Renting vs. Buying a House: Pros and Cons

Nashville is one of the most desirable places to live in the U.S. People living in Middle Tennessee enjoy a high quality of life, vibrant communities, and year-round entertainment. Of course, the city’s reputation comes at a cost. Nashville is one of the country’s highest-priced rental markets, and that momentum shows few signs of slowing.

Many people attempt to wait out the housing market by renting, but that strategy may not be in your best interest in the Nashville region. This guide is for you if you are considering whether to rent or buy a house.

Renting vs. Buying

Putting down roots through homeownership is a quintessential part of the American dream. Along with financial benefits such as wealth-building and tax deductions, owning a house brings consistency and a sense of belonging.

Renting can be unpredictable. Your rent payment may go up without warning, straining your household budget. You are also reliant on your landlord to handle any problems that arise. While it might not cost you anything extra to deal with a pest infestation in your apartment, you may end up waiting weeks for the landlord to send an exterminator.

Once you own a home, you are no longer accountable to a landlord. You’re free to decide how to decorate your interior and exterior to reflect your unique style. You can also make improvements and upgrades to increase your home’s property value if you decide to put it on the market. While a home is perhaps the largest purchase you’ll ever make, you will have an asset that appreciates over time instead of paying rent every month.

Should You Rent, or Buy?

Those looking to start or add to their family look to buy homes to put down roots. Once you find a neighborhood and school district you like, you’ll naturally want to become part of the community. You don’t want the upheaval of a surprise rent increase or a broken lease to disrupt your sense of stability.

Still, not everyone is in a good position to buy a home. It requires a significant upfront investment, and also means committing to the maintenance costs that come with it. Ultimately, the decision to rent vs. buy involves many financial and emotional considerations. You need to weigh the potential advantages, disadvantages, and costs of each based on your income and lifestyle.

Buy Your Next Home With Legacy South

At Legacy South, we have designed and built hundreds of beautiful homes with our integrity and thoughtful attention to detail. To make your homebuying experience smoother, we have carefully vetted and developed relationships with some of the top lenders in Tennessee through our Lender Select program. You have the option to work with these trusted partners when looking for a mortgage that meets your needs.

To learn more about how our team of passionate, committed people can help you find the perfect Legacy South home to fit your family’s needs and lifestyle, reach out to us today.

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