With high-priced rentals becoming the norm across Atlanta’s intown market, more renters are giving home ownership serious consideration. A recent report recognized the metro area as one of the top places in the country where buying a home is a more sound financial decision right now. Choosing between renting and buying is a big life decision that needs to be made while considering factors like your financial position and lifestyle goals.
At Empire, we pride ourselves on selecting the best locations to build our new communities, and we’re excited to bring new homebuying opportunities to some of the most vibrant neighborhoods in Intown Atlanta. There are a few reasons why buying a home could be the right choice for you, and we’ve made note of them here with the help of our partner and preferred Mortgage Loan Officer, Patty Murray, of Element Funding.
Get Ahead of Inflation
Rental prices tend to go up annually with inflation, meaning a 3 to 5 percent yearly increase that can quickly add up to hundreds of dollars more that you’ll be paying monthly at the mercy of the changing market. In 2018, Atlanta’s average rent increase outpaced almost every other metro area in the country. With today’s historically low mortgage rates, many homebuyers can enjoy the stability of knowing that their fixed monthly payments will statistically be lower than rent for the duration of the term. This means you can plan out your home buying budget while still leaving room for the things you love, like travel, entertainment and fitness.
Pay Yourself
Sometimes renting can feel like throwing money away each month. You’re typically financing someone else’s investment and missing out on an opportunity to build equity for yourself. Historically, buying a home has been part of the ladder to generating personal wealth. With your monthly mortgage payments as a forced savings, homeownership translates into a good long term investment with tax benefits, too, for anyone planning to call Atlanta home for the foreseeable future.
Plant Your Roots
The ability to plant your roots and make a house your home is perhaps one of the best reasons to become a homeowner. When the place is all yours, you’re free to make every choice and decision from selecting the neighborhood, to the floor plan, to the interior design finishes. There really is something to be said about that feeling of owning a brand new place where you can build a life and make memories for years to come.
With Empire’s entry into Intown Atlanta, you now have the ability to own an Empire townhome in a desirable location and become part of the existing neighborhood and nearby attractions.
If you are thinking of making the leap into homeownership in Atlanta, now is the time.
Learn more about Empire’s upcoming intown communities and opportunities for homeownership at empireatlanta.com.