Weighing the pros and cons of renting versus buying in West Knoxville can be tough. Every situation is a little different, and the right option is truly dependent on the person. Still, it can be difficult to ignore that it cheaper to buy a home in West Knoxville, than it is to rent. If you are debating whether you should rent versus buying this fall, here are 5 reasons why renting in West Knoxville may not be for you.
Rent Money = Money Lost
It can be painful to write a check every month on a West Knoxville rental, only to know that you’ll never see that money again. If you buy a West Knoxville home, depending on how long you’ll stay, most likely you’ll see some of that money back. Not to mention, you are able to write off mortgage interest and property taxes when you do your taxes.
It’s Hard To Make A Rental Your Own
One major downfall of renting is West Knoxville is the fact that rentals cannot be customized. Oftentimes, there are limitations on what modifications you may do to a rental. And, modifications you do make have to be changed back to the way they were before you move out.
Lack of Space
One great thing about owning a West Knoxville home is finally having more space than most rentals have. Walk-in closets? Extra storage? Backyards? When you rent, you often don’t have as much space as when you buy a West Knoxville home.
Rent Can Increase
One major downside to renting in West Knoxville is the fact that rent can increase every year. When you buy a West Knoxville home, if you have a 30 or 15 year fixed mortgage, your mortgage payment will remain the same over the life of the loan.
Buying Is An Investment In Your Future
Homes build equity over time, so when you buy a West Knoxville home you’re investing in your future. Owning a home is a forced investment plan, which forces you to pay money towards the investment every time you pay your mortgage.
Are you thinking about buying a West Knoxville this year? Please let us know if there is anyway that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected]. Also, be sure to check out our West Knoxville Home Search Page.