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Renting versus Buying a Home in Savannah

Posted on September 22, 2014 11:54 AM | View All Blog Posts

There are many factors to consider when deciding if you should rent or buy a home in Savannah. How long do you expect to live in the area? How secure is your current financial situation? Are you planning to need more or less space in the near future? 

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If you're tired of writing that monthly rent check and are ready to invest in home ownership, here are some great reasons to buy: 

1. Low rates: Mortgage rates are still historically low, making home ownership affordable. Rates are beginning to rise though, so buying sooner may save you more money in the long run.

2. Build wealth: When you own a home, those monthly house payments are increasing your equity. As your equity builds, so does your wealth. 

3. Control future costs: With a fixed-rate mortgage, you know how much you'll pay each month for the life of your loan. If you're a renter however, your landlord can increase your rent, leaving you with a larger monthly housing payment than you expected. 

4. Tax deduction: Home ownership comes with tax advantages as well, as the interest you pay on your home loan each year is tax deductible. 

In addition to the financial benefits of home ownership, there are also the intangible benefits, like having a more stable housing situation for your family. Home owners often enjoy a strong sense of community, bonding with other homeowners who are invested in keeping the neighborhood beautiful and safe. 

Whether you're considering buying a home or a town house, we'd love to show you the opportunities for investing in a property at Autumn Lake. We hope you'll contact us today.