Retire in Music City, and Make Money Along The Way

Written by Mike Longsdon, Image via Pixabay, Click to join FSBO NATION.

If you are getting ready to retire, you should know that Nashville is one of the top 10 cities in the US to do so. Music City has a lot to offer retirees, from relatively affordable homes to ample recreation opportunities that include world-class golf courses, fishing on Old Hickory Lake, and hiking trails that can take you to the most amazing sites in the city. For these reasons and more, Nashville makes sense as a place to both retire and to invest in a vacation home to supplement your post professional plans.

Buying a vacation/retirement home

Your first step should be to determine if you can afford a vacation home. You must always assume that you need enough funds to pay for all expenses associated with both your primary residence and your rental property. However, as a city on the rise, there is a high demand for short-term vacation rentals in the Davidson, Sumner, and Williamson County areas. Fortunately, property management services make it easy to monetize your Nashville vacation home. By listing with a service like Turnkey Vacation Rentals, for example, you have access to 24/7 local in-market support, a guarantee for professional cleanings between guests, and a huge pool of potential vacationers ready to relax in your rental. In some cases, you may even be able to earn enough renting your property to pay for it during the months you are away.

Even if renting your vacation home is not a priority, you will still need to determine how you intend to use the property. Chances are, you will use it as a temporary retreat and may have plans to turn it into your permanent home down the road. Make sure the home you choose caters to your current lifestyle. For example, if you enjoy fishing, you will want to be near Old Hickory or Percy Priest Lake. In this case, a home in Hendersonville or Antioch would make sense. If you would rather shop, a home or condo in the Opryland area would save you from sitting in traffic for an hour just to get to the mall. Money recommends renting a home in your preferred area for at least two weeks to ensure you are ready to commit to purchasing.

Understand the total cost

You’ve established that you can afford the mortgage, and you know where you want your vacation property to be. But, before you sign on the dotted line, make sure that you understand the total cost of ownership. As Zillow points out, an investment property will most likely be subject to a higher down payment. You may also need to pay for additional insurance. Keep in mind, too, that there are many tax advantages and disadvantages to consider if you plan to rent your home for more than 14 days per calendar year. Maintenance is also an added expense when you rent. Add at least an additional one percent of the home’s value to your yearly expenses estimate, plus the cost of outsourcing these services if you won’t be making repairs yourself.

Finding the right agent

One of the most important factors to consider when buying a vacation home is the agent you partner with for the transaction. You want an agent that has experience with senior buyers and is familiar with the area. Ideally, your agent can do some legwork for you, especially if you don’t currently live nearby. Ask if they are willing to visit properties on your behalf, to do video walkthroughs, and to help you schedule further home inspections if necessary. This will save you time and money as you search for the perfect personal paradise.

Nashville is known for its unmistakable skyline, which houses many interesting areas, including music venues and historical churches. Although the city is growing, it has fought hard to hold onto its hometown feel, and that is just one of the many reasons millions of people visit the Athens of the South each year. Nashville is not only an exceptional place to retire but is also one of the top vacation destinations in the South, so you have ample opportunities to turn your vacation investment into a viable income.

Image via Pixabay

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