The homeownership rate in North Carolina has climbed to 64.6% as more and more people make the decision to buy — but the market is still competitive, and there are still a lot of people who would prefer to rent a home.
If you're moving here (or moving from one place to another in the state), you might be wondering if you should browse homes for rent in Charlotte, NC or if you'd be better off buying. The truth is that there's a lot of value to each, depending on your current situation.
Let's take a look at the pros and cons of each.
The Pros of Finding Homes for Rent in Charlotte, NC
Although more people are buying, renting is still a viable option for many. Here are some reasons it might be a good idea for you.
You Aren't Tied Down
While you can always sell a house if you end up buying a home, it can be a long and arduous process. Renting is a much lower commitment and it's easier to move if you decide you don't like the property or the area you're in.
Leases are usually twelve months, though they can be shorter.
You Don't Deal With Maintenance and Repairs
If something goes wrong with your home when you're renting, it's usually on the landlord to deal with. Since it can be expensive and time-consuming to arrange repairs — especially emergency ones — this can be a huge load off.
No Down Payment
If you're renting a home over buying, you won't have to put in a down payment. Although you may have to pay a security deposit, this is significantly cheaper than a down payment on a whole house.
The Cons of Renting a Home in Charlotte
Of course, as with anything, there are also some disadvantages of renting. Bear them in mind when making your decision.
It Can Be More Expensive
In terms of month-to-month payments, signing a rental agreement can actually be more expensive than buying a home. This depends on the house itself, but it's often the case that a mortgage costs less (after paying the down payment, of course).
Your Rent Price Can Go Up
While your mortgage is fixed, your rent price can go up with property values. At the end of a lease, if you want to renew, you may be hit with an unexpected surprise that means you can't afford that place anymore.
If you have pets, you may struggle to find a place to rent — and you may not be able to make the decision to add a furry family member to your home. Renting a home means limits, pet deposits, and often even breed or size restrictions on dogs.
While some rental properties are more lenient than others, if you have more than two pets, it's going to be very difficult to find a place.
The Pros of Buying a Home When Moving to Charlotte, NC
Buying a home is a big decision, but definitely the right one for some people. There are many advantages to doing it.
Much Fewer Restrictions
Chances are, there are going to be much fewer restrictions on what you can do with your house and who you can have there if you buy a home in Charlotte. While there are 400 HOAs in the city (so there may still be some rules), you don't need to worry about your bully breed being rejected from where you want to live.
Mortgage May Be Cheaper
The mortgage may be cheaper than you would have paid to rent the same place.
Not only that but the price is locked in.
When you rent, you don't have a chance to build equity. Buying allows you that chance so you can grow financially.
The Cons of Buying a Charlotte Home
If you move to Charlotte and buy a home, you also have to consider the disadvantages of your decision. Here they are.
You Have to Perform Maintenance and Repairs
Every part of the house's maintenance and repairs is down to you. There's no calling the landlord if something goes wrong — you'll likely have to fix it on your own, which can take a lot of time as well as cost thousands of dollars.
Down Payments Are Expensive
Although the month-to-month payments are fixed and may be more reasonable than rent, you'll have to come up with a pretty hefty down payment. This is especially true in the current competitive market, where lots of people want the same house and you might have to try and beat them to it.
It's a Long Process
Renting a home is usually pretty quick. The landlord will check and verify all of the information they need, you sign the agreement, and you find out when you can move in.
When buying a home, it's much more drawn out. The process from viewing the home to closing can take as long as months, and there's much more of a chance for many things to fall through.
Renting vs. Buying: Which Is Best?
It's hard to say whether looking for homes for rent in Charlotte, NC is best for you as opposed to buying because it depends on your specific situation. If you're not sure where to put down your roots and don't have a down payment together, then you may want to rent — but if you have fur babies, a down payment at the ready, and a love for Charlotte, buying may be best.
If you're looking for homes to rent in Charlotte, check out our site. We can help!