If you are moving to Atlanta and now confused about whether to buy or rent a real estate property, you are one of many who asked the same question. Well, it is not easy to decide which way to go. So, let’s look at the pros of both options given below so that you can compare them and make your mind.
Pros of Buying in Atlanta
Avoid Inflation- Rents are so popular in Atlanta. In the case of renters, they need to worry about future inflation. Even though inflation happens slowly, the stacked-up increase can add up to a lot. Meanwhile, owning a home have none of these problems.
Better Savings- Saving an amount is like earning it. Traditionally, owning a home is widely accepted as a good way to spend. Yes, it comes with many risks as well. If you stay strategic and don’t overdo anything, you can get a good deal while investing in this task.
Build Fairness- If you look at it, people consider owning a house as a good source of a huge income. Homeowners usually fonds of equity and find spending money on renting a waste. It can be the major point while you make your decision on whether to buy or rent.
Since you need to pay a bit for the mortgage payment per month, most of it is for the loan that you took. If the property gets sold after some years, the previous owner gets a bit of his investment returned to him. Meanwhile, in the case of renting, it is totally an investment with no return.
Pros of Renting in Atlanta
Being Flexible- Flexibility is a good reason one can choose renting over buying in any city. You can find several situations when being flexible is the best decision for you.
For instance, if you want to start your career in a new job but unsure of how it is, you can just rent an apartment nearby instead of buying. Also, you may want to live in Atlanta just for a short time. The point is, if you are unsure of how many years you may stay in the city or do not have a clear idea of your career yet, you can go for renting.
Maintenance Costs- House ownerships come with several expenses. A big part of that is the cost of maintenance and repairing service. While renting, you will not need to worry about this stuff at all. If any issue occurs, you can inform the landlord, and you are done. While in homeownership, you might be the one getting the calls here. Atlanta living cost is also not too expensive compared to many major cities.
Real Estate Taxes- In Atlanta, real estate taxes are pretty high. If you own a housing unit with 3 beds, you may need to pay a housing tax of over $10,000 annually. If you want to avoid that, rent an apartment.