Purchasing a home is one of the biggest investments you’ll make in life. When determining whether you’re ready to make the switch from an apartment or townhome rental in Nashville to your own home, consider these 10 questions to ask yourself to see if you want to take the plunge and contact a realtor.
Would Your Monthly Mortgage Be Comparable to Your Monthly Rent?
When considering townhomes for rent in Nashville versus homes for sale, the first question to ask yourself is whether you’ll be able to afford the added expense. Depending on the neighborhood you are looking in, your current monthly rent payment may be in line with an actual monthly mortgage expense. As you do your research, determine general costs that may come with living in a certain community and your mortgage qualifications.
Can You Afford the Down Payment, Deposit, Inspection, and Closing Costs?
A more detailed financial piece to consider is if you have the funds budgeted to cover other expenses related to purchasing a home that may not be readily apparent to first-time buyers. In the process of placing an offer for a home, you’ll be asked for a deposit to hold your claim on the property. You will also want to do an inspection of the home before you seal the deal—you could be looking at something much more expensive than meets the eye. Depending on the type of mortgage you choose, the percentage you will need to put down on the total cost of the house will vary.
Finally, there are closing costs associated with the final transfer of ownership. It’s important to review your finances to see if you are financially able to take on these additional costs.
Are You Planning on Staying in the Area?
Purchasing and investing in a home is a huge responsibility to take on, so you’ll want to think about how long you plan to stay in the area. If you’ve found a place to settle and don’t plan on leaving, buying your own home may be the best choice. However, if you have plans to move from city to city at some point, it would be fiscally more responsible to stick to townhomes for rent in Nashville.
Are You Prepared for the Maintenance Required?
Once you have walked yourself through each consideration, the final piece to think about is the ongoing cost that lies with the homeowner after the T’s are crossed and the I’s are dotted following the sale.
It’s important to consider, after everything else, if you will be able to keep up with those unexpected snafu costs throughout your time as a homeowner. It’s also important to decide if you even want that kind of financial responsibility if something breaks and needs to be fixed.
After weighing your options, are you thinking now might not be the time to buy a home in Nashville? Browse townhomes from HND Realty for rent throughout the Greater Nashville area and learn more about contacting our team of agents online.