I was interested originally in buying a ranch home like this but I think renting would be better for now. How much is rent compared to purchase?

Asked by macnlisa, Charlotte, NC Sat Nov 23, 2013

How accurate do you think the trulia estimate is?

This question was asked from this property: http://www.trulia.com/homes/North_Carolina/Charlotte/sold/94…

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Daniel Fisher, Agent, Charlotte, NC
Tue Nov 26, 2013
Good evening, MacNLisa:
Your rent will be variable and generally higher than a mortgage payment for the same home. If you plan to stay in the same place for the next few years, now is a good time to explore your options. Gather info about a mortgage and how much you qualify for, look at houses you can afford, then decide if you want to rent or buy. If you get great info and decide, you will generally be happier than if you make a decision without fully considering your options, then wondering or regretting in the future. If you appreciate an answer, please give thumbs up. For the most helpful answer, please say thanks with a best answer click.
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John Siddons…, Agent, Charlotte, NC
Sun Nov 24, 2013
Rent rates seem to be about 20-40% higher than if you purchased. Not to mention, when you pay rent, you will never see that money again. When you purchase, you begin to build equity in an investment, that you should see as return when you sell.

Let me know if you'd like to discuss purchasing!

John Siddons
0 votes
dave, Agent, Charlotte, NC
Sun Nov 24, 2013

The trulia estimates are only that estimates. A lot has to do with the location of the home and the condition of it. Based on what you are looking for I believe you would be better off looking to buy than rent. Currently interest rates are low and they are expected to start rising again after the first of the year...

With the rental market so large right now it has driven up the prices of rent making it almost if not better to own than buy.

Dave diCecco
Helen Adams Realty
Cell: 704-519-7895
0 votes
tim melton, Agent, Charlotte, NC
Sun Nov 24, 2013
Properties values are still a little down and with interest rates at an unbelievable low.... in most situations this makes a mortgage payment much less than a rental payment, even with a very low down payment. Not to mention the rental market in the Charlotte area is very strong.... in other words, rents are high.
I am known as the foreclosure finder and could help you get an unreal deal on a forecloure with very little to no money out of pocket. There's currently over 1100 foreclosed homes for sale in the Charlotte area right now with new inventory daily.
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Steve & Liz…, Agent, Charlotte, NC
Sat Nov 23, 2013

The answer is location, location, location. Some locations go up in value, some go down, and some stay the same, even over decades. The key is to buy in a neighborhood that has a history of strong appreciation and that has surrounding features or planned future amenities that have a history of stabilizing and increasing values of the surrounding properties. An example of this would be the Blue Line Extension of the Light Rail. You can drive down South Boulevard and see what has happened since the original blue line extension began.

As for renting vs. buying, interest rates are still near their historic lows and rental rates are skyrocketing.

I believe that since a home may be the largest financial investment you may ever make that it should work for you in the form of strong appreciation. I would be happy to show you ranches in neighborhoods that have a history of strong appreciation.

Liz Millsaps Haigler
5 Points Realty
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