Nashville, also known as "Music City," is the capital of Tennessee and a hub for country music. This vibrant city has a rich history, a thriving arts scene, and plenty of southern charm. If you want to do more than just visit Nashville for the weekend, consider making it your home. This post will guide you through the necessary steps when buying a home in Nashville.
Why buy a home in Nashville?
There are many factors to consider before buying a home in Nashville. First, consider your lifestyle, home-buying interests, and how long you intend to stay here. Below, you’ll find top reasons people buy homes in Nashville.
Strong job market
Nashville's job market has been growing steadily in recent years, thanks to the city's booming economy and low cost of living. The city's central location and robust transportation infrastructure make it an attractive destination for businesses looking to expand. As a result, plenty of job opportunities are available across a wide range of industries.
Plenty of attractions and amenities
Nashville’s vibrant culture and music scene have much to offer residents and visitors. Its top attractions include the Country Music Hall of Fame, The Parthenon (a full-scale replica of the original in Athens, Greece), and The Ryman Auditorium.
The city has various shopping options, from boutiques and vintage shops to high-end retailers and outlet malls. Its food scene has everything from Southern comfort food to international cuisine. (Hot chicken is a local specialty that shouldn't be missed!)
The city has various shopping options, from boutiques and vintage shops to high-end retailers and outlet malls. Its food scene has everything from Southern comfort food to international cuisine. (Hot chicken is a local specialty that shouldn't be missed!)
Beautiful natural surroundings
Nashville is also known for its natural beauty and green surroundings. The city is close to rolling hills and dense forests, making it an ideal place for nature lovers. Some natural attractions in and around Nashville include Percy Warner Park, Warner Parks Nature Center, and Cheekwood Estate & Gardens.
Top neighborhoods in Nashville
Nashville is a big city with many different neighborhoods to choose from. Each neighborhood has its own unique character. When choosing a neighborhood, it's important to consider factors like amenities, schools, and commute time. You may also want to visit the neighborhood at different times of the day to get a feel for the area. Here are some of the top neighborhoods in Nashville:
East Nashville
If you’re looking for a neighborhood with an eclectic vibe and proximity to trendy restaurants and bars, check out East Nashville. This neighborhood is popular among young professionals and families who want to be close to the action.
Germantown
Located just north of downtown, Germantown is a historic and charming neighborhood. It's a great choice for those who want to be close to the city but enjoy a quieter, more residential feel.
The Gulch
Located just south of downtown, the Gulch is known for its upscale restaurants and shops. It's a great choice for those who want to be close to downtown and enjoy the city's nightlife.
Forest Hills
Forest Hills is a beautiful suburb known for its gorgeous tree-lined streets and large properties. It's the perfect place for those who want to be close to the excitement of Nashville but still want a quiet and peaceful retreat.
Green Hill
Green Hill is a neighborhood located in the south-central part of Nashville. It's known for its beautiful homes, tree-lined streets, and proximity to downtown Nashville. The neighborhood also has several parks and recreational areas, including the stunning Radnor Lake State Park.
Sylvan Park
Sylvan Park is located in West Nashville and is known for its small-town feel and tree-lined streets. The heart of Sylvan Park is its commercial district, which features a wide variety of local shops, restaurants, and cafes.
What kind of homes can I buy in Nashville?
Nashville, Tennessee, has a variety of homes ranging from historic properties to modern homes. Here are some popular types of homes you may find in Nashville.
Victorian homes
The Victorian-style architecture is a popular feature of Nashville's historic homes. These homes date back to the late 19th and early 20th centuries, and they're known for their ornate details, steeply pitched roofs, and wrap-around porches. Some of the best examples of Victorian homes in Nashville can be found in the Germantown and East Nashville neighborhoods.
Craftsman homes
Craftsman homes are a popular architectural style in Nashville, known for their unique details and beautiful craftsmanship. These homes often feature prominent porches, low-pitched roofs with exposed rafters, and handcrafted woodwork.
Tudor homes
Tudor homes typically feature steeply pitched roofs, half-timbering, and decorative brick or stonework. While not as common as other styles, many Tudor homes can be found in Nashville. Some neighborhoods with notable Tudor homes include Belle Mead, East Nashville, and Green Hills.
Bungalow homes
Bungalow homes are characterized by their low-pitched roofs, wide front porches, and open floor plans. In Nashville, you can find bungalow homes in various neighborhoods, from East Nashville to up-and-coming neighborhoods like Sylvan Park.
Condos
If you're in the market for a new home, a condo in Nashville might be just what you're looking for. With a condo, you'll have all the benefits of home ownership while still being part of a community. Nashville condos come in all shapes and sizes, from sleek, modern high-rises to charming historic buildings. Many offer amenities like pools, fitness centers, and community spaces.
Determining housing costs in Nashville
If you're considering moving to Nashville, it's important to determine housing costs before making any decisions. Nashville has become a popular city in recent years, with a growing number of people moving there. With this popularity has come an increase in the housing demand.
