You love Beaufort, SC and want to make it home, but should you buy a home or rent an apartment?
Want to wait? Rent.
You’re new to the Valley, you just started a job, you’re planning to move elsewhere. Those savvy Millennials are waiting longer to purchase their first homes.
Young people have also seen the life-changing effects of the Great Recession on parents and the economy: massively deflated home values, short sales, foreclosures, stress, business failures, divorce.
Renters avoid some costs
As a potential renter, you want a quality place to stay but might not stay put. Renting an apartment in Beaufort, SC allows you the opportunity to avoid home ownership costs, seen and unforeseen, maintain liquidity and build credit, if you don’t have it or lost it somewhere in the last eight years. Many are taking this cautious path.
At the same, time, home ownership still provides tax benefits that renting does not, in particular, declaring interest costs against taxes.
A Realtor has closely looked at the advantages and disadvantages of buying and renting –– why you might considering making that monthly payment instead of taking on a multiyear ownership commitment. Or not.
For one, renting a home offers a lower cost of entry, so that you can move in with as little as first month’s rent plus security and cleaning deposits.
In addition, renting leaves you mobility.
You may not recover the costs related to purchasing a home in the short time that you plan to stay.
Remember, though, if you rent and the home market is appreciating, you might miss out on financial rewards from owning and also risk higher rents after your initial lease runs out.
And then there’s the day-to-day home maintenance. Watering and mowing the lawn as well as maintenance of major systems such as plumbing, electric, heating and air-conditioning is the landlord’s responsibility.