Due to steeply rising property prices in Nashville, many young and middle class families feel that they have been priced out of the housing market. There has been an increase in jobs and salaries, but the region’s housing stock has not improved much.
However, there are still locations in Nashville, which an average home buyer can find affordable. If you are looking to find a home that suits you budget, then the trick is to make a realistic assessment of your finances and your needs in terms of amenities you are looking for and only then start the hunt.
Here are a few things you should consider in order to find the right location in Nashville that may fit into your budget:
Willing to compromise a bit? You can find a home at a great location
Even if an area is in huge demand, you should not assume that each home located in it will be equally pricey. There are several factors which can bring down a property’s value in a great location. For example, proximity to a very busy commercial centre, freeway or a noisy street may have a negative impact on a house’s price even if it’s located in a great neighborhood. So you are targeting that particular area because it’s situated in a high performing school district, then you should considering compromising with a few negatives. Basically, it depends on your priorities.
Willing to make repairs? Act like a real estate investor
As a regular buyer, have you ever wondered how real estate investors make money? They buy houses that are in poor condition, renovate them and sell them to buyers like you at a profit. If you are willing to invest some time and money, then you may also find a house which the owner is willing to sell at a lower price because of its condition. Buy it ‘as-is’ and then hire good contractors and other professionals to fix it.
What looks bad today may transform tomorrow
If you look at the growth of many suburban areas in Nashville over the past just few years, then you should realize that many of them have transformed. If you are going to stay in a locality for a long period of them, then you can go for an area that is in the process of transforming. Get an idea about the city’s plans for the area’s development, major projects which are coming up in the area and the local real estate market trends.
Always work with an experienced real estate agent
Real estate agents are far more experienced in finding homes than you are. So you should always work with a real estate agent. Discuss your budget, priorities and requirements with them, so that then you can narrow down your search for a home that suits your situation and budget.