10 Reasons You Should Buy Instead of Rent
- A home is a good long-term investment
Home values in Asheville are projected to increase in coming years; now is a good time to make a purchase. You can allow value to grow for potential resale in the future, and you can also draw on your equity for home repairs and improvements. When you own, you are investing in your future - not your landlords.
- Asheville rents are increasing
Since 2014, Asheville rental rates have increased by 5.4 percent annually. So, if you were paying $1000 then, you’re paying $1300. This means more of your income is going towards housing expenses and less towards other necessities and savings.
- You can deduct mortgage interest
When you own a home, you can deduct your mortgage interest from your taxable income. Real estate taxes are also deductible. When you factor in these savings, owning a home can be more affordable than renting.
- Interest rates are low right now
Low interest rates make it more affordable to borrow money. You can save tens of thousands of dollars over the life of your mortgage. And, again, it is possible that your mortgage payment will be lower than your rent.
- It’s yours
Feel like painting the bathroom purple and your bedroom lime green? Do it! Want to build shelves in the living room, knock down a wall for an open kitchen/dining area? Want to add pets to the family, plant a garden, build a deck? When it’s your home, the possibilities are endless, and you are not confined by the rules of a landlord. (Though there are rules if you belong to a homeowners association and there are zoning laws if you want to build/add - but other than that… you can make your house into your dream home!
There is also considerable peace of mind in owning your own home. You won’t have to worry about changing rules, the possibility of the building owner selling, or overbearing landlords.
- There are ways to make homeownership an affordable dream
Asheville is fast becoming one of the most desirable cities in North Carolina. We can see why! It’s beautiful and boasts a wide spectrum of services, recreational opportunities, and excellent shops, restaurants, and schools. Because of this, housing prices can be higher than in other cities/towns.
The good news, though, is that there are ways to make your dream of homeownership come true. For example, you can buy a 1216 square foot, 3 bedroom / 2 bath home in welcoming Wellington Estates for less than $1100 a month. You will pay that much (and up to 50 percent more) for a 700 square foot 1 bedroom / 1 bath apartment in the same general area.
Get more, pay less, build equity, and enjoy the pride of owning your own home. It’s possible!
Are you interested in beautiful - affordable - housing opportunities? Contact us today and learn more about our available homes in great Asheville neighborhoods.