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I am frequently asked should I buy or rent a home in the Triangle. My answer is it depends! Our real estate market is unique from other parts of the country. We continue to see rising home prices and historically high rental rates.
Here are a few things you should consider if you should Buy or Rent a home in The Triangle NC.
Should you Buy a Home in The Triangle NC
Buying a home with a mortgage offers cost stability, assuming you opt for a fixed rate. With current market conditions in the Triangle, you will likely start building equity each month you own your home. But home ownership has additional expenses which are often unpredictable. These include maintenance and replacement costs, increasing property taxes and insurance rates. On average, across The Triangle NC, home values have increased over 20% compared to same time last year.
However, renting is also an option.
Should you Rent a Home in The Triangle NC
If you are relocating to the Triangle or simply unsure of which community you want to settle, renting may help you find where you’d like to live before you sign on to a long-term mortgage. If you’re the type of person who needs flexibility and enjoys low-maintenance living, renting can be a great option. Renting is often the best option if you are credit challenged or do not have the savings for a down payment. Unfortunately, due to demand for housing in the Triangle, rental prices have risen significantly. Already in 2022, rent has increased over 20% compared to last year.
Should you Buy or Rent a Home In The Triangle NC?
Advice from Deb Brown, Your Trusted Real Estate Advisor servicing The Triangle NC
If you want to BUY a home in the Triangle NC
- Consult a full-time, experienced local real estate agent. Contact me and I will help you begin the process.
- When you BUY a home, you can stabilize your housing costs, own a tangible asset, and grow your net worth as you gain equity.
- If you need to finance your home, I will help you start the process with a reputable local lender.
If you want to RENT a home in the Triangle NC
- Consider the many benefits of home ownership before you make the decision to rent.
- Consult a full-time, experienced local real estate agent. Contact me and I will help you begin the process.
- Renting is ideal if you don’t have savings or need to improve your credit score
- In the most recent 12 months, rental rates have increased on average 25%, leaving many renters to face rising housing costs.
- When you rent, won’t see a return on your investment. There is a saying that the interest rate on a rental home is 100%.
Always consult an experienced Triangle NC real estate agent.
- Demand for housing still remains strong in the Triangle
- If you want to learn more about the benefits of home ownership, let’s connect today.
