Are you better off renting or buying? The answer depends on your circumstances.
Should you rent or buy?
There are certain situations where you’re far better off renting. For example, if you’re moving to an area where you know you’ll only stay for a couple of years, you should rent.
If you’re moving to an area where you know you’ll stay longer than three years, though, you’re better off buying. I know some people worry about the ups and downs of the market, or whether they’ll lose money when they have to sell later on, but here’s the thing: In the long term, homeownership always trends upward.
If you rent for three years at $2,000 a month, on the other hand, you guarantee a loss of $72,000. It’s very rare in the Triangle that you’ll lose $72,000 on any home you purchase.
Think of it this way: You guarantee you’ll lose money in the long term by renting, while you guarantee you’ll make money in the long term by buying. It all depends on your timeline.
If you’d like to talk more about this topic or you have any other real estate questions, don’t hesitate to reach out to me. I’d love to help you.