Buying Or Renting In Charleston SC

Dated: 01/03/2017

Views: 233

123 Trillium Avenue, Summerville SC 29483 - Photo 3

(123 Trillium Avenue is a 3 bedroom, 2 1/2 bath home in Summerville listed for $204,900)

Have you ever wondered which is better for you: renting or buying a home? There are pros and cons to both, but with the current market, it is a great time to buy! Let’s look at some of the pros and cons of each:



  • Homes usually gain value as time goes on, so you build equity in your home. Real estate is a great investment!

  • Many mortgages around Charleston can be equal to or even less than the cost of renting! Getting preapproved for a mortgage can tell you how much home you can afford. This is a great first step if you are considering buying. And we have some great preferred lenders that can run some quick numbers without even pulling your credit!

  • Interest and property tax are tax deductible.

  • Costs are more predictable, especially with fixed rate mortgages.

  • Greater privacy in your own home.

  • Decisions are yours! You can paint, decorate, build, change, or upgrade anything you’d like.


  • You are responsible for all maintenance. If you are buying an older home, you may want to consider a home warranty. Ask your agent because, sometimes, it can be part of your negotiations with the seller.

  • Buying a home requires a down payment and closing costs. However, mortgage insurance allows you to put less than 20% down if you do not have a large sum of cash.

  • Homes in neighborhoods may have additional HOA fees. Be sure to ask your agent, so you don’t get any surprises after you move into your home.



  • Good for short term. If you are unsure where you will be in a year, renting may be your best option.

  • Some rentals may include utilities, which could make monthly payments more affordable.

  • Your landlord is responsible for all repairs and maintenance.


  • There are no tax breaks or deductions when renting.

  • Housing costs are not fixed, so you will be likely to pay a rent increase each year.

  • Rentals often require deposits and have strict rules about changes to the design of the property.

If you are questions whether buying is the next step for you, please contact us, so we can help guide you in the right direction! Email us at

Blog author image

Dan Lorentz

About Dan Lorentz, ABR, CRS, Founder & Team Leader of Greater Charleston Properties: Founder and Team Leader of the Greater Charleston Properties Team, Dan Lorentz, has lived in the Charleston, SC ....

Latest Blog Posts

Local Restaurant Openings And Hours

While some restaurants in the Charleston area have remained closed others have opened up in some form of limited capacity. See the list below for updates on restaurant openings and modified:

Read More

The Market We Live In

Considering a Move? Many buyers and sellers often ask the same questions about the current state of affairs that our market is in. A window of opportunity for the residential real estate market is

Read More

Charleston COIVD19 Update

These are unprecedented times for the world, our country and our Charleston community. Your health & safety are very important to me and our team! We are committed to supporting our clients and the

Read More

Gettin Lucky In The Lowcountry

March is upon us and with it comes one of Americans favorite holidays to celebrate, St. Patricks Day. Check out the list below to find out some of the best events going on in Charleston. St.

Read More