Home Buying in 37212>Question Details

Mindy, Home Buyer in Nashville, TN

Couple questions. Thanks in advance for response!

Asked by Mindy, Nashville, TN Mon Apr 28, 2008

bad idea?
2. I would like to purchase something walking distance to vanderbilt while I work there for 3 years... Is a short term 3 years investment not worth it?
3. Since it is a short term investment... is it preferred to buy something new or old? (2005 vs 1930) or does it even matter?

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Answers

6
If you will be living there for three years buying is the best idea and I would say it is worth it. You woudl be using your payments to help build equity in an asset instead of helping a landlord build his equity. Of course, new is better but if you find something older have the systems checked by an inspector so you know if you can live with them and whether or not you will be strapped with a big expense to repair or replace something during the 3 years.
0 votes Thank Flag Link Thu May 8, 2008
Given the market currently, it is an good time to purchase property. Given the areas around Vandy, you should do well, no matter the age of the home.
0 votes Thank Flag Link Thu May 8, 2008
According to the latest MLS stats in Nashville, if you buy in the right area, you stand to do pretty well. Since the Jefferson Street redevelopment, the areas near there (about 5 minutes from Vandy) have seen over 300% return since 2004. The 12South district has seen 108% appreciation since 2002 (2 minutes from Vandy). Dickerson Pike's Skyline Redevelopment is the next up. It passed 3 weeks ago. Since 2004, that area has already seen 144% return and hasn't stopped (10 minutes from Vandy).

Old or new is a matter of personal taste. The above stats include both.
0 votes Thank Flag Link Thu May 1, 2008
Consider the Edgehill neighborhood. I bought there three years ago and it takes me 8 minutes to walk to the edge of the Vanderbilt campus. It is the least expensive neighborhood within walking distance. On the down side, it has public housing. Good luck.
0 votes Thank Flag Link Tue Apr 29, 2008
Three years should be a minimum. Markets are moving constantly, so the longer you hold (3-5 years), the better your chances of experiencing an uptick.....Always buy new...if you plan to resell. Roofs, air systems, water, electrical all get sketchier as they get older.....
Steve Condurelis
Keller Williams Realty
0 votes Thank Flag Link Tue Apr 29, 2008
Hi Mindy!

I would say that building equity is always better than renting, at least for that length of time. Housing in the Vanderbilt area continues to have a strong demand, so if you stay for 3 years, you should be able to expect a reasonable return on your investment in a home.

I'm working with someone else who wants to walk to Vanderbilt too. It is a little challenging to find a ton of options for houses that suits ones needs, tastes and budget range within walking distance to Vanderbilt, but they are certainly out there if you have flexibility in your criteria. Houses will most likely be older, so you may not have much of a choice for age unless it was a recent tear down where investors rebuilt it from scratch.

Now if you're open to condos or townhomes, there are tons and tons of options that fit the "new" category within walking distance. Your price range, amenities requirements and unit size requirements will help narrow down the plethora of options for condos.

If you're looking more for convenience and extremely low maintenance, the condo route might be a good option for you. On the other hand, houses are a little harder to come by within walking distance to Vanderbilt, so capitalizing on that might be instead be for you. It all depends on what is most important to you in the place you live, your lifestyle, needs and criteria.

Either way, I say if the prices work for your budget, buy!
Web Reference: http://homenashvilletn.com
0 votes Thank Flag Link Mon Apr 28, 2008
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