Rent vs Buy in Columbia>Question Details

allenwalter21, Home Buyer in Columbia, SC

I'm in the military and have been in Columbia, sc 8yrs. I was wondering is it safe to buy a house or rent one these days. Rent is higher than

Asked by allenwalter21, Columbia, SC Sat Feb 4, 2012

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elenadlt’s answer
I am advertising a house for rent and for sale in Forest Acres. It is close to Fort Jackson .
6608 Vanwood Drive Columbia, SC 29206. You can see it listed on Trulia, Zillow, Craig's List, and Facebook.

Great brick ranch-style home in Forest Acres! 3-4 bedrooms, 2 baths, LR, DR, breakfast with french doors to back yard. Updated kitchen with granite counter and ceramic tile flooring. Hardwoods in LR/DR, hall and bedrooms. Ceramic tile in kitchen and breakfast/den. Large carpeted bonus room could be 4th bedroom or office/den/playroom. Laundry room. New roof in 2010. HVAC (GasPac) in 2006..Large fenced back yard and large front yard. Excellent schools in Richland Co. District One: Satchelford or Brockman Elementary, Crayton Middle, AC Flora High. Buyers' agents are welcome! Sale Price $170,000.

Elena Corbin
0 votes Thank Flag Link Sun May 5, 2013
Hello Allenwalter21
If you are going to stay somewhere long term it is all ways better to buy. $600.00-$700.00 a month rent or $600.00-$700.00 house payment. What do you have at the end of a years for Rential property? Nothing!
What do you have at the end of a year with Home ownership? Equity! Tax write off. Freedom to do what
you want on your property. Within reason.
0 votes Thank Flag Link Sat Feb 4, 2012
Hi Allen,
The best answer for you really depends on your plans for the future regarding family, whether you plan to stay in the Columbia area for certain amount of time and your current and future financial and job circumstance. If you are looking for a short period of time, let's say a year, leasing a home or apartment might work well for you. There are a lot of rentals available in Columbia so the first thing would be to determine in what area would you like to locate.

If your plans are for a longer period of time and you have a down payment and your financial and work circumstance is relatively stable, you might want to consider purchasing a home. There are many good buys available and interest rates for purchasing a home are at an all time low and will probably begin to rise in the not to distant future. If you would like to discuss this in more detial, please contact me through my contact information below. I have over 40 years of experience in real estate sales and rentals.


Hubert E. Brazzell, Jr.
Broker-in-Charge
M&R Realty, Inc.
hebrazzell@aol.com
0 votes Thank Flag Link Sat Feb 4, 2012
To put it plain and simple, you would come out better buying. The amount of money that people are charging nowadays is astronomical. Call me and I will be glad to work with you.
0 votes Thank Flag Link Sat Feb 4, 2012
Dear Allen,

If you just talk about homes, for the same amount of money, let us say $1,000. You can get a nice brand new home, but if you want to rent a home for $1,000. You will find out there are limited choices. It is because the property tax in Columbia area are almost 3 times for landlords comparing to owner occupied. I managed a home in wildewood, rented for $2200. This might sound a lot of money, but if you know the property tax is almost $1,000 a month, the owner is actually lossing money every month.

The other thing you really need to consider is how long you will stay in Columbia. I work with a military dentist. She just got the order to relocation and they only stay in Columbia for 2 years. If you know you will move in the next 2 or 3 years, I will not recommend you to buy a home. But if you feel you will stay longer than 4 years, buying a home at this time is a good choice.
0 votes Thank Flag Link Sat Feb 4, 2012
Allen,

You are right, buying is cheaper than renting right now. The quality of home you can buy for $1,000 a month is well above the quality of rental for $1,000 a month. As Jae said, there are other financial advantages to being a home owner.

Also, I think home prices are really reasonable right now, 10-15% less or better (if you are the buyer!) in some areas than they were three years ago.

The market has actually picked up a bit in the Columbia area over the past 4 months, so I am feeling positive that things may be on the upswing.

Buy soon before the prices and interest rates start trending back up!

Page Latham
Real Estate Profesional
Russell and Jeffcoat Real Estate, Inc.
Web Reference: http://www.pagelatham.com
0 votes Thank Flag Link Sat Feb 4, 2012
It is just about the best time EVER to purchase a home. You're throwing your money away and making the landlord's mortgage payments for him/her. You are also missing out on tax deductions that greatly impact how much you make (and keep) each year. Call me and I can show you some examples of how to make a smart purchase today so that even if the market does go down, you're still in a very good place.
0 votes Thank Flag Link Sat Feb 4, 2012
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