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Should I keep Renting Or Should I Buy a House in Athens?

Buying or Renting, what is the right step in the current Athens, Georgia housing market with Kassaev

Should I keep Renting Or Should I Buy a House in Athens?

As the year unfolds most of us are becoming aware of surging rental prices. As rents keep going up there are plenty of reasons to become a homeowner rather than a tenant. However, it is easier said than done to become a property owner. The low inventory has created unprecedented demand in the housing market and a lot of people are getting priced out. The good news, as long as you are willing to be flexible about your first home purchase there are many strategies that a first-time buyer can implement to make the transition. Watch the video read the article and if you are interested in discussing those strategies please reach out to me. I’ll help you answer the question of “Should I keep Renting Or Should I Buy a House in Athens?”

Deciding whether buying a house in Athens or renting is right for you can be a tough decision. It’s also a decision that shouldn’t be made on a purely financial basis either, though that’s certainly an important part of it. Buying a house can be a good investment, but whether that’s true or not varies from market to market. In some places, then, renting may be the better option. Each choice has its own individual pros and cons. So here are some things to consider when choosing between renting or buying a house in Athens.

Recurring Costs of Buying a House

Obviously, buying a house in Athens has a lot more upfront costs than renting, so let’s examine them from the point of view of recurring costs. Those for buying a house include:


These – principal plus interest – you’ll have to pay for the next 15 or 30 years. And the amount of the payment over the life of the loan depends on whether you have a fixed-rate or an adjustable-rate mortgage.


An annual expense, your property taxes serve to fund schools, infrastructure, and other necessary services. The problem is that they’ll go up every time the county assessor decides your property is worth more money.


If you have a mortgage, you must carry homeowner’s insurance to protect your lender. In 2014, the average annual cost for homeowner’s insurance was $1,132.


If you were unable to pay 20% down, then you’ll have to pay for PMI, again to protect your lender. Average monthly payments run around $50 to $200.


Homes require a lot of upkeep and maintenance, and on average your annual maintenance expense will be about 1% of your home’s total value.

Recurring Costs of Renting

The recurring costs of renting are usually less than those for buying a house in Athens. They include:


This is a given, but monthly rents can vary widely from area to area depending on a host of factors.


For many rental properties, you’ll have to pay monthly pet rent if you want to have pets. Typically, it runs about $10 to $40 a month depending on the kind of pet and the base rent.


This isn’t a requirement, but it’s a good idea if you have anything of any value. And besides, it costs only about $15 per month.


If you rent an apartment, you’ll have to pay to do laundry, either using coin-operated machines or by way of a monthly laundry fee.

Pros of Buying a House

With those financial considerations out of the way, it’s time to consider the pros of buying a house in [market city], including:


Over time as you make your monthly mortgage payments, you will pay more and more on the principal, the actual amount of money borrowed. This is much like a savings account in that you can borrow against it if you need to when you reach a certain amount.


Owning your home affords several tax benefits and deductions, including homestead exemption and deductions for mortgage interest and property taxes.


Every home is an investment property because you can always rent out part or all of it. It can, then, become a source of income while you’re building equity.


As the owner of your home, you have the freedom to decorate it or change it in almost any way you want.

Pros of Renting

Renting has certain significant pros as well, and these include:


When you rent, the landlord is responsible for all maintenance and repairs, and you don’t have to invest any effort or money in these.


Since you’re not tied to a mortgage, only a lease, renting makes it much easier to move. And you can usually break a lease by paying an extra fee or by subletting your apartment.


As a renter, you don’t have to worry about fluctuations in the real estate market, about whether the property is appreciating or depreciating.


You can usually rent with less-than-stellar credit even when you might not be able to get a mortgage to buy a house with that same credit.

So, renting or buying a house in Athens, which one is right for you? Maybe you should talk to the real estate professionals before you decide because a lot more remains to be considered.

Deciding between renting vs. buying a house in Athens? We can help! Contact us today!

Georgui Kassaev

Georgui Kassaev was invited to this country in 1996 during the Atlanta Olympic games. The first place he came to call his home after leaving Russia and performing all over Mexico, was Athens. He became a professional mixed martial arts fighter, then coach, and eventually obtained two black belts in taekwondo and Brazilian jiu-jitsu. He formed a specialty carpentry and construction business which sparked his passion for real estate. He then rediscovered his first passion performing. After all, he has performed in the circus since he was eleven years old in front of thousands of people and then again when he was an adult as a professional fighter. In 2018 he landed his first 3 television roles. While acting, he continued developing his real estate skills, becoming a value-add investor in the Classic City and then getting his real estate license. He has now become a listing specialist in the Greater Athens Area, working with homeowners to protect their interests and get them the right price for their property! However, he never abandoned his construction roots and works with investor clients to help them buy properties based on their numbers with no aversion to making multiple offers. Georgui is fluent in three languages Russian, Spanish, and English. He is proficient in video production and social media marketing.

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