Renting or buying a home has always been a challenging decision. When you think about buying a home, many questions arise. Location primarily comes first to mind, followed up with mortgage payments, property taxes, additional fees, and questioning if the house is up to date. Suddenly you find your head spinning with many questions, but believe it or not, purchasing a home is quite the best option.
On Average, the monthly rent in Georgia is $1,200 while the monthly mortgage in Georgia is $1,029.
According to Zillow's 2017 statistics, the percentage of income needed to rent a median-priced home today (25.9%) vs. the percentage needed to buy a median-priced home (13.2%), the choice becomes evident.
When it comes to house pricing, Atlanta tends to be the least expensive metropolitan area in the country; causing Georgia’s population to grow.
So, why isn’t everyone doing it?
Many feel that they have more flexibility when they rent since most leases are for 12 months. Also, not worrying about maintenance is a huge plus!
However, the disadvantage of renting a home is the no tax break. You won't be able to claim property taxes when you file your tax returns and deductions for mortgage interest.
The Benefit of Buying a Home
Mortgage rates have been low for quite some time now, which makes those monthly payments lower than monthly rent.
Buying is cheaper than renting in Atlanta. When you buy a home, it is a good investment. Your cost is predictable and more stable than renting because they’re ideally based on a fixed-rate mortgage. Homes typically increase in value, such build equity. Homeowners receive various tax benefits and gain control over their space as they can make modifications without permission.
Before you decide to buy a house, find out if you can put your housing costs to work by buying this year! If you have any questions for us, don't hesitate to give us a call at 770-552-1000 or send us an email at skatz@vandykmortgage.com. We look forward to hearing from you soon!
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