Did you know owning a home in Nashville is a great idea for many reasons? Nashville actually has one of the strongest markets in the nation. Nashville is seeing new construction booming, no signs of a market slowdown and homeowners are finding owning way more affordable than renting. For these and many reasons, it’s a huge benefit to own a home in Nashville. Let’s look at what people are buying in Nashville.
Financial Benefits of Owning Your Home
Buying a home in Nashville is going to allow homeowners to increase the appreciation on the value of their home by a leverage factor. Housing is one leveraged investment available.
If you are going to have to pay rent or a mortgage, why not make it a mortgage? Owners pay debt service to pay down their own principals. Households that are renting pay down the principal of a landlord.
In a way, owning a home is a form of saving. It’s sort of like a forced savings. People tend to defer saving, so owning a home solves this problem.
You can deduct your property taxes and mortgage interest from their income. This means a huge tax benefit to owning.
Finally, owning is more attractive and financially wise since rent is always increasing. Owning is a good way to avoid inflation.
Nationally, investors believe property values will appreciate over 18% in just the next three years. Some think it may be only 11%, but Nashville’s forecast looks that appreciation will be even higher here than in most places.
Nashville is seeing a ton of new construction, especially in the urban rental market. The market is one of the strongest in the US and isn’t slowing down. Homeowners here are seeing Nashville’s home owning as a more affordable and preferable option.
Realizing the financial benefits of owning in Nashville will make your decision to buy or rent easier.
The Ashton Real Estate Group of RE/MAX Advantage
The #1 Real Estate Team in Tennessee and #4 RE/MAX team in the world!