Should You Rent or Buy in Tennessee?

There is no doubt that Tennessee is a great place to raise a family or to put down roots and call it a home. As is the case with any state or area that you plan on living, there are certain decisions needing to be made. One of those decisions is ultimately going to be if you should rent an apartment or if it is better to buy a home. In Tennessee, the options are the same but you may want to consider the specific place where you live.

One of the primary reasons why people choose to either rent or buy a home is because of convenience. They may talk about how buying a home is an asset and it provides you with something that is yours for a lifetime. The fact of the matter is, however, the house is going to belong to the bank for the 30 or more years that you are paying for it, so it isn’t an asset it is a liability. On the other hand, renting a home provides a place to live and it will always be a liability.

Convenience is also a consideration, and most people find it to be much more convenient to rent rather than own a home. One of the reasons why that is the case is because of the general maintenance and upkeep of the property. You may find that you are stuck between a rock and a hard place when you own a home and suddenly you have a major expense, such as replacing the air-conditioning. When you rent an apartment, it is a simple matter of calling your landlord and having them fix it.

The cost of housing is also a major consideration and this is where Tennessee really makes a difference. When you live in Tennessee, you can expect to pay less for a home when you purchase it. In fact, the cost of living as far as housing is concerned is relatively low for owning a property. It may just be to your advantage to purchase something because it will ultimately save you money every month.

There is always going to be a debate as to whether you should rent a home or buy one in Tennessee. When you get right down to it, however, it is often a personal decision and one that you are ultimately going to have to make for yourself.