Throughout the years, one monolithic question has faced those seeking housing is: should you rent or buy? Many firmly and fervently prefer one over the other, proclaiming its benefits from the rooftops while glossing over the downsides faster than the voice that reads the side effects on a pharmaceutical commercial.

If it’s a home buyer, they’ll rant and rave over the investment potential and consistency of living costs, with nary a word said about property taxes, maintenance costs and the possibility of financial ruin in the case of a recession. For renters, it’s the freedom of being able to relocate at any time, and the financial safety that renting affords you.

The reality of the age-old renting vs. buying debate lies somewhere in the middle; each has its distinct advantages and disadvantages, and neither really is superior or inferior. However, depending on the city, there is a huge possibility that one or the other might be right for you. Depending on your disposition, budget and life goals, there’s a good chance that either renting or buying will be perfect for you.

One of the major factors in this decision is the town to which you are moving. With various different things to keep in mind such as cost of living, average rent prices and average home prices, you’ll have plenty to consider before you make your choice. The town in question is the lovely Canton, GA, and today we’ll be considering the different factors that affect whether you should rent or buy. Let’s get into it! 

Renting in Canton GA

First, we’ll look at the advantages and disadvantages of renting in Canton GA. There are a number of both, so ultimately it will be up to you to decide whether renting is right for you or not. So without further ado, let’s get started. 

Pros of renting in Canton Georgia  

First, we’ll get into the pros of renting in Canton, GA. For starters, renting in Canton is fairly affordable, and there are a lot of options to choose from. Whether you’re looking for a cozy, energy and cost efficient apartment or a spacious downtown loft, you’re sure to find something to suit your needs and preferences. From condominiums to houses to studio apartments, Canton has something for everyone.

Then there are the rent prices. Canton does not have the lowest average monthly rent, but there are plenty of budget-friendly offerings available in the lower-income areas of Canton. If your budget is a bit more forgiving, there are also plenty of options that allow more affluent citizens of Canton to live in relative luxury. Whatever your budgetary limitations, rest assured you’ll be able to find something in Canton. 

Another great advantage to renting is how much cheaper it is to live near the center of town as a renter rather than a homeowner. While living in close proximity to the center of town is not cheap by any stretch of the imagination, it's far cheaper than buying property even remotely near the downtown area. As a renter in downtown Canton, you’ll be within easy walking distance to some of Canton’s best attractions, and many of its places of employment as well.

One of the greatest perks of being a renter in Canton is the freedom you’re afforded. When you rent instead of buying, you can move at any time, as long as your lease is up. If you get tired of the city, decide to pursue higher education or are laid off from work, you can simply pack up and go. Whatever your reasons may be for moving, when you rent, it’s much easier to pick up and leave than if you were to buy a home. 

Cons of renting in Canton 

Don’t be mistaken: living as a renter in Canton isn’t all sunshine and roses. There are a few important drawbacks to renting here, and we’ll do our best to point out the most significant ones. Perhaps the most obvious of these cons is the monthly cost. As a renter, even a minor financial setback can mean losing your home, and can have disastrous consequences for your personal life and on your credit score. Before you sign any contracts, you’ll need to take this into serious consideration.

Another serious downside to renting in Canton is the risk that your rent will increase, either as a result of economic factors such as inflation or as a result of an arbitrary price hike on the part of a greedy landlord. This risk can be reduced by leasing a rent controlled property, but these can be expensive or even completely unavailable. When you rent, you are, in essence, giving your money away, without anything to show for it in the long run. 

Buying a home in Canton, Georgia 

Now let’s look at the pros and cons of buying a home in Canton. In general, buying instead of renting is typically a better option for those with families or a large amount of disposable income or a lot of amassed savings. Let’s get into it! 

Pros of buying a home in Canton

There are a number of pros to buying a home in Canton GA instead of renting. First and foremost, buying provides you insulation from problems such as rent hikes and inflation that you might encounter as a renter. This means that it’s generally a much more sound investment to purchase a house rather than renting.

Whether you take out a mortgage or buy it outright, one of the most attractive pros of buying a home in Canton is the appreciation in value over time. If you purchase a home in a good area such as Canton, the value of your home should appreciate over time, making it an excellent investment that will likely turn you a profit if you decide to sell it in the future.

Another great advantage to owning your own home is the freedom you have to modify and improve the property. When you are the homeowner, you have complete control over everything from the color of the interior paint to the construction of new structures on the property. Don’t like the shed that was on the property when you bought it? Tear it down! Want to replace that hideous shag carpet that has covered the floor since the golden age of disco? Rip it up and put down hardwood! After all, who’s stopping you?  

Cons of buying a home in Canton

Of course, there are also a fair few cons to buying a home in Canton. Most obvious is the danger that economic turmoil such as a recession or housing market crash presents. In the event of a sudden economic upset such as the 2008 market crash, the value of your house can plummet, leaving you with a virtually worthless property.

Another con of owning a house in Canton is the maintenance that it will require. When you own your own home, even small repairs can present significant problems that can be highly difficult to resolve. For example, if your hot water heater breaks as a renter, you can just call your landlord; if your hot water heater breaks and you own the home, you might have to go without hot water for days until you either fix it yourself or are able to have a plumber come repair it.
Whether you decide renting or buying is right for you, if you want to move to this city, you’ll have to contact one of the top real estate agents in Canton GA. Once you’ve found your ideal real estate agent, you’ll be one step closer to moving to the beautiful southern town of Canton, GA!