Should I rent or buy in Marietta, GA?
Owning a home is the American Dream. A 2010 National Association of Realtors survey found that even with the shaken economic climate, a vast majority of people in the United States feel that owning a home has been a positive experience.
To answer the question, it amounts to the buyer's personal situation. The first question should be, "How long am I going to live in this area?" Do you have a stable job? Do you have family members or friends that would be difficult to leave nearby? If you will be in the area less than five years, buying and owning a home probably does not make sense.
The next question might be about resources. What are the total costs of home ownership, and how does that compare to the total costs of renting? When you purchase a home, expenses include the mortgage payment, property taxes, homeowners insurance, utilities, maintenance costs, and sometimes homeowner association fees. Compare that to the monthly rental fee and add utilities if they are your responsibility. How much money have you saved? While some homes may be purchased for as little as $100 down, most require a downpayment of a minimum of 3.5%. You probably do not want to move into a home and deplete your entire savings.
If the situation is right and you can buy a home in Marietta, you will have a number of items contributing to your wealth and net worth: (1) mortgage interest deduction, which will mean more money coming back to you at tax time (2) mortgage principal decreasing, until eventually you have no mortgage to pay (3) property tax deduction, which will also mean more money coming back to you at tax time (4) home appreciation, which until the real estate downturn was one of the greatest asset growth items in many American's portfolios. And it will return.
If you have particular questions about whether you should rent or buy at this time, do not hesitate to contact a real estate consultant with a long term approach to the business.
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