Buy or Rent when searching for Atlanta Real Estate?

There are so many options when it comes to
Atlanta real estate that buying vs renting
is a difficult choice. 

It’s an age-old (well, almost) question and when considering the vast options of Atlanta real estate, it’s no different. Do I bite the bullet and buy (and stop “wasting money”) or do I keep renting and enjoy the flexibility it allows?

So what to do? The buying vs. renting decision is a very individual one, and based on your lifestyle and financial goals, says real estate and money management writer Ilyce Glink, in her recent article “Buying a Home versus Long-term Renting” on the Equifax Finance blog. 

Some experts suggest thinking of a home as a place to live, not as an investment. Renting offers unmatched flexibility and mobility. Buying a home is a big responsibility, one that many simply prefer not to deal with. If something breaks, just call the landlord. You don’t have to dip into your own pocket for the repair. You also don’t have to worry about rising tax, insurance and maintenance costs.

Many also argue that the tax savings on homeownership may not be that great, depending on the purchase price and how much you put down. But is there really a financial value to renting?

Not so much say some. Never mind the tax savings, many experts contend that long-term, buying is a better financial decision – holding constant two important factors – buyers must buy a home that they can afford and stay there.

Real estate is not a short-term investment. The market cycles and real savings will not be realized immediately, but buying is definitely a better option for long-term value.

Glink recommends buyers buy at a point when they are ready to stay put, have good credit, sold savings and stable finances. She also makes it clear that buyers should only buy as much as they can truly afford.

Considering whether to rent or buy? Read more about real estate on the Equifax Finance Blog and get your tips on retirement, credit, insurance and more ways to reach your financial goals right here.