Should I Rent or Buy a Home in North Georgia? 5 Tips to Help You Decide What’s Best for You

Most of us rent a house or apartment to live in until we can buy a home of our own. Purchasing a home is a life changing decision that is not to be taken lightly, so it’s important to determine when and if it is time for you to finally stop renting and purchase a place of your own. Since there are pros and cons of each, here are some tips to help you decide if home ownership in North Georgia is right for you.

Renting vs. Buying a Home: Pros and Cons of Renting 

Pros of Renting

• The landlord is responsible for repairs and maintenance costs
• No requirements of large down payments or closing costs
• You can easily move or relocate whenever you want

Cons of Renting

• Unable to customize the home to your liking  
• You can only stay as long as your lease is renewed  
• You are paying your landlord’s mortgage with no accumulated equity

Renting vs. Buying a Home: Pros and Cons of Buying

Pros of Buying

• Yearly deduction benefits on your income taxes
• Offers stability for you and your family
• You are building equity each month a payment is made

Cons of Buying

• Relocating is much more expensive and difficult
• Costly down payment and closing costs are needed for purchase
• Responsibility for all upkeep, maintenance, and repairs

5 Things to Think About When Considering if a Home Purchase is Right for You

Here are five things to think about to help you make the right choice when trying to decide if renting vs. buying a home works best for your unique situation.

1. Tax Payments and Benefits –Homeowners receive tax benefits each year when filing income taxes by deducting the mortgage interest paid and also taking advantage of some deductible home upgrades. Remember though, that you are also responsible for paying the yearly property taxes on the home, which are typically thousands of dollars. Both are things to consider when choosing to rent or buy a home in North Georgia.
2. Lifestyle and Future Goals -It is crucial to know your plans for the future and what goals you hope to accomplish when choosing whether to rent or buy a home. If you plan to live in your home for a minimum of 3 to 5 years, buying is a good option to consider, but if not, a better short-term plan may be to rent a home instead.
3. Real Estate Market Conditions in Your Area –The real estate market in North Georgia and the U.S. can fluctuate greatly. Do your research to make sure it is a good time to buy a home in the area where you want to live. Also, check out the rental prices in the area. The trend in North Georgia is currently presenting very high rental home prices, so buying might be a better option to save you money each month on housing.
4. Planning a Future – The financial aspect is just one part of the home buying process. For many, home ownership means settling down and planning for your future. This is an important consideration because you are deciding where you will call home and where you will work and possibly raise a family through the years. It is an exciting but emotional time but is necessary to add stability, which is one of the main reasons buying a home is such an important part of our lives. 
5. Financial Considerations -Renting is sometimes abetter option when you don’t have available funds for the down payment and closing costs involved with buying a home in North Georgia. Buying is always a better choice when you can afford to do it, as it is a great investment where you build equity as long as you own the home.

Are Your Ready to Buy a Home and Settle Down in North Georgia?

The team at Southern Select Properties knows how important choosing to buy a home is and we want you to know that we here to help you find the perfect place to settle down and make roots in one of our friendly North Georgia mountain towns. We also call North Georgia home and can’t wait to show you the properties for sale in Dahlonega, Ellijay, Dawsonville, Cleveland, and Blue Ridge.

We have been helping clients buy and sell homes in Georgia for over a decade and are confident you will find a place to call home. Contact us today to get started on your adventure of home ownership. We would love to be your North Georgia Realtor.