The debate between renting and buying has been going on for years. It's something many are faced with, especially when moving to a new city. Here are some of the things you should consider if you're thinking about buying or renting a home.
Understand Why You Might Want to Rent
There are times when it makes perfect sense to rent in Nashville. If you're not sure which neighborhood you want to live in or you're trying to save up a down payment, renting might be the right decision. The desire to live in downtown Nashville is an option that many people consider, as also view this as shorter term commitment as they feel they may only live downtown for a couple of years. This may be a good time to rent a condo is a desirable development like The Icon.
However, you should always rent with the thought of actually buying a home sooner or later. It should be a temporary situation that helps you get to the next level.
Rent in Nashville can be Expensive
The city of Nashville saw some pretty high rent increases throughout the most popular neighborhoods last year. This is part of why the city became one of the "Best Buy Cities in 2014," on the Forbes list. Increases include:
- 5.9% in Hickory Hollow
- 7.2% in Donnelson, Wilson and Hermitage County
- 8.5% in Briley Parkway and Airport
- 5.5% in Belle Meade and West Nashville
- 6.4% in Murfreesboro Pike and Antioch
These increases make it a better situation for those looking to buy a home.
A Top City to Buy in the United States
With Nashville being named as one of the top cities to buy a home in 2014, it makes perfect sense to buy throughout the city. High rental rates and low interest rates usually point to plenty more buying compared to renting.
The Music City is ranked as the fourth best places to invest in a home and the tax deduction given for homeowners is very helpful, as well. If you're considering renting and you could buy a home instead, you may want to reconsider your options in Nashville.
The Ashton Real Estate Group of RE/MAX Advantage
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