Buying vs. Renting
Trying to figure out whether to buy or rent? Give this a read.
October 28, 2021
On average, University of Alabama students pay over $40,000 dollars in rent during their time at the University. With the majority of students living with 2-3 roommates, why not purchase a spot for your child to live in and leverage it by having the roommates pay rent to cover the mortgage. This typically allows many properties around campus to cashflow immediately, along with adding a strong investment to your portfolio. Because of the consistent turnover rate and consistent applicant pools to the University, Tuscaloosa is a proven location for real estate investing.
When it comes to deciding whether to buy or rent a home, the advantages of homeownership are clear. First and foremost, buying a house allows you to build equity and create a stable, long-term investment. Over time, as you make mortgage payments and pay down your loan, you accumulate equity, which means you're also building wealth and financial security for the future. Additionally, owning a home provides more space and privacy compared to a rental property, and you have the freedom to renovate or decorate your home to your personal taste without worrying about landlord restrictions.
Moreover, owning a home means having control over your living space. You have the freedom to choose the colors of your walls, type of flooring, whether or not you have pets, and much more. In short, your home is your own, so you can make it your sanctuary and enjoy the sense of pride and comfort that comes with being a homeowner. Furthermore, there are various tax benefits to homeownership that aren't available to renters, such as deductions for mortgage interest and property taxes, which can help reduce your overall tax bill. All of these advantages make buying a house a smart and rewarding investment.
Call us today and let us show you how to save money while your child attends the University of Alabama.