The majority of families dream of owning their own home, especially in the spring time. One of the questions I ask when someone is wanting to rent a home is, “What is your motivation to rent vs. buy?” The majority of the answers are they don’t have the money right now to buy a home.
Now I realize in some states, this is fact, however, here in Tennessee, especially in Spring Hill, it costs just as much to get into a new rental agreement as it does to buy a new home.
Rental Homes in Spring Hill, TN usually start around $1500 and on a rare occasion you can find one cheaper, but on the whole, $1500 is the low end for a 3 bedroom home. Usually you have to pay the security deposit, pet deposit plus first month’s rent. That is anywhere from $3000 to $3500.
There are certain loan programs that can help you with down payment assistance on a home and if you are looking for the same size home that you would be renting for $1500, then your mortgage would more than likely be less than what your rent would be.
There are instances where renting is the only option: previous short sales, bankruptcies, foreclosures or even simple relocation (wanting to get a feel of the area before committing to buying a home). However, it usually is a matter of misguided thinking.
Another thought is that the process to buy a home is too long. “My lease is up in 2 months and I won’t have time to get a new home.” While it is true that sometimes it takes a little time to find a home that fits your needs, the actual home buying process is anywhere from 30-45 days.
One another note, if you have lived in your home for 5-8 years, then your home is probably worth more than what you bought it for. Also, mortgage rates are probably lower than when you bought it, so you could possibly buy a newer home with a lower mortgage than the current home. I am not a lender so I cannot give quotes on rates and such, but below I will list a few lenders that you can talk to. They can help you look at what you could currently be eligible for and then I can help you find that great new place to live.
Now is a great time to sell and buy a home in Williamson and Maury County, TN. Let me help you.
Lenders I recommend:
Franklin American Mortgage Company