You enjoy where you’re living now, but the job market isn’t that great. You’d like to move somewhere that has more industries looking for new talent.
You’re also ready to invest in your children’s future. They’ll be college-age one day. You need to live in a city that has plenty of options for them to choose from.
You need Charlotte, NC.
This city has all of these things and more. The only question you’ve got to ask yourself is, should I buy or rent a home in Charlotte? There are merits to both options.
We can help make your decision a little easier. Check out this guide to learn all the pros and cons of renting and buying a house.
Benefits of Buying a Home?
Everyone dreams of homeownership. Having a big place with a nice yard for your children to play in is pretty nice. This isn’t the only perk of having your own home, though.
When it comes to renting a place, your landlord can increase your rent whenever they want. Most of the time, it goes up every year or so.
Mortgages are fixed-rate loans. They’re not going to increase much as the years go on. Your property taxes may fluctuate a bit, but your other payments will stay the same.
It makes it a little easier for you to plan out your bills. The only thing that you have to worry about is something in your home breaking. That will throw a wrench in your financial plans because you’ll have to pay to fix it yourself.
You’ll Build Equity
When you make a mortgage payment, your money doesn’t disappear into the void. It goes toward your equity. The longer you live in your home, the more equity you have.
If things go south, you can trade in this equity to take care of your financial emergency. When you rent a place in Charlotte, you don’t build equity, so all of your payments go into your landlord’s pockets. You don’t make anything back from them at all.
It Helps You Build Credit
When you first get your mortgage, your credit score will take a nosedive. This is true no matter where you buy a home. Mortgages are a sizable amount of debt, after all.
The good news is as long as you maintain your payments, your credit score won’t stay low. The more you chip away at your mortgage, the more you make yourself look like a responsible borrower.
Just make sure that you don’t try to take out a loan for anything for half a year after you get your mortgage. There’s a good chance that you’re going to get turned down.
You Have More Control Over Your Lifestyle
When weighing the pros and cons of buying, this is most likely the biggest pro. You have complete control over your own property. If you want to have 5 dogs, you go ahead and live your best life.
Do you want to expand your family and build an extension onto your home? There aren’t any rules against that in Charlotte, NC. As long as you do all the necessary paperwork, go for it!
Renting is another story. Most landlords have rules against certain breeds of animals, and you can only have one or two pets. You won’t be able to make adjustments to the home or even paint your walls.
Benefits of Renting a Home
While you won’t build equity and you have no customization options, renting a property isn’t all bad. There’s some merit to not tying yourself down to a mortgage in Charlotte.
There Are Fewer Upfront Costs
When renting an apartment or house, there are some fees that you have to worry about. If you have a pet, you’ll have to pay a deposit to move them in with you. You also have to worry about security deposits, and most places want you to have your first month’s rent ready to go.
The costs associated with buying a house are still much more expensive. Again, getting a mortgage is no joke. You also have closing costs to take care of and other fees.
You’ll Have Flexibility
You may not have flexibility when it comes to customization, but you do have freedom in other ways. If one day you decide that living in Charlotte isn’t for you anymore, you can move with pretty much no repercussions. It’s a lot easier to break off a lease than sell an entire house.
Repairs Aren’t Your Problem
If something breaks in your house, it’s your responsibility to take care of it. If something breaks in your apartment or rental home, you can call up your landlord and ask them to fix it.
You may have to pay something toward the repairs if the landlord determines that the cause of the problem is a result of your negligence, but it’s better than paying for the entire thing.
There Are No Property Taxes to Worry About
The last reason to discover more here and start looking around for rental properties in Charlotte is the lack of property taxes. These end-of-year taxes are the one thing that puts buying a house out of many people’s budget.
The only thing you’re obligated to pay when you don’t own the place is the rent that you give to your landlord.
Should I Buy or Rent a Home? The Choice Is Yours
Should I buy or rent a home? This is one thing that you’ll have to decide before you pack your bags and move to Charlotte, NC. No matter what you choose, housing isn’t too expensive for it being a major city, and the job market is pretty sweet.
You should be able to make enough to handle your mortgage payments. If you decide that you would rather rent out a place, that’s a fine decision too. For more things that you need to know before you move to the big city, visit our blog!