Need desperate advice on housing situation (Greenbrier, Ridgetop: real estate market, apartment, to rent)

[nra]

Hi,

We are from UK & will be moving to nashville on account of work & we plan to live here for 3-4 years & then go back to UK. We are in our early 30's with a 1 year old infant.
We keep hearing abt tis market recession and was wondering what would you suggest we do...rent for tis timeframe or buy a property. We can afford to buy bet 150000-300000. We know noone in nashville to understand the dynamics of real estate there. Any thots on if we shd just rent or go ahead and buy. We are considering the hermitage/ Mt Juliet area to buy or rent due to proximity to work, but will consider any other area if that helps with tis situation
Our biggest concern is what if the property value doesnt appreciate since we are only looking to stay for the next 4 years. What would you do
Any suggestion/opinion is highly regarded.
Thanks!!!!

[alleycat]

I would suggest you rent for six months. That would give you the chance to familiarize yourself with Nashville, decide on location, and, more importantly, decide if you actually like it here enough to stay for four years. You might get here and hate it, or you might get homesick. Since you have an infant, you could rent a one-bedroom apartment near your work, and then later, check out houses in various areas.

By the way, I work with two people from the UK. I'm sure you can find a pub or two where UK natives hang out and talk about "back home".

Personally, I don't think there's going to be much of a market recession in the greater Nashville area (but no one can predict the future). I wish there would be; I'd love to see house prices drop by 20%.

Just my opinion, nothing more.

[john1963]

i would buy somewhere on the new commuter train line in case gas gets very expensive

musiccitystar.com

[nra]

So do i hear tis right that the nashville real estate market hasnt changed its dynamics. So it will be allrite to go ahead and buy..where do u suggest can i get such a resource?

We will stay in nashville for the 4 years. There is no situation abt liking it or hating it. FRom what i hear it sounds like a good city. We have enuf cash to fetch us a home..just not sure what to do..rent or buy..sigh!!!!!!!!!!!!!

[sliverbox]

Your first post answered your question. You're only here for 3-4 years... so why even consider buying? Rent is cheaper than buying, and what you can save is guaranteed versus buying. Even if the markets were doing well in the region, the traditional appreciation rate is anywhere from 3-7% annually. Latest projections are around 1-3%. So you'll make more renting.

Buying a home should be a long-term permanent personal investment. As in 20-30 years. NOT 3-4. Buying and selling in 3 years will not be doing you any favors. Besides, as overpriced as the UK is, you're going to need every penny you make when you go back.

[nra]

Thank you all for ur perspective

[cld]

You will Receive more for your dollars in the cities of Ridgetop or Greenbrier Tennessee (Robertson County) a 30 munite drive from down town Nashville

[akm4]

sliverbox, now really. You wrote, "Buying a home should be a long-term permanent personal investment. As in 20-30 years."

Who does that, like 2% of the population? It's just not practical for most people today.

[wellkids]

Originally Posted by sliverbox

Your first post answered your question. You're only here for 3-4 years... so why even consider buying? Rent is cheaper than buying, and what you can save is guaranteed versus buying. Even if the markets were doing well in the region, the traditional appreciation rate is anywhere from 3-7% annually. Latest projections are around 1-3%. So you'll make more renting.

Buying a home should be a long-term permanent personal investment. As in 20-30 years. NOT 3-4. Buying and selling in 3 years will not be doing you any favors. Besides, as overpriced as the UK is, you're going to need every penny you make when you go back.

I'd have to disagree with this statement. I suppose it depends on where you are buying, but here rent is certainly not cheaper than buying and you would get a much better return on your money in a 3 - 4 year period. Appreciation in Middle TN has never had the huge appreciation, or depreciation jumps like in CA or FL. And, it is antipated that we should stay on the same course over the next few years with a steady market, which should be in the 5% range. Higher for some areas in more demand. Not huge increases, but no decreases. In addition, home ownership allows a nice tax deduction while building up equity. Why not buy, save a little each month on a lower monthly payment, build up equity over a 4 year period with that 3 - 7% appreciation you stated, and also take a nice tax break at the end of the year. (Assuming they will pay taxes b/c of their status) If they were only living here a year, then I would say to RENT. But they have cash to buy, income to buy, and a 3 - 4 year stay. Paying for housing expenses is not an option. You have to live somewhere and pay for that privilege. (Rent is also going to typically go up over a 4 year period while a fixed note mortgage payment will remain the same.) There are a LOT of families here that buy homes for their children while attending college. The simply sell them when the child graduates 4 years later. Why not pay yourself instead of a landlord for four years? If this were my own daughter I would advise her to buy wisely in an area that should have consistent growth. Buying for a 4 year return could be a very smart move. This is all my humble opinion of course!

[akm4]

corbin-

Don't misunderstand. The house may well be a peach, it's the spamming that gets me. Sort of a no-no around here.

PM away

Hope you find a great a place.