7 Questions To Ask Before Buying a Condo in Nashville

 

 

 

 

Nashville is one of the best places to buy property right now, and there are so many different options available. Condos have started to become a hot ticket item in the city with the rise of new people moving to the city, and they are one of the best investments you can make. If you have thought about buying some condos in Nashville, then have a look at a few things you need to consider before you buy. 

1. Question: Is Nashville a good place to live?

Answer: Of course! Nashville, the capital of Texas, has a population of around 690,000 residents. It is well known for its universities and its country music history. The city has a flourishing economy that continues to grow and an excellent cost of living compared to many other capital cities. 

Residents love that the city is always growing and improving, and they love the amazing food and nightlife. Country music fans will love to live in the "Songwriter Capital of the World," and anyone who knows history will love visiting some of the historically significant landmarks around town, such as the home of former president Andrew Jackson. 

2. Question: What is the real estate market like in Nashville?

Nashville has become one of the most popular real estate markets in the country, and it is among Zillows top ten hot housing markets. Many out-of-state buyers have been taking advantage of their cheap taxes and simple requirements to nab themselves some great homes at great prices. The current median selling price for a condo is about 150k LESS than a home, so buyers can get multiple condos instead of relying on the income from one or two houses. 

The market is sitting at a fairly even point between buyers and sellers, but sellers currently have the advantage of a low number of homes on the market. This trend can go either way at any time, and it shows the fantastic condos in Nashville have become very overlooked by buyers. 

3. Question: Is Nashville a good place to find condos?

Answer: Yes! Nashville has an excellent rental market, and new buildings are being built all the time to keep up with the growing population, so there are tons of different condos on the market. Whether you are looking to buy condos for yourself or pick up a few rental properties, there are tons available at great prices. You can easily find one that suits your needs and budget plus, they are often located near the heart of downtown Nashville so you won't be too far from all of the action. 

Nashville has started to build up its metro areas, and condo buildings have become more popular than ever now that people want to be closer to the city. There are currently 24 condo buildings in the city with hundreds of units in total available to see, so you can easily find the one that suits you the best. 

4. Question: Is a condo better than a house?

Answer: It depends on your needs but overall, a condo has so many positives than owning a house. You can own your own space while relying on a property manager to help you maintain any major issues, while a home requires you to deal with everything (and pay for everything!) yourself. A broken pipe in your condo means a quick call to your property manager, while a broken pipe in your house means an expensive visit from a busy plumber. 

5. Question: Do I need renters insurance in Nashville for my investment condo?

Answer: Yes! You are actually required to get both building insurance and content insurance to make sure everything is protected in case of an emergency. Luckily, most renters will happily cover the renter's insurance to make sure their property inside the home is covered. Renters' insurance prices vary but the average is about $25-$45 per month. 

6. Question: Is a condo as expensive as a house?

Answer: No! A condo is usually much less expensive as far as your regular payments go, plus you will likely have much smaller bills if your condo is not all-inclusive. Condos will sometimes charge you a small fee for taking care of the building, and they also add extra fees for specific optional services they offer (such as door-to-door garbage removal or charges for an extra parking space), but these pale in comparison to the costs for home ownership. Homeownership requires property taxes, maintenance costs (such as snow removal or landscaping) along with much higher energy bills for your larger space. 

 

7. Question: As an investor, can I buy any condo in Nashville and make a good profit?

Answer: No! Many of the buildings in downtown Nashville have a limit for their investors so that they can allow others to buy the units. These are capped by the HOA (homeowners association) to make sure that everyone has a chance to purchase, and the usual amount for each building is 20% meaning 20% of the units can be bought by investors while the public can purchase the other 80%. You will need to make sure you are buying from a building that has yet to reach its cap so look for new buildings that might not be full yet. 

There are so many great reasons you should consider buying a condo in Nashville soon. They have great prices in a fantastic location, plus the state has low taxes, so you can save much more in Texas than in other states. Have a look at some of the fantastic condos available in Nashville today to find the one that's right for you.