Buying Vs Renting: Where's the Value?

Buying vs Renting depends on your circumstances and your goals. If you plan to live in a home for a long time (over 5 years) then buying is a great way to invest your money. Real estate values go up and down, but over the long term, your property should appreciate in value. If you need a home for a short period, renting might make sense for you. You can let the landlord take care of the expenses like upkeep and taxes while you park your belongings there for a short while.

Market trends and economic changes can drive your decision about whether to rent of buy. If your market is slowing and there are indicators that a slowdown may be continuous, then you may want to sell your home now while prices are high, rent for a year or so and buy a new home while the prices are down. Although this could be a good investment strategy, most people are not willing to buy and sell their homes strictly based on the market. Also, homeowners do not always know in what direction the real estate market is headed. Your Realtor should be aware of the current trends and can help you make decisions about buying vs renting based on your needs.

Fastest Growing Neighborhoods in Nashville

Who doesn't want to be where the people are? Nashville is a rapidly growing city. When looking at the city as a whole, there are certain hot spots within its ever-changing landscape that are THE spots to consider when searching for real estate. These sites are extremely popular due to their ideal locations, their walkability, their affordability and their overall coolness as neighborhoods. My favorite growing neighborhoods for Nashville are:

SYLVAN PARK

 This neighborhood boasts a convenient location near Charlotte Pike and West End Ave as well as being close to Vanderbilt and downtown. Its proximity to parks, a community center, a golf course, a Greenway and eateries such as Answer, Park Cafe, Cafe Nonna, Local Taco, McCabe’s Pub, Edley’s Barbeque and more make it ideal for all kinds of activities and appetites. The residents are exceptionally proud of the streets of this neighborhood that are typically dotted with dog walkers and runners. Sylvan Park is bustling with renovations and new construction and these homes are not just cottages anymore. All sizes, old and new, line the streets reminiscent of yesteryear. 

GERMANTOWN

 One of Nashville's oldest neighborhoods, this historic area credits its growing popularity to renovations of Victorian homes and landmark warehouses and to an influx of new businesses. The new First Tennessee Park-Nashville Sounds Stadium and the Bicentennial Mall are icing on the cake when you consider the popularity of Germantown's already well-attended attractions like the yearly Oktoberfest and the Farmer’s Market, expanded with eclectic tastes for foodies. The magnetism of the many restaurants like Rolf & Daughters (That Squid Ink Pasta? Yes Please!), Monell’s, Germantown Café, 5th and Taylor and City House lures food lovers even outside the borders of our state! Along with all sorts of housing options, shopping has expanded in the area (do not miss Peter Nappi’s leather goods). Yes, Germantown is a hip place to lay your head and an inviting place to spend a Saturday!        

BELLE MEADE HIGHLANDS

Once a quiet suburban neighborhood on the edge of Belle Meade, this post-War era ranch house haven has transformed into a popular enclave with elegant newly constructed homes boasting the latest in design trends and finishes. Do not let the suburban feel fool you. If you like walkability, you have it here!  Close to restaurants like 360 Bistro, Sam’s, Sportsman Grille and Zoes, the Neighbors can walk to dinner and stroll home under the moonlight. If you are on the run, you’ll find the best fried chicken “to go” at the friendly Shell Station and yummy Corner Market sandwiches at the adjacent BP. Shops galore are nearby if you are looking for toys, antiques, jewelry, clothes, gifts, wine or hardware! Best of all, is the close proximity to Nashville’s amazing 2000 plus acre Percy Warner Park! Finally, a super active neighborhood association will keep your social calendar full.

EAST NASHVILLE/INGLEWOOD

Just across the Cumberland River from downtown, East Nashville has exploded with new housing, new shopping, great restaurants and popular events. Trendy neighborhood nooks include Lockeland Springs, Historic Edgefield, Little Hollywood and East End. Take a stroll around the hot spots and you will feel the fervor of creativity oozing from the boutiques and restaurants!  Activities abound in Shelby Park, Shelby Bottoms, Cumberland Park and the Greenway. The annual spring beer festival is always a sell out and for large scale entertainment, East Nashvillians need only look as far as their own backyards where the Titans’ stadium and the Ascend Amphitheater rise beside the river.

12TH AVENUE/BELMONT/MELROSE

East of Hillsboro Rd and stretching across Belmont Blvd., 12th Avenue South and 8th Avenue, this ever expanding spot is home to millennials, gen xers and baby boomers too! New homes, renovated old four squares and craftsmans make up the bulk of the architecture. Families, young and old, can be seen on bikes and on foot strolling up and down the 12th Ave corridor lined with condos, shops and restaurants, and adjacent to a well-loved park. Location is central to downtown, the Gulch, Green Hills, West End and the many universities. This area is quite beautiful in its architecture, landscapes, hardscapes and yes, the people too!

THE GULCH

Am I still in Nashville? I feel like I am on vacation every time I drive through the Gulch. The new stores, new hotels, the many high rises and restaurants provide something new to see, smell and taste at every visit. The crowded sidewalks don’t feel like any Nashville I know, but they will energize you! A night time visit to the top of the Thompson Hotel makes me giddy with its stunning views of the downtown skyline. By day, I love showing condos in the gorgeous highrise buildings lining the streets. Thankfully, if I have a momentary feeling of being lost in a new place, I need only look to the Station Inn to get my bearings and feel at home once again.

THE NATIONS

Just across Charlotte Road from Sylvan Park is The Nations, a transitioning neighborhood partly as an extension of Sylvan Park, but mostly as its own unique locale with a distinct vibe of its own. Along Charlotte Road the two areas share popular stops such as Hattie B’s Hot Chicken, Thistle Stop Café and EiO & The Hive. Travel north from Charlotte Road and you will find The Nation’s own restaurants and shops like Nicky’s Coal Fired Pizza, House-A Social Eatery, Coco’s Italian Market and The Mill. The residents here have a pioneer spirit, as the homes are close to industrial businesses, but the two uses blend together nicely and oddly complement each other.  By all accounts, the residents moving into The Nations find it affordable and welcoming. Their neighborhood association is informative and dedicated to continued growth and improvement.

Buying Your First Investment Property?

Like any investment, it’s better to be well-versed in the space before diving in. Unlike purchasing stock, which may cost a dollar or two per share, you could easily pour six figures into your first property. Avoid some of the pitfalls that can occur with your first investment property by reading four beginner tips below.

1. Don't Buy a Fixer Upper

This probably seems like an obvious one but so often first time buyers can get wrapped up in the "what if" of a property. "What if we just took a few months and really made this place shine?" While the thought is lovely, the reality turns out to be way more than you budgeted for both mentally and economically.

2. Consider Your Pre existing debt

If you have a college degree that you're still paying for or a new car in the drive way with a fancy blue tooth and a fancy monthly payment, tread carefully before investing. Make sure your other debts are beyond manageable before taking on a property. Investment properties can make for great returns but there's never a guarantee that things will go smoothly. Don't pull the trigger on a purchase unless you're sure that you can afford it. 

3. KNOW THE NUMBERS

How much rent can you get? What will your monthly expenses be? Understand what portion of your mortgage payment is principal and interest and what portion is insurance and taxes. Estimate the maintenance costs associated with the property. Is there an HOA fee? Consider your output along with your income, so you can make a price decision based on the realities of being a landlord.  

4. LOCATION, LOCATION, LOCATION!

This is the Realtors' mantra and it is for good reason. The location of your property is an important piece of determining its value. Make sure you do your research and choose properties in popular areas or neighborhoods that are clearly up and coming. Good schools, walkability, convenient commutes, nice streets and sparkling next door properties are a few of the location aspects to consider.