Buying vs. Renting
Buying? Or Renting? It's a big decision to make when looking at any type of living space. You may feel like renting is the right move at the time, but I assure you that over time, you may have some regrets.
I'll start by saying that this article comes from personal experience and my opinion of this is just that: an opinion. Obviously if the financial side isn't there for buying a home, that's a different story. But don't let that side of the coin scare you, or fool you. There's pros and cons to each, so lets dive into a few of them.
When I moved to Nashville three years ago, an apartment was the obvious option. I had couple roomates, I was close to downtown and I didn't have enough furniture to fill a house. But over time, I started to develop this need for more space. I felt trapped. I wanted a yard my dog could run in. And most importantly, I never wanted to move a washer and dryer up three flights of stairs again. Twice was enough.
So we pulled the trigger on a rental house. One thing about renting is it's so easy to move from one place to another after a while. You can check out different parts of town and never have to plant any roots. You get a six or twelve month lease and after that it's on to the next one.
For some, it may seem financially scary. When I moved here I definitely didn't want to spend my savings on a house. I was too new to town, and I didn't have the first clue of where I wanted to be. So if you want to move from town to town, or keep building those savings, renting is probably the move for you.
Here's the issue that haunts me though: the rent.
I'm sure if I bought the house I'm living in now, the mortgage would be cheaper than what my roommates and I are paying in rent. Ask yourself this; where is that money going? I can tell you where it's not going, back into your pockets.
The key thing about owning a house is that that is what your mortgage is for. To, one day, OWN IT. Your forever home is your assest, and paying that mortgage overtime will hopefully make that asset more valuable. It's an investment.
With renting you might as well throw your money into a metaphorical fire and watch in burn.
Have you ever had a rude or creepy landlord? Well, if you buy a house, you are your own landlord! You can't be kicked out, you can hang whatever you want on the walls. You can do what we at House Realty want to give you: not a house, but a HOME.
Obviously, this decision is different for everyone and there are many factors to look at when deciding. More than what I just mentioned. I'm merely speaking on the tip of the iceberg. Like I said earleir, I'm renting a house right now and I love where I'm at.
Eventually, I will buy a house though.
Because I hate stoking that metaphorical fire at the first of every month with my paycheck.