Posted By Shawn Pillion @ Aug 23rd 2016 3:37pm In: Buyer Info

Whether You Rent or Buy, You’re Paying a Mortgage | Keeping Current Matters

There are some people that have not purchased a home in Charleston because they are uncomfortable taking on the obligation of a mortgage.

Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either yours or your landlord’s.

As The Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return.  

That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

Christina Boyle, a Senior Vice President, Head of Single-Family Sales & Relationship Management at Freddie Mac, explains another benefit of securing a mortgage vs. paying rent:

“With a 30-year fixed rate mortgage, you’ll have the certainty & stability of knowing what your mortgage payment will be for the next 30 years – unlike rents which will continue to rise over the next three decades.”

As an owner, your mortgage payment is a form of ‘forced savings’ which allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee the landlord is the person with that equity.

Interest rates are still at historic lows, making it one of the best times to secure a mortgage and make a move into your dream home. Freddie Mac’s latest report shows that rates across the country were 3.43% last week.

Bottom Line

Whether you are looking for a primary residence in Summerville for the first time or are considering a vacation home on the shore at Folly, now may be the time to buy. Ready to find out how?

Call the experts at ChuckTown Homes Real Estate today!

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3463 Acorn Drop Lane
Johns Island, SC

MLS# 16018051 - Residential

Spectacular custom built home with mother-in-law suite over detached garage located in highly desirable Johns Island neighborhood. This New Leaf Construction home was designed by well renowned Lowcountry architect Eric Moser and featured in ''Azalea'' magazine. Just a few of the many upgrades and features of this fabulous open floor plan home include: driftwood finish walnut flooring with varied plank sizes; custom plantation shutters; designer lighting and plumbing finishes; 8 foot interior solid core doors; metal roof; salt finish flooring on full front and side porches; oversized solid wood front door; rain bird yard irrigation; front copper gas lanterns and Rinnai tankless water heater. The main level is perfect for entertaining consisting of family room complete with custom built-ins, 10 ft shiplap ceiling with decorative beams and wood burning solid brick fireplace with cable and electric outlets; chefs kitchen with marble countertops, stainless steel appliances, Shaw apron front sink, center island with bar seating and gas range with hood; Master suite with spa-like bath complete with oversized tiled shower, his and her closets, dual vanities with marble countertops, shiplap ceiling and large sitting area. There is also a flex room on main level perfect for an office or play room that opens to an awesome screened porch with wood burning solid brick fireplace. Rounding out the main level is a large laundry room and separate dining area. Upstairs consists of 2 large bedrooms, bath and tons of storage space. The fenced back yard is very private and meticulously landscaped and features a 1 car detached garage with a 400 square foot mother-in-law suite perfect for guest house, office, art studio or "man cave". The Villages is an amazing Johns Island neighborhood featuring a 6 acre amenity area complete with: walking trails, clubhouse, and swimming pool and within minutes of fabulous restaurants, shopping, beaches, and downtown Charleston.

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