Rent or Buy a Home in Nashville? Find Your Best Living

rent or buy a home in nashville

To rent or buy a home in Nashville is the question many are asking themselves these days. There are many reasons why you may have decided to purchase a home – a growing family that needs more space, you’re tired of paying rent and want to invest your money and you’d like to get the tax breaks that homeowners enjoy. Those are just a few.

Rent vs. Mortgage

Don’t simply compare what you’re paying in rent to what you’d be paying with a low-interest mortgage payment. Even though it can be an asset for the future, you may not be ready financially to make the commitment.

The pros in homeownership highly recommend that you have a down payment of at least 10 to 20 percent and have an emergency fund socked away that can get you through 3 to 6 months of bill payments.

Smart vs. Dumb

There are also other points to consider when deciding whether to rent or buy. Buying a home is touted as ‘smart’ and renting as ‘dumb’ but that’s not always the case.

Purchasing a home can be a good decision, but some experts believe that it’s a bad financial decision and that the idea of homeownership is overrated.

The Pay Off

Some things to consider when deciding whether to rent or buy include the fact that when you pay off your mortgage the home belongs to you.

If your home has appreciated more than the taxes, mortgage, and interest you’ve paid in – you’ve earned a return or simply broken even.

Tax Credits vs. No Repairs

Keep in mind that owning a home also qualifies you for tax credits that can offset some of the costs. But, even though you may own your house outright, you’ll still pay a significant amount of taxes and interest.

You should also realize that renting isn’t exactly “throwing your money away.” You get a place to live and you don’t have to pay for issues such as repairs and maintenance.

What’s Right For You?

So, rather than make a decision on what the headlines are saying about homeownership being the best route, you should consider your current situation.

Figure it out by researching the pros and cons of homeownership, crunching numbers, and taking a long, hard look at your finances and lifestyle.

You may be moving from place to place in your career and don’t need the hassle of putting your house on the market every year or so.

Consider the cost of housing in your area. Houses may be too expensive for your pocketbook right now, so it could be better to rent. But, renting may also be expensive, and owning a home might be the better option.

Can you get more of a return on a home investment or by investing your money in the stock market or other methods of investing? All of these caveats must be considered before you should make a final decision on whether to buy or rent.

Your situation isn’t like others and you need to think about where you want to live, what type of house and environment you’re looking for, and how it will all pan out in the future.

In the end, know that sometimes it’s best to rent rather than buy – it all boils down to what feels right to you.

About the Author

Born and Raised in Nashville, TN I've seen the Good and the Bad when it comes to the Nashville TN Real Estate Market. I've worked in this area for the past 15 years and helped it recover from the Housing Crisis of 2008 and Rise from the Flood of 2010. I have a Strong background in Digital Marketing and can help give your home the edge it needs in today's Digital Real Estate World. 

Buying a home presents many challenges that require a keen eye and knowledge of the area to avoid buying a Money Pit.  I can help you avoid those pitfalls and sleep well knowing your investment is secure. I work with several home builders and if finding that perfect piece of land is your goal. I can help you Build Your Dream Home 🏠.

If you are looking to Buy, Build or Sell anywhere in Middle Tennessee Let me Help You. Let's Connect 📲  and Get you Moving 🚚  or Start Your  👉   Home Search