To Buy or Not to Buy? That is the Question.
John Griffith • May 4, 2026



In a market where a mortgage payment can be equivalent or less than a monthly rent payment, many are considering home ownership for the first time.
A photo of a home for sale in the Upper Cumberland Area
Take it from a guy who has done both, there are compelling reasons to purchase a home rather than pay rent! But, home ownership does have its share of responsibilities that need to be considered. Let's begin by discussing some of the costs that come with owning a home. A big one is maintenance. Maintaining a home is costly and time-consuming, with unexpected repairs always popping up. As a renter, I remember the convenience of calling the landlord for repair of the HVAC system or a plumbing issue. Homeowners are responsible for all maintenance tasks, from routine upkeep to larger issues that may arise—think roof replacements or updating electric or plumbing. With acquisition of a mortgage, there are now property taxes and insurance costs. These are typically added into your mortgage payment, making your actual payment on the principal less and your interest payments more over time. Additionally, real estate market fluctuations can be unpredictable, posing risks for those financially tied to a property. The housing market crash of 2008 put many people underwater with their mortgages, meaning they owed more on their homes than the current market value. Not where anyone wants to be! But, let's not leave it there...



Home ownership is a path to building wealth and should be viewed as a long-term investment. With each payment on the principle, your equity builds.  This equity is money that you are really paying yourself because, when the home is sold, whatever equity you have built belongs to you.  Another important benefit is that property tends to appreciate over time, making your equity, or the share of the home you own, worth more. The opposite is true with renting — there is the lack of equity buildup as monthly rental payments do not translate into ownership or investment. And, unlike your mortgage, your rent keeps going up. There is also a freedom with home ownership that isn’t experienced with renting. As an owner, you have the opportunity to remodel or customize the home just how you want it while renters face restrictions set by landlords. Home ownership also brings with it a sense of belonging and stability that is not typically experienced with renting. And, with the final payment on your home, it is really yours! Finances are freed up to allow for investments, charitable donations, or whatever you decide. Speaking from experience, this is a wonderful place to be!



Ultimately, the choice between renting and home ownership depends on individual priorities and circumstances. As a prospective buyer, you should carefully consider all these factors. But, I won't be surprised if you too come to the same conclusion that I and so many others have- home ownership is a better way to go! Just remember, before you close on that perfect home, make sure that you have a home inspection performed by a certified professional inspector. A good home inspection can direct you toward making the right choice and potentially save you thousands of dollars in repairs down the road. That is because a quality inspection report will clearly document needed repairs that can be addressed by the seller prior to closing or negotiated as a reduced sale price for the home. Now, that sounds like a smart investment to me! Well, I hope this discussion has at least got you thinking. Wishing you the best in your home purchase adventure!



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