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Lately, a lot of people have been wondering if it's better to rent or buy a home in this 2016 housing market in Raleigh. There are a few factors to consider.
In the Triangle market, rent is going up because 60 people move into the market per day. Over a year, that's 22,000 people, and rental rates should continue to increase for the next 36 months and maybe even more. On the housing side, demand is high and supply is low. For every property on the market, multiple offers are a possibility, and this raises prices.
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It's important to know your options, and start by finding out what kind of mortgage you can qualify for. I've seen situations with tenants planning to sign a lease for two years, but the homeowner decided to cash in on the equity by selling the home, forcing the tenant to move out. Moving every two years is troublesome!
Owning a home gives you the advantage of mortgage deductions.
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Again, rent prices are going up and will likely continue to do so. It's cheaper to own a home than to rent one. Owning a home gives you the advantage of mortgage interest deductions, which can significantly impact your finances over time. Recently I had client find out renting a home would cost him $200 more per month than owning a home! If that isn't motivation enough, owning also came with more tax breaks.
For more information, call, text, or email me for a free consultation about your personal situation. Let's talk soon!
