Deciding whether to rent or buy your home can be challenging.
Here in Chattanooga, there’s no wrong answer. This post will outline the pros and cons of buying versus renting residential property.
Benefits of Renting Property in Tennessee
In 2024, the average Tennessee rental property costs tenants $1,159 per month. And while this amount may vary based on square footage, location, and amenities, there are obvious benefits to renting.
Here are just some of the reasons to consider renting your home
1) No maintenance costs
Dealing with a broken dishwasher or a finicky water heater? With the rare exception, renters aren’t on the hook for any maintenance expenses the property incurs.
2) Predictable monthly expenses
Although the rent amount may increase over the years, tenants can usually expect more predictable monthly payments
3) Flexibility to relocate
There’s no question that renting offers more mobility than buying. Rather than being tied down to a specific place or forced to sell, renters can easily move at the end of their lease.
Of course, buying property brings certain advantages too.
Benefits of Buying Property in Tennessee
In Chattanooga, homeowners are paying an extra $520 per month on average compared to renters. Still, many residents prefer to own their home in 2024.
Here are the reasons to consider buying over renting:
- An appreciating asset
Real estate typically offers long-term, stable growth. Even with inflation, Census data revealed over 6% annual appreciation from 2000 through the end of 2023.
- Freedom to renovate
Most renters need to resist the urge to repaint or knock down walls. Yet those who own their home can customize their space however they’d like.
- Opportunity to build equity
Residents have to part with the money they pay in rent—and there’s no going back. Mortgage payments, however, will help you build equity in your home.
Buying also offers certain tax benefits. But ultimately, the decision to rent or buy will depend on your unique needs.
Learn More About Buying vs. Renting in Chattanooga
Are you interested in buying or renting a home here in Southeastern Tennessee?
My name is Unyae Lee, and I have your needs covered. Truly, I’d like to help you understand the nuances of both options.
Please contact me via Keller Williams Realty today for details on how I might serve you. Together, I’m confident we can find the residential property you’ve been searching for in Chattanooga
