Choosing between buying or renting a home in Columbia, South Carolina, is a major decision that requires you to weigh the pros and cons carefully. For most people, one of the biggest reasons to buy is to gain a sense of security and stability that renting cannot bring.
At Assurance Financial, we can help make your dream of buying a home a reality. We offer a range of loan options and are happy to work with you to find a financing option that works best for your needs. Trust us to make the process of finding financing for your home as stress-free as possible.
3 Reasons for Buying Over Renting in Columbia
While both renting and buying a home offer several benefits, one of the main reasons to buy a home over renting is it enables you to build equity. For example, each mortgage payment you make is an investment in your home. Some other benefits of buying over renting include:
1. Buying Can Increase Your Financial Stability
Unlike renting, in which you may be subject to yearly rent increases, once you pay all of the initial housing fees, the cost will stabilize, allowing you to save money for:
- Retirement
- Vehicles
- Travel
- Home improvements
- College funds
- Medical needs
- Emergencies
2. It Can Be Less Expensive to Buy
While many people consider renting to be a more affordable housing option, recent spikes in inflation have caused this to no longer be the case for many properties. Over the last decade, the price of rent has seen a dramatic increase, making it more affordable to buy instead of rent in many areas. Many employers have also begun offering permanent work-from-home and hybrid work schedules, giving you the freedom to find a home in a more affordable location.
3. Owning a Home Offers Numerous Tax Benefits
Buying a home in Columbia allows you to take advantage of many tax breaks, like:
- Mortgage interest payments
- Property taxes
- Mortgage points
- Energy-efficient improvements
Let Assurance Financial Help You Buy a Home in Columbia
If you want to make Columbia, South Carolina, your home, Assurance Financial is here to help. We have many different loan options, so anyone from a first-time buyer to a vacation home buyer can find the financing they need.
With over a decade of experience under our belts, our full-service in-house team has seen and done it all when it comes to home loans, and we’re happy to use our knowledge to help you find the right financing option to fit your needs. Take the first step toward homeownership by starting our online application or contacting a team member today!