Deciding on the right time to switch from renter to homeowner is a tricky decision for many people. There are a lot of different things to consider before making the change and buying your first home.
Are you considering moving to Nashville?
Or perhaps, you already live in the music city as a renter?
Either way, having some knowledge about Nashville real estate will be helpful in your decision on where to live.
Looking at your life and finances is also essential to take a good look when deciding between buying vs. renting a home.
The Venture Group wants to help you decide if now is the right time to buy a home in Nashville.
How To Know If It Is The Right Time For You To Buy
When choosing between buying vs. renting a home, you need to do some self-reflection on your finances and what you want in life.
Here are some questions you can ask yourself to help you make a wise decision:
Do You Have A Secure Job?
Do you and/or your partner have a good job with a steady income? Is that income going to be enough to handle a mortgage and the other expenses that come with owning a home, such as repairs, taxes, and insurance?
If you have a secure job and are confident you can afford a home, then now may be a good time to buy. If not, you should most likely continue to rent until you can afford the expenses that come with owning a home.
How is Your Credit?
Do you know what your credit is?
If you don’t, now is a great time to find out! Your credit determines what types of loans you will be able to get or if you will even be able to get a loan at all.
If you have excellent credit, you can get a good mortgage rate. If not, your rate will be higher, which means a lot more money every month.
Use an app such as Credit Karma to discover your credit today and build it up if it is not high enough to buy a home at a good rate.
It may take some time, but renting until your credit score is good can help you save money in the long run.
Do You Have A Lot Of Debt?
Debt keeps many people from buying homes when they want to, you don’t have to be 100% out of debt to buy a home, but you should have it under control.
If you are drowning in credit card debt, student loans, or medical bills, then it may be best to pay off a chunk of those before applying for a mortgage.
Considering things like debt will help you know if you are ready to join the Nashville housing market searching for your dream home.
Do You Want To Settle Down In Nashville?
Is Nashville where you want to live long-term?
Can you see yourself and your family living in the Nashville area?
It is vital to consider if you like the location before buying a home. Have you checked out the schools nearby, and is your job close?
Make sure you want to plant your roots before switching from renting to buying.
Many families love living in Nashville; the city is known for its beauty, hospitality, great food, and fantastic music.
Why You Should Buy A House In Nashville
Once you have established that financially you can handle buying a home, it is time to decide if you want to look into Nashville real estate.
There are a lot of reasons that buying a home in Nashville is a great idea!
Buying A Home Is An Investment
When you rent, you say goodbye to that large sum of money every month in exchange for a place to live. However, when you buy a home, you are investing.
You own the home, and the money you put into it is investing. If you decide to move, you can sell the house and potentially get even more money back.
For many investing in Nashville real estate is an excellent decision.
Renting Is Expensive
Rent can be costly, especially in cities. At times, mortgages are more affordable than rent.
Reckon says, “The average rent for a one-bedroom apartment in Nashville is $1,746 per month—more than 1.5 times the rent in Memphis ($988) and still higher than the average 1-bedroom rent in Austin, Texas, which is $1,396. “
If you want to live in Nashville, buying a house may be more financially wise than renting.
The Nashville Housing Market Is Good
Nashville is one of the best places to buy a home in the US; with low-interest rates and high renting rates, buying just makes sense!
The housing market is in good shape, and many people are looking for their dream home.
Now is a great time to join the Nashville real estate scene.
Nashville Is The Perfect Place To Put Your Roots Down
Nashville is a beautiful and beloved city. With plenty of jobs, excellent schools, and beautiful homes. This city makes the perfect place to settle in with your family.
If you are deciding between buying vs. renting a home in Nashville, now is a great time to buy and put your roots down deep.
If you are interested in the Nashville housing market and want help exploring your options, click here to contact The Venture Group today!