Part Two: Renting Vs. Buying in Knoxville
In Part One of this blog series, “Renting Vs. Buying In Knoxville,” we compared the cost of buying a home in Knoxville versus renting an apartment. Though, it currently costs less to buy a home, it is not an ideal choice for all people.
Here is a list of reasons that it would make more sense to rent:
- Renting allows for more mobility. As someone who lives in an apartment, you have more choice when and where you can move. It may requiring waiting until your lease is up, but you have more freedom. Homeowner’s are tied to their houses selling. Knoxville offers a wide range of apartment complexes, with the median gross rent reported as $637, according to City-Data.com. For people who are not sure where they will be living in the next few years and lavish in the ability to move, apartment living may be the better option.
- As a renter, you have no maintenance fees. One of the downsides of homeownership is the maintenance fees that come with owning a home. Furnaces break, basements leak, and houses need to be repainted — all things that come at an owner’s expense. People who rent benefit from not having these costs. If something breaks in an apartment, you put in an maintenance request and the apartment will take care of fixing it. For people who want to avoid maintenance costs, apartment living could be a good option to consider.
- Renters in Knoxville enjoy a easier, less expensive application process. Applying for an apartment is a significantly easier process than applying for a loan to buy a home. Most apartment complexes charge a security of $150 and an application fee of $100 to cover a credit check, background check and other administrative fees. Getting approved for an apartment is also a less difficult process than securing a home loan, which makes it ideal for people with little or bad credit.
The choice of renting vs. buying in Knoxville is a complex decision. While deciding what works best for you, it is important to determine what factors are important to you. If you are someone that isn’t planning on staying long or doesn’t want to be tied to owning a home, apartment living could very well be your best choice. It offers more mobility and freedom than owning a home. In Part 3 of this blog post series, “Renting Vs. Buying in Knoxville,” we will look at the benefits of homeownership.
What do you think about renting vs. buying in Knoxville? Which to you feel is currently more beneficial. Please feel free to contact me. You can email me, give me a call at 865-696-9002, or leave a comment on this blog post.