Rent A Home Or Buy A Home : The Case For Both Sides

by Tom Tousignant

in Blog, Home Buying

Is it better to rent a Charlotte home, or to buy one? The answer may not be as clear-cut as you think. In this balanced, 3-minute joint interview from NBC’s The Today Show, you’ll hear the case for both sides.

From the pro-renting part of the talk, there’s valid points about the economic impact of low credit scores and/or no cash for downpayment, and the ongoing, annual cost of home maintenance — estimated at 2% of a home’s value.  Plus, renters have the ability to “follow a job” to a new town or region whereas a homeowner may be restricted, somewhat.

From the pro-purchase part, however, there’s excellent points that were made, too:

  • Mortgage rates are low and each 1% drop to rates equates to a 9% drop to home price
  • Buyers can zero in on a particular area with particular schools or walkability, for example, better than renters
  • A home can a piggybank over the long-term; a place for “forced savings” for families that want it

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