Gatlinburg is one of the best places in Tennessee to buy a house for numerous reasons. For starters, this mountain town is a gateway to the famous Great Smoky Mountains National Park, which is good if you’re looking to be nearby an outdoor getaway. Secondly, this city is home to some of the friendliest people in the country, making it the perfect spot to start your life in a new place. And, most importantly, homes for sale in Gatlinburg TN offer some of the most affordable prices you can find!
But as lovely as this place is, you still need to do your due diligence to ensure you are buying the right home here. So, how do you know which one is perfect for you?
Fear not! We got you covered with this guide.
Table of Contents
Getting a Financing Option
Before you start your search, you need to figure out the type of mortgage you will be able to afford. Different houses for sale in Gatlinburg TN have different prices, so you should consider your budget and financial situation when deciding on a loan option.
You can do research online or speak with a bank or mortgage lender so that you can get an idea of what kind of loan would best suit your needs. The best financing options that you can take out are the following.
Conventional Mortgage Loan
This would be the most popular financing option and the first one that lenders would offer you. With this type of loan, lenders would ask for a larger down payment, but the interest rates are usually low.
Typically, the down payment would be around 20% of the purchase price of the property. However, some lenders are more lenient to allow borrowers to make down payments of as low as 3%, but you have to pay for mortgage insurance premiums.
Also, remember that conventional mortgage loans can come with fixed or adjustable rates. So, make sure you choose one that is more suitable for your needs.
But if you have enough money saved up, this would be the most suitable option for you.
FHA Loan
This type of loan is best suited to those who cannot afford to pay a large upfront sum of money. The Federal Housing Administration will finance homes with just a 3.5% down payment, and it also requires lower credit scores than conventional mortgages do.
This loan might be ideal for first-time homebuyers or those looking to buy a house in Gatlinburg TN with tight budgets.
VA Loan