If you’ve been on the fence between renting a home or buying a home throughout the Savannah Georgia area there are some unique statistics that may change your mind if you’ve been renting. Currently as of the publishing of this post is almost cheaper to buy a home in Savannah that it is to rent. A one bedroom apartment in the city runs about $830 where is a two or three bedroom apartment or single-family home in the city is about $1100. The median sales price of Savannah is currently about $173,000, which would give you a monthly mortgage payment of about $825. This is for the median sales price which typically is for a one or two bedroom home between 800 ft.² and 1200 ft.².
A larger home of maybe two or three bedrooms between 1500 ft.² and 2000 ft.² could run you roughly $250,000 which would still be an under $1200 a month mortgage payment. Of course, this does not take into account taxes and homeowners insurance which can run another $100-$200 per month.
What it really comes down to is if you are prepared to buy and what the differences are between renting, buying and your time frame. If you’re tired of renting and you plan on staying in a particular neighborhood or city for some time buying might be a great way to increase your equity, save some money and start putting money into your own home rather than paying somebody else’s mortgage.
If you’ve built up a little excess money and have some and savings, you can consider putting down a sizable earnest money deposit or down payment, pay for the inspection costs and really not change too much of your outgo on housing, especially if you stay within a similarly -sized property.
However, you might also consider renting because you like the low maintenance aspect of renting versus buying. If something goes out you can always call the landlord for repairs or replacements. When you own your home, you’ll need to repair it or replace it and this could be costly especially if you’re talking about the roof, siding, major appliances, ductwork, plumbing or electrical work.
Again, on the flipside, when you own your home you are free to do just about whatever you want legally on the property. If zoning and coding requirements allow you can add on or remodel the home; you can add in a backyard swimming pool or hot tub; you can paint different colors or change out appliances and cabinetry to suit your lifestyle and taste. Renting very rarely allows you these changes.
There’s always pros and cons to both but right now is an excellent time to consider buying since a mortgage payment and rental payment are about the same for similar properties. If you’re still on the fence and would like to know what you might be able to afford please contact my office today. I work throughout the Savannah Georgia area including Tybee Island, Richmond Hill, Pooler Georgia and surrounding communities and neighborhoods.