There are a number of reasons why buying is more advantageous than renting in Mount Pleasant, Summerville, Charleston, Goose Creek, Ladson and other parts of Berkeley, Charleston, and Dorchester Counties. For one rents have skyrocketed over the last few years, making it less affordable to rent. Rent is likely to continue to rise because there is a shortage of rental properties and Boeing continues to expand their facilities creating more demand. In addition owning a home has historically been the best way to increase ones net worth. Here are a few other reasons owning a home is better than renting in this market.
- Owning is an investment in your future. If you rent the rent is gone every month. When you own a home each payment is paying down the mortgage and building equity in your home. Some look at this as a forced savings account. Either way you see it, your net worth is growing when you own.
- Low interest rates. Today’s rates are near the lowest in history so buying is cheaper than ever. If you are going to do it now is the time while home prices and the borrowing costs are still low.
- Owning gets cheaper every year. How you say? When you have a fixed rate mortgage the payment doesn’t change. As you get older you’re likely to make more money but the mortgage payment will always be the same on a fixed payment. On the other hand your rent will increase as the years go buy.
- It’s your house, you can customize it.
- Pride of ownership. Living in a community dominated by owners tends to be nicer, have better schools, and overall be a better community to live in because owners care more about the property and surrounding areas. They have more invested so they care more about the community than a renter.
If you want more information on purchasing in South Carolina give Coastlend Mortgage a call today 843-388-5763. We have loans with a minimum 3.5% down and no closing costs. So all you need is $3,500 to buy a home that costs $100,000. $7,000 for a home that’s $200,000. We make it easier than ever. Call today.