Where you choose to live is probably one of the biggest decisions you will make. Whether to rent or to buy can affect your entire life, both short-term and far into the future. Before you make a concrete decision, we have a few factors we think you should look into to help you decide which decision is right for you. Hopefully it will help you to decide on whether to buy or to rent in the Research Triangle.
- How long are you planning to live in one location? Unless you have definite, concrete plans to live in your house for more than 7-10 years, you may be better off renting. Most mortgages are either 15 or 30 years long, and the vast majority of what you pay in the first few years is just interest. It will barely touch the principal loan amount, and if you end up moving and need to sell within a few years, you may find yourself losing money. On the other hand, if you’re a long-term resident in a single location, buying makes sense - you’ll save money over time and build equity.That equity can help you with other large purchases or with saving for retirement long-term.
- Remember to look beyond just the monthly mortgage. People are often advised to buy because their mortgage payment will be cheaper than rent. While that is often true, that doesn’t really factor in all the side costs involved in home ownership. First-time homebuyers are often forced to pay for Private Mortgage Insurance on top of their mortgage payment until 20% of the mortgage is paid off, an extra burden that they receive no benefit from, on top of paying their yearly home taxes each year. You’ll need to buy equipment for yard care and save for the inevitable large-scale repair. All of this can really add up. If you’re not feeling ready to take on those extra costs, it’s advisable to continue renting.
- Speaking of yard work… Whether or not you enjoy all the outside caretaking of your home may also be a factor. You’ll need to mow the lawn, take care of landscaping, powerwash or otherwise clean the exterior of your home… things that you may not have the time or inclination to do. For some people, being outdoors working on the yard or the garden is enjoyable and having control over their yard and a private place for their dog or children to freely roam is a huge asset. If so, buying is likely the right choice.
- Are you willing to go out of the way for amenities that are currently included in your rent? Apartment communities often maintain special amenities for residents. At Cleveland Crossing, our residents enjoy the use of our community center, pool, fitness center, dog park, walking trails, and more. As a homeowner, you’ll need to pay extra outside of your mortgage - either through Homeowner’s Association fees, a gym membership, or simply in gas and travel costs to drive to local dog parks and trails. If you often utilize and enjoy the amenities in your apartment complex, you may want to keep renting.
Buying is a big decision, and these are just a few factors to take into account. Obviously, we here at Cleveland Crossing are a little bit biased - we love our community, and hope our residents become long-term renters and fall in love, too. Our location in Garner means that we’re a short commute from just about any job in the Research Triangle, and whether your long-term plans involve homeownership or not, Cleveland Crossing is a great place to get your start in the Raleigh-Durham area. Interested in looking into possibly availability? Give us a call! You can reach us at (919) 550-3500 or by clicking the banner below!