Tips for buying a second home in Nashville
There is a lot of misinformation and uncertainty when it comes to buying a new property. That is pretty natural. After the 2009 housing market crash, some experts lost absolute trust in the market numbers while others lost their trust in experts. However, as the economy recovered there is now a healthy market ready to grow, but people are still cautious. That is a good thing, as every investment requires thinking things through, but we can see how some people interested in buying a second home in Nashville would want to really get all the info they need, and not just an ad for buying a home. If an honest analysis is what you are looking for, you came to the right place. We are going to go over all the details you need to know to safely and confidently invest in the housing market of Nashville.
Is it a wise investment?
So, straight to the point, is Nashville the best place you can invest in right now? Well, if the local economy is concerned, then very much yes. Nashville has a pretty robust music industry, being the home of country music, lacking only behind NYC which holds the first place in the industry.
However, that is not to say that Nashville has only music to offer. It has the third fastest growing economy in the United its population is growing at an amazing 100 people a day. Forbes described it as the Number One Metro Area for professional and business service jobs in the States.
How does all of this reflect on the Nashville housing market? Zillow described Nashville to be the hottest housing market in America.
The real estate market is one of the biggest drivers of the economy of Nashville, with nearly 1500 real estate professionals working in the city.
Yahoo! Finance ranked it to be 7th nationally in terms of attractiveness to real estate, which is a pretty good ranking. Investors have pretty high yields and developers are constructing combinations of residential, office, and retail spaces, as well as entertainment spaces. Walkable urban neighborhoods are the name of the game and the city of Nashville is focusing heavily on its growing real estate business.
- Thirds growing economy in the country
- Real Estate is the driving force of development making buying a second home in Nashville easy
- One of the hottest housing markets in America
So, clearly, buying a second home in Nashville is a pretty good investment. However, that does not mean that you can simply drop a pin anywhere on the map. You need to do a very important next step in your investment process:
Pick the location you would like your home to be in
Picking out a good location is everything in the housing business. We are, of course, assuming you are buying a second home for renting, though we will also talk about possibly moving into the second home, making it your primary residence. Back on the topic! If you are buying a second home in Nashville to rent it, you have to pick the best places in the city. Close to center, educational facilities (students), and economic ones (young workers). Picking out a location near transportation lanes is also a very good idea
If you are going to be hiring moving companies in Nashville to move all the trendy millennial style furniture into that second home, you should buy it near or inside walkable neighborhoods that are the hallmark of the newest generation of young American adults. They are, after all, the ones that are most likely to be buying your apartments.
You will rent it? Here are some tips
If you are going to be employed as residential movers in Nashville and turn things towards renting, here are few tips. First of all, make sure you have stable, yet not too frequent communication with the renters. You don’t want to make them feel like you are watching over their every move, as that will only drive down your reviews once they leave. You, however, don want them to not be paying rent or damaging the property.
Therefore, some oversight is still needed. Furthermore, be sure that you confirm the payment. If you live in Nashville, you can also make sure the rent is paid in person. This makes the whole process a little more personal and it is less likely you and the tenant will get into conflict over unresolved issues that could have been avoided if communication face to face was present. Finally, be sure to read the law when it comes to landlords and tenants.
Finally, if possible, be friendly with the tenant. They might need help from anything regarding things like utilities, to repairs, to advice on what packing services Nashville to hire. Whatever it may be, friendships are good in these kinds of relationships.
Relocating to your home? Find a good moving service
If you are, however, buying a new home to relocate yourself to it via moving services Nashville, well then you need to be even more careful with the location, after all, it is your home we are talking about. Furthermore, you will find that there is also more work. There is the paperwork, sure, but also meticulous planning that is required for you to do everything right. You need to plan change of address, packing, hiring movers, utilities, etc.
The best advice here is to start planning as soon as possible. Early planning is a good way to fix any problems you might find on the way that would otherwise present big challenges when happening in the time crunch!
All in all, buying a second home in Nashville is a pretty good decision. All the indicators say so, as well as dozens of personal insights from people with experience. That being said, make sure that your investment is sound by following rent laws and picking a good location for your home!