Should I Buy or Rent? – Zachary Lilly Answers The Most Important Question in Goldsboro Real Estate
Everything you need to know about buying and renting. Nothing you don’t.
Zachary E. Lilly, one of the leading Realtors in Goldsboro, NC has given insight on the questions frequently asked about Goldsboro real estate.
It is an open secret that people often bordered about the kind of choice to make thereby asking the question: “Should I buy or should I rent?” Zachary E. Lilly, a Realtor at East Pointe Real Estate Group responded swiftly to this agitation by saying “if you are going to live somewhere for more than five years, buy; less than five years, rent.”
Knowing when to buy and when to rent, is essential to understanding how to leverage real estate to your advantage in all markets including the Goldsboro real esate market. In regards to renting a house, the rent amount and due date are a constant. When you rent, you are paying for time. Renting has a low start up cost (security deposit and pet deposit) whereas the inital cost of purchasing a home can be expensive.
When buying, purchasing a home includes buying the land it stands on with the freedom to do anything desired. Another benefit to buying is that the interest on the home loan is tax deductible. However, the initial cost of buying can consist of appraisals, inspections, pest inspections, loan fees, large down payment, etc. and it’s not always known when something will get damaged ( ac unit, appliances, plumbing, etc.) which will require unexpected spending.
Leasing or renting is generally only a year. After which the leaseholder has to option to pack up and move with only written notice. You are stuck in a home until you can sell it.
In the words of Zachary E. Lilly: “Sometimes you can stumble across a deal that provides instant equity. These instances are few and far between. Take advantage of the opportunity if it arises.” This is possible in Goldsboro real estate or anywhere else.
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- Contact Information
- Zachary Lilly
- East Pointe Real Estate Group
- (1) 919-288-0688
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