Median house price in Nashville
According to the National Association of Realtors’ affordability calculator, the median monthly mortgage payment cost in Davidson County, TN, is $2,277 per month. That accounts for an increase of over $900 from one year ago.
Closing costs
Closing costs refer to the expenses associated with purchasing a new property or refinancing an existing property. The amount of these costs can vary depending on several factors, such as the property's location, the type of loan, and the lender.
Property taxes
Property taxes are taxes assessed on real estate by a local Tennessee government. They are typically used to fund local schools, police and fire departments, and other public services. In Nashville, property taxes are 25% of the appraised value of residential property.
Homeowner’s Insurance
When determining your homeowner’s insurance, your property and belongings, potential risks, and coverage options are key factors to consider. The average homeowner’s insurance rate in Nashville is roughly $3,079 per year.
HOA fees
HOA, or Homeowners Association fees, are regular fees homeowners pay in a planned community or condominium complex. The fees cover expenses related to the upkeep and maintenance of common areas, such as landscaping, services, community pools, playgrounds, and other amenities.
The amount of HOA fees can vary depending on the size of the community, the amenities available, and the level of maintenance required.
The amount of HOA fees can vary depending on the size of the community, the amenities available, and the level of maintenance required.
Types of home loans for all home buyers
With so many types of loans available, it can be hard to know which one is right for you. Below, you'll find the most common types of loans available to home buyers, including conventional loans, FHA loans, and VA loans.
Conventional loans
Conventional loans are mortgages not guaranteed or insured by the federal government. These loans are typically issued by private lenders and can be used to buy or refinance a home.
Conventional loans generally require a higher credit score and a larger down payment than other loans. The interest rates for conventional loans can vary depending on the borrower's creditworthiness.
Conventional loans generally require a higher credit score and a larger down payment than other loans. The interest rates for conventional loans can vary depending on the borrower's creditworthiness.
FHA loans
If you don't have a large down payment or a high credit score, you could consider an FHA loan from the Federal Housing Administration (FHA).
Unlike conventional loans, you only need a small down payment on an FHA loan. However, they do require mortgage insurance premiums that can increase the cost of the loan. The interest rates for FHA loans are generally lower than conventional ones, but they can vary depending on the borrower's credit score and other factors.
Unlike conventional loans, you only need a small down payment on an FHA loan. However, they do require mortgage insurance premiums that can increase the cost of the loan. The interest rates for FHA loans are generally lower than conventional ones, but they can vary depending on the borrower's credit score and other factors.
VA loans
Are you a military veteran, active-duty service member, or a surviving military spouse? Consider applying for a VA loan with the Department of Veterans Affairs (VA).
VA loans don't usually require a down payment. Additionally, they have more lenient credit requirements than conventional loans. The interest rates for VA loans are often competitive with conventional loans and can vary depending on the lender and the borrower's creditworthiness.
VA loans don't usually require a down payment. Additionally, they have more lenient credit requirements than conventional loans. The interest rates for VA loans are often competitive with conventional loans and can vary depending on the lender and the borrower's creditworthiness.
Money-saving tips for buying a home in Nashville
If you're in the market for a home in Nashville, you may wonder how to save money without sacrificing the home of your dreams. Below, you’ll find ways to save money when buying a home.
Find the best mortgage rate
For the best possible mortgage rate, start by researching different lenders and comparing their mortgage rates. Don't just settle for the first one you find, as rates can vary widely from lender to lender.
Get pre-qualified
Before you start looking for a home, get pre-qualified for a mortgage. This will give you an idea of how much you can afford to borrow and your monthly payments. It will also make you a more attractive buyer to sellers.
Consider a bigger down payment to keep monthly payments down
While a smaller down payment may seem convenient for those who want to keep more cash on hand, a bigger down payment can help you keep your monthly mortgage payments down. A larger down payment can help you secure a better interest rate and avoid paying private mortgage insurance.
Increase your credit score
Your credit score is a big factor in determining your mortgage rate. To improve your score, make sure your bills get paid on time. It also helps to maintain low credit card balances and limit the number of new lines of credit you open.
Work with a real estate agent
It may be tempting to go it alone when buying a home in Nashville. But having a realtor on your side can make all the difference. Real estate agent Cindy Jasper knows the Nashville market inside and out and can help you find the perfect home. She can also guide you through the complex paperwork involved in buying a home and can help you avoid costly mistakes.
Consult with an experienced real estate agent
Now that you know the ins and outs of buying a home in Nashville, what’s next on your agenda? Once you’re ready to get started, contact Cindy for a consultation. No matter how complex your questions may be, she has answers. Plus, she’ll work with you every step of the way, like helping you find homes for sale in Brentwood, TN, that are a good fit for you and your family.
*Header photo courtesy of Shutterstock
*Header photo courtesy of Shutterstock
