Buying vs. Renting in the Raleigh-Cary Area
Ever since Covid-19 striked the world, the Triangle area has experienced an immense amount of growth. Both the renting and residential market have increased greatly.
The rising costs of homes and lack of inventory has caused many potential home buyers to put off making that big purchase. However the thought of renting has arised in many peoples minds. During times like this, the Raleigh Cary Realty team has your back and wants the best possible outcome for families looking to move into the Triangle area.
Buying vs. Renting in the Raleigh Cary Area
- Renting benefits and downfalls in the Raleigh Cary Area: Owning a home may be a lifelong goal amongst many Americans. However, owning a home is not suitable for everyone. Life changes and career goals may cause one to choose to rent. Renting may be a good idea for someone who enjoys living a low maintenance lifestyle and needs flexibility. There are many benefits that renting has to offer such as: no maintenance costs or repair bills, no real estate taxes, fixed rent amount, lower utility costs, etc. Even though renting may seem like a luxury, there are some downfalls that need to be taken into account. As the Triangle area becomes more populated, prices tend to increase overtime. Rent in the Raleigh Cary Area has increased by a whopping 21% in the past year.
- Buying benefits and downfalls in the Raleigh Cary Area: Owning a home may seem like a lot of responsibilty and costs. However, overtime it may be a cheaper and better option for some. Like Rental prices, home owning prices have increased immensely ever since the global pandemic. Prices have climbed up roughly 28%. However this shouldnt steer anyone away from buying a home. Buying a home can offer a variety of benefits such as: controlling monthly housing payments, building credit, possibility of tax reductions, designing the home as your own, converting home equity into cash, etc.
Renting or buying a home in the Raleigh Cary area has many benefits as well as setbacks. Whether it is decided upon to purchase or rent a home in the Raleigh Cary area, the Raleigh Cary Realty team has got your back.
