Why Buying a Home in Charleston is Better than Renting

The Arthur Ravenel Jr. Bridge during sunset.

So, South Carolina's largest city has caught your eye, but you are unsure which step to take regarding house ownership? Should you rent a home or invest in owning property? Charleston has become a popular attraction for new residents over the years. Buying property is a significant investment, but it brings a plethora of benefits over renting. Whether you are interested in downsizing or upsizing, owning a house has many benefits. Here are some reasons why buying a home in Charleston is better than renting.

The state of the housing market

Although renting has its benefits, owning a house is always better in the long run if you are planning to settle. Charleston's housing market is progressively expanding and is expected to become one of the best housing markets in the United States over the next few years. 

The price of houses on the market is steadily increasing. This means that buying a home in Charleston is better than renting overall. The reasoning behind this is that the property you own will become more valuable over the years. This ensures that owning property is a safer investment to get your money's worth. It will also give you an option to even downsize later and purchase a much better smaller house. With renting, you don't have such benefits.

Why choose Charleston in the first place?

There are many reasons why people decide to make Charleston their new home. Whether you are a history buff, someone who enjoys a warm climate, or enjoys peaceful family life, Charleston has it all. 

Historical Value

Charleston is a city extremely rich in history. Even to this day, Charleston maintains many of its traditional homes from the 17th century when the town was first settled. 

Family-friendly Community

The community here is quite close to each other, making the city an excellent place to move to with your family. 

Amazing Location

The city has several beach towns just a short distance from the metropolitan zone. As a Charleston resident, you won't need to spend vast amounts of money on summer vacations, because you'll be living in a vacation destination!

Warm Climate

The weather in Charleston remains mild throughout the year. With its warm subtropical climate, the temperatures remain pleasantly warm all the way until the middle of November. The winters are also relatively mild and short.

One can find plenty of job opportunities in Charleston, SC.

Job Opportunities

The development of the tech scene in Charleston, and what we locally call Silicon Harbor, has created many job offerings in the high-tech industry. This number is increasing steadily each year, providing even more job opportunities to potential new residents.

Great Tax Policies

South Carolina's property taxes are among the best in the United States. Charleston belongs among the top 10 states with the lowest property taxes.  

Personalization Options

When renting a house, you depend on your landlord and won't be able to do much around the house regarding personalization. Your landlord might allow you to paint the walls and make other cosmetic changes, but they might limit even that. You will be allowed to paint the house, but only in a color chosen by the landlord.

This is where buying a home in Charleston is better than renting. When you own your home, you can renovate it to your heart's content. You can tear down the walls, redesign the rooms, add new installations, build the house, and so on. A house is much more than an investment. The freedom of owning your property is something many people forget about when considering whether to rent or own property.

Whatever customization you plan to do, however, you will need to move your furniture somewhere safe while the work is being done. The experts at Master Moving Guide advise renting a personal storage unit. There are multiple purposes to having your own storage unit. But, in this case, you will free up the space in your house, and your items will be safely stored away during the renovation. Make sure to check the size of the storage unit you need!

Owning a home will let you renovate and redecorate however you want.

Long-run Stability

With renting, you have the flexibility not to be bound in one place. This is great for people who are switching jobs often. However, for people who are looking to remain in Charleston for a long time, renting can be a waste of money in the long run. The longer you rent, the more money you will be spending with little to no change of return on your investment. At one time, there will be a point where you will have spent more money than you would have just straight up buying a house.

Whom do you wish to pay?

Whether renting or buying a home in Charleston, you will be paying someone. It will be either your landlord or your mortgage provider. The benefits of owning a home are more apparent in this case. Owning a home will give you the freedom and the ability to settle. 

When it comes to renting, things are not like that. You will be paying your landlord without the added liberty of owning a house. This is why so Charleston's market has been booming over the years.

Consider the benefits you will get from the money you invest.

Summary and Final Thoughts

Charleston is an incredible coastal city with easy access to many beaches and waterways. Its housing market has been consistently growing, so you can pretty safely earn your money's worth in the long run, should you decide to sell your house. 

Owning property gives you much more freedom and the opportunity to renovate and redecorate your house as you see fit. This is quite limited or impossible, even when you have a private landlord. At the end of the day, there is always someone you will have to pay, whether renting or buying a house. Do you wish to drain your money endlessly on rent with limited freedom or own property all for yourself while paying off your mortgage and building long-term wealth? Consider these things before making the decision. These were some key tips on why buying a home in Charleston is better choice than renting.