Tuesday, October 16, 2012

Buying VS. Renting a Home on Deep Creek Lake


If you’ve ever vacationed or if you currently live on Deep Creek Lake’s shores; you’re well aware of this beautiful areas’ appeal.  As Deep Creek Lake Real Estate agents at Coldwell Banker Deep Creek Realty; we enjoy being able to work and live in this environment and help others find their getaway home or permanent respite on Deep Creek Lake!

In the past few years, there has been a decrease in those buying due to the national housing market, and many have found themselves leery of jumping into buying a home.  An emerging topic has been renting versus buying a home and what is the best choice.  Yet, with the market on the rise, we’re seeing that now is a great time to buy before home prices continue to increase.

We, however, don’t recommend buying to everyone.  Sometimes, renting is the better option!  For instance, if you’re only planning on visiting Deep Creek Lake a few weeks out of the year, you’ll find we have a wide variety of rental options from which to choose.  Yet, if you are planning on either living on Deep Creek Lake as your main home, or you want to enjoy vacationing here a few months out of the year; buying will be the best option.  Here are just a few reasons to lean towards buying instead of renting your home on Deep Creek Lake.

1. You can determine your homes’ energy efficiency-  From adding insulation, to upgrading your air conditioner or hot water tank; you are in control of the energy efficiency of your home.  Making these bigger changes, that you wouldn’t make in a renting situation, will save you money in the long run and will make you feel better about what you’re doing for the environment.

2. You can customize your space- This is an important part in making a house feel like a home.  You don’t have to worry about paint colors, what you put on the walls, and even have the freedom to knock out walls to reconfigure a space!  Owning a home means you have endless possibilities to make your Deep Creek Lake home exactly what you envision.

3. You know what you’ll be paying from year to year- Unlike rent, a fixed mortgage means your monthly payment won’t change.  With inflation, rents oftentimes increase each year and you can get caught with paying more than you imagined.  A fixed mortgage is great in allowing you to determine your yearly budget and stick to it.

4. You can take advantage of currently low interest rates and prices- Last but certainly not least, the current home prices and low mortgage rates are a huge advantage of buying a Deep Creek Lake home now.  With the market leaning heavily in the favor of buyers, now is the time to buy!
As you can see, buying has a number of advantages that will make you think twice before choosing to rent.  If you have any questions about buying a home on Deep Creek Lake, or you know that renting is for you and you’d like to see some of our beautiful rental options; please contact us today!

Patrick Kane
Sales Manager/Co-Owner
Coldwell Banker Deep Creek Realty
Your Deep Creek Lake Real Estate Expert

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