When moving to Charlotte, NC, many people have to decide which is better, renting vs buying. If this sounds like you, look no further— we are here to help! All our agents are experts in the current Charlotte real estate market and have broken down for us why buying makes more financial sense than renting.
1. In Charlotte, According to SmartAsset, a financial company that has crunched the numbers on home markets, it takes about 2.2 years for the cost of renting to surpass the cost of buying a home. That ranks Charlotte as the 23rd best place in the country to buy a home as opposed to renting.
2. Mortgage rates are as low as they have been in several years. They will not stay this low, so now is the best time to buy.
3. Currently, rental rates in Charlotte are higher than mortgage rates. At the end of the day, paying rent is covering someone’s mortgage, it may as well be your own!
4. Build your equity! When you buy a home, it may seem like your money is disappearing- but it isn’t. The payments you make on your home become equity, which is a degree of ownership in your home that can be used as collateral for other loans.
5. Tax deductions – When you buy a home there will be several income tax deductions that are not available to renters.
If you want to talk to a professional about whether or not its the right time to buy, contact a Dickens Mitchener agent today!