To rent or not to rent? That is the question. And it’s one that a lot of people are asking these days, especially with the state of the real estate market. Even in a city like Raleigh, where the market is showing signs of rebounding, there are still opportunities for those interested in buying instead of renting. But before you do that, you have to ask yourself some important questions.
First, consider the amount of money each month that you could save by renting. While you can find apartments rent Raleigh in the neighborhood of $600 per month, carrying a $200,000 mortgage (the average home cost in Raleigh as of 2010) without being able to pay down the balance substantially will run you far more. On the other hand, living in an apartment will allow you the opportunity to save money that you can use to make a significant down payment when you do decide to buy.
Finally, ask yourself if you’re ready to be an owner. There are more considerations to owning a home than just what it’ll cost you monthly—there’s upkeep and property taxes, to name just a couple. Apartment life comes with none of the above. You may be ready to tackle the responsibility of buying a new home in a few years, but if you’re not at the moment, don’t rush yourself.