Tuesday, January 29, 2013

5 Reasons to Buy VS. Renting a Deep Creek Lake Home

In working as Deep Creek Lake Real Estate agents here at Coldwell Banker Deep Creek Realty, we are often asked about the buying versus renting debate.  In the past, the economic downturn caused many potential buyers to turn to renting a home on Deep Creek Lake.  Yet, times are changing and with the upswing already visible in 2013; now is a prime time to buy a home on Deep Creek Lake.

For those who find themselves only visiting Deep Creek Lake one week out of the year for a relaxing vacation, renting will make more sense.  But, for those who desire week long vacations and weekend getaways, or those looking to retire and to settle into the Deep Creek Lake lifestyle permanently; buying is the best option.

Here are five reasons you’ll want to buy a Deep Creek Lake home this year as opposed to renting.

1. Predictability- 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.

2. 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.

3. Tax Deductions- While the main tax perk of owning a home is being able to deduct mortgage interest payments, there are other deductions available.  For instance, eligible expenses such as energy efficient improvements, can provide an even greater tax benefit.

4. Customization- 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.

5. 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. According to real estate site, Trulia, overall rent prices rose by 5% while home prices lowered by .7%.  With the market leaning heavily in the favor of buyers, now is the time to buy!

I hope these five reasons to buy will give you the incentive to move forward with buying a Deep Creek Lake home this year.  As the market continues to improve, home prices will continue to rise, so you’ll want to take advantage of the current Deep Creek Lake Real Estate market.

As always, our team of trusted Deep Creek Lake Real Estate agents are here to help answer any questions you may have about buying a Deep Creek Lake home or the lifestyle that’s offered.

Please feel free to 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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