Renting vs Buying

If you're planning a move to the greater Nashville area, congratulations! Music City is quickly becoming a hot spot for buyers of all ages. After all, here you'll find an incredible job market, tons of fun attractions, and an unbelievable culture that's unlike anything you've ever encountered.

While planning your move, this question has likely crossed your mind at least once "Is it better to rent or buy a home in Nashville?" Well... the answer might surprise you! There are a myriad of benefits to both renting and buying, and at the end of the day it really depends on your unique situation. On this page, we're going to cover the three main benefits to buying vs. renting.

The Cost

Buying

Buying a home can seem a little scary. After all, you've got the down payment, the mortgage insurance, and the Realtor's commission to think about... Those costs can add up. However, you have to take into account that over time, mortgage payments are usually equal to (if not less than) monthly rental payments. And, depending on your mortgage, they're not subject to increase at the will of your landlord.

Renting

The biggest benefit to renting is that there's no down payment. Though it is likely that your rent will increase every year at the discretion of your landlord, you have a fixed monthly expense for your rent which makes it easy to budget your other finances. There's less of a chance of last minute housing issues coming up and costing you extra money.

The Benefits

Buying

Buying a home means building wealth! When you own your home, the money you put into it every month (paying your mortgage) will eventually come right back to you in the form of equity. In addition, paying your mortgage every month builds up your credit score and "forces" you to save money.

Renting

With renting, you have a little less to worry about. At the same time, you're extremeley limited in interior design additions and renovations you may want to make. If you have a pet, it's also likely that you'll have to pay extra every month for "pet rent."

The Freedom

Buying

Owning your home means you have complete freedom to renovate, design, paint, and do anything you want to your space! You won't have to shell out for "pet rent" or anything like that, and you won't be at the mercy of a landlord or apartment complex's rules.

Renting

The main freedom that comes with renting is the ability to move as soon as your lease is up. Unfortunately, ending one lease and starting another usually comes with costly deposits, move-in fees, and utility activation costs.

Any More Questions on Buying vs. Renting in Nashville?

I've got you covered. Above all else, my goal is to help you find the real estate solution that works best for your situation. To learn more about the key benefits to buying vs. renting in Nashville, TN, give me a call today!