a fixed amount on mortgage payments monthly. And the great thing about paying a monthly mortgage payment instead of rent is that with each passing month you are investing in the value of the property and building equity for the future.
Living in a rental property comes with the issue of tenants and landlord intrusions or having to deal with pet restrictions and limited parking space. You are more likely to deal with a noisy co-tenant in a rental property unlike in your own home.
Buying a home gives you the privilege of having your own space and privacy from landlord intrusion or restrictions. You can have your pets play around your yard without any query or fine. You do not have to struggle for parking space or deal with loud noises from hyper co-tenants. If you are an individual that values their privacy, then buying a home may be a great idea.
5. Tax Benefits
Buying a home offers you ample of tax benefits that you will never receive renting a house in Atlanta. Being a homeowner may help you lower your annual tax bill. In some cases, you can deduct your home property tax and mortgage interest paid annually. Remember that in Atlanta, for you to be able to access most of these tax breaks, the home must be your primary residence.
Choosing whether to buy or rent a home in Atlanta is a personal decision and different for every individual. Before opting for any of the options, you should evaluate your financials, personal, and family needs to help you make the right decision.
If you are looking to buy a home in Atlanta, you should consider working with a reputable real estate company. Georgia Estate is a North-Atlanta-based real estate firm with a long history of delivering excellent real estate services to individuals around the Atlanta area. Whatever your real estate needs may be, reach out to Georgia Estate today.
Georgia Estate Team
Call us at 678.346.0714