With their ideal location in the Great Appalachian Valley, the surrounding areas of Knoxville are home to some of the most beautiful mountain homes in Tennessee. And, if you are interested in buying these properties, you will be glad to know that there is a wide variety of options to choose from no matter what your budget is. However, this can also make it overwhelming for you to find the best mountain homes near Knoxville TN. Lucky for you, we are here to help!
In this article, we will guide you through the process of finding and buying the perfect mountain home for yourself. So, without further ado, let us dive into it!
Generally, the Knoxville mountain real estate market is diverse and thriving, offering endless opportunities for people who want to call this city their new home. The city and its surrounding areas offer a wide variety of neighborhoods that range in size, price, and amenities. From upscale gated communities to rural countryside homes, there is something for every taste.
One key benefit of buying mountain homes near Knoxville TN is affordability. Though the median listing home price has increased significantly from the previous year, it is still much lower than in other major cities in the state, making it an excellent choice if you are looking for properties with an excellent price-value ratio.
Also, the city’s real estate market is still open for new investments, even during the pandemic. There are plenty of properties that are available to be purchased right now. The best part is that you can look for both large and small homes as well as land parcels suitable for building a custom home from scratch.
What’s more, the area also boasts some breathtaking views of the Great Smoky Mountains and other amazing natural attractions. Depending on where you decide to settle in, you could be surrounded by nature, beautiful landscapes, and a thriving city.
As with buying any other type of real estate, there are essential considerations you must take into account when searching for mountain homes near Knoxville TN.
Before you start your hunt for mountain view homes in Knoxville, it is crucial to define your budget. This includes not only the cost of the property itself but also additional costs, such as loan fees and closing costs. Knowing where you stand financially can help you focus on homes that are within your price range.
The best way to know how much you can afford for the purchase is by getting yourself pre-approved for a mortgage. This way, you can determine exactly how much financing you can get and plan out your purchase accordingly. Many lenders have mortgage pre-approval programs that help prospective homeowners set their budgets quickly and accurately.
To find the right financing option, it is a good idea to contact several lenders and compare their rates and terms. Do not forget that they might also have additional fees, such as origination fees, so make sure to read the fine print before signing the agreement.
You should also evaluate your credit score and see if there are any ways to improve it before you apply for a loan. This can help increase your chances of getting approved with the best terms available on the market.
Naturally, you would look for properties in strategic locations. These mountain homes near Knoxville should have convenient access to essential facilities, such as public transportation, schools, hospitals, and other amenities.
Additionally, you should opt for a home with some distance between it and the city’s hustle and bustle. Consider neighborhoods that offer more secluded settings but are still within easy reach of the city. You should also think about what you need and prioritize in terms of proximity to popular tourist spots, outdoor activities, parks, and other attractions. All these things make your investment worthwhile.
With that said, here are some of the best areas to buy a home near Knoxville:
- Cedar Falls Way
- Cove Lane
- Ski View Lane
- Priscilla Heights
- Rainbow Circle
Apart from these areas, there are plenty of other neighborhoods and communities in the region that offer various amenities and spectacular mountain views. Just take your time viewing real estate listings and take note of your options.
One of the main reasons you are looking for log cabins near Knoxville TN would be to enjoy beautiful mountain views. Thus, make sure to check the images and descriptions before making a decision.
You should also look for homes that are built on higher ground as they are more likely to have unobstructed panoramic views of their surroundings.
Most likely, you are considering buying a mountain home for yourself and your family. So, you must look at the size and condition of the property before making an offer.
Take note of the number of bedrooms and bathrooms that you need. This will help determine which homes fit your family’s requirements. It can also narrow down your options further if you are looking for specific features, like a pool or a spacious balcony, where you can admire the breathtaking views.
You should also inspect the property in person to identify any maintenance or repair issues that should be addressed first before you move in. This is especially crucial for homes that are more than a few years old.
When doing your walk-through, pay attention to signs of water damage, pests, mold growth, roofing problems, electrical wiring issues, and other structural damages. If there are any major repairs or renovations that need to be done before you move in, you should factor these into your budget since they can add up quickly.
The amenities your chosen home has will make a huge difference in how enjoyable and convenient it is to live in it. That said, you should prioritize homes with features that fit your lifestyle and needs. Here are some of the most common amenities to look for:
- Deck or patio for entertaining guests
- Fireplace to keep warm during colder months
- Swimming pool to enjoy during summertime
- Carport or garage to secure your vehicles
- Internet and cable connections
- Exterior lighting to make the property more secure
You will find all the bells and whistles on luxury mountain homes near Knoxville. So, if you have a bigger budget, you should focus on these properties.
The best thing about buying a home in Knoxville is that you can use it as a short-term vacation rental, given that you are buying it as a second home. Especially when you are buying Smoky Mountain homes near Knoxville, you are investing in a popular tourist destination that sees millions of visitors each year.
The best way to determine the rental income potential of a certain property is through its cap rate. You can calculate this figure by dividing its net operating income (NOI) by its purchase price. This means researching the average rental rate of similar properties to get an idea of the annual income and getting an estimate of the expenses in managing them.
So for example, if you bought a mountain home near Knoxville for $400,000 and estimated that it could generate an NOI of $40,000 annually, then the cap rate would be 10%. The ideal cap rate for vacation rentals ranges from 8% to 12%, so this means the property is likely to generate a good return on your investment.
The best time to buy real estate in Knoxville is the post-holiday winter months when there are fewer buyers in the market. There is usually a surge of sellers in this season too who want to make a quick sale on their properties due to lack of demand. During this period, it is easier to find affordable mountain homes Knoxville TN has today.
However, this does not mean that you cannot find great deals in other seasons too. With some patience and a keen eye for the market, you can still take advantage of any season to get your perfect mountain home!
An agent who is knowledgeable about the local area can be a great help in finding your dream mountain home. They have access to properties that are not listed online and can guide you through the entire process from search to closing.
Plus, since they have experience dealing with local sellers and buyers, they know exactly how to negotiate for a better price and terms on your behalf. An agent will make sure that you are not taken advantage of by anyone and can walk with you throughout the entire process.
Armed with the knowledge provided in this article, you are now ready to start your search for mountain homes near Knoxville TN. Make sure to take all the necessary steps when buying a property in the area and do careful research before making an offer. So, what are you waiting for? Get started today and find the perfect retreat in this beautiful region!
For more handy tips on buying a home, please check out our other posts!