Triangle Area Real Estate News & Information

These days, people are questioning the value of homeownership and wondering if it's better to rent instead. Some experts have concluded that renting is better, and they've come up with several reasons, listed below.

However, those reasons are dubious at best and just plain false at worst, at least as it pertains to buying vs. renting in the Triangle region. Here are three common reasons why renting is better than buying, and our answers to them.

You don't have to pay taxes and fees

The argument goes that when you rent, that's all you pay. You don't have to pay the property taxes and other fees that go along with owning a home.

While it's true that you don't write out a tax check every year, you are covering the cost of those taxes and fees. And then some. The total cost of ownership, along with a tidy profit for the landlord, is included in your rent. You just don't see it.

You don't have to worry about your home losing value

It's true that when you're renting, you don't have to worry about your home losing value. You can rest easy knowing that if the market goes down, you can walk away scot-free.

But there is another side to that coin. While you don't bear the risk of the market going down, you also cannot reap the rewards of the market going up. And the odd recession aside, the housing market (in most areas) has been one of the most reliable investments over the long term.

You're not responsible for home repairs

When you rent and the dishwasher quits, all it takes is a call to the landlord to have it fixed or replaced. There's no denying that convenience.

But there is a trade-off. If you're renting, the chances are you don't have top-of-the-line products in your home anyway, making breakdowns more likely. Also, in most cases you can't do anything to improve the home the way you like it. Even painting may be out of the question.

Convenience is nice, but so is making something your own.

Of course, buying a home is not for everyone. It really depends on what's important to you and where you are in your life. But when you compare similar properties in similar locations, there is usually no question that buying is the best investment.

If you're planning to buy a home this spring, now is the time to get the ball rolling. Send us a message or give us a call today at 919.659.5173 to learn more about the Triangle real estate markets.