Does Renting or Buying Make More Sense?

    A question I often hear is, “Should I rent or should I buy?” Before I answer this question, it’s important to know that our market is about 70% retirees that are moving from colder areas. A lot of them don’t want the expense, upkeep, and maintenance of homeownership and consider renting. A lot of people who have owned homes in other markets don’t want to go through all of that.

    However, the fact is that taxes are low in our market, as is general upkeep and maintenance. All it takes is about two years to live in a house to break even. Generally, if you know that you’re going to live someplace for more than two years, it’s a financially wise decision to buy. You have to factor in the tax deductions, the equity you’re building, and putting your rent money toward an actual asset.

    Your landlord can increase your rent at any time.

    Another thing to keep in mind is that your landlord can raise your rent at any time for any reason. If you’re on a fixed income, that’s not great. You might not get a chance to go back and buy a home with the low interest rates we’re seeing now. 

    If you have any specific questions, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

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    Our agents write often to give you the latest insights on owning a home or property in the Myrtle Beach, SC area.
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