Renting Versus Buying in Jacksonville, North Carolina

Many renters are under the assumption that they are saving money by renting. You pay a flat fee every month, you don't have to worry about maintenance or taxes, and it doesn't matter anyway, because you're only going to be here for a couple years anyway.
In some cases that may be true. However, why not look at the big picture before your pay your landlord any more of your hard earned money.

The day you sign your lease (based on rent of $700 per month), typically you pay for a credit check ($30), the security deposit ($700), first month's rent ($700), and if you have a pet, the pet fee can be $100-$150 per pet. You've spent $1500 in the first month for a place that you don't own and you will never get that money back (except for the security deposit, if you play your cards right).


Whereas, if you were buying, most of your closing costs would be paid by the seller, which means that if you are using a VA loan, you will pay nothing down. Your first mortgage payment is usually not be due until two months after you close. (I.e. if you close on November 15, your first mortgage isn't due until January 1.) Your home will appreciate in value, slowly, but it will appreciate. Many homeowners can write off their mortgage interest on their taxes.  A person paying anywhere from $700-$900 a month in rent can afford a home with a price of $140,000-$160,000 depending on taxes, insurance, and mortgage interest rates.


There are a lot of factors to weigh when deciding whether to buy or rent. Jacksonville North Carolina is one of the few cities in the country where buying, even if you live in your home for under 5 years, can be cheaper and better for your financial future than renting. Ginnie Mae, which is a federal financial organization has put together resources for those considering to buy instead of rent. Check it out and use the comparison calculator to really weigh your options. The numbers don't lie.

Ginnie Mae: Your Path to Homeownership

If you have any questions, I would love to sit down and talk with you! I'm never too busy for your referrals!!