The decision to rent or buy in Knoxville can a complicated one. With Knoxville housing affordability at record highs and with mortgage interest rates historically low, it is undeniable that there has never been a better time to buy a home. Still, the decision to rent or buy in is more than just about housing affordability.
Here are the a few things to consider if you are on the fence about renting or buying in Knoxville.
Is your ability to relocate important to you? As a renter, relocating is much simpler. You may be tied into a lease for a certain amount of time, but you once the lease is over you won’t be stuck with a mortgage payment. Consider how long you plan on living in an area and if your ability to relocate is important to you.
Is space, square footage and storage important to you? Generally speaking, if you buy a home, you will gain more space, storage, and square footage. While there are wide variety of apartments in Knoxville, few offer the space that a home would.
Are you willing to put in the time to maintain a home? As a homeowner, if the furnace breaks or the AC goes out, you are the one stuck footing the bill for the repair. And as a renter you are not. While home ownership offers many great benefits, it can have its fair share of costs. Are you ready to take on maintaining a home?
Are you ready to be your own landlord? One of than the many benefits of owning your own home is that you are no longer someone’s tenant. You can decorate and paint as you want to. Your Knoxville home is truly your own.
Are you sick of throwing money away? As a renter, every month when you pay your rent, you know that you will never see that money again. As a homeowner, each payment goes toward building equity into you home. It is money you will see again. So, if your planning on staying in a place for awhile, buying a home can be a worthy investment.
Are you torn between renting and buying in Knoxville? Please let us know if there is anyway the Knoxville Home Team can assist you in your home search. You can contact Rick at 865-696-9002 or via email at [email protected]. Kati can be contacted at [email protected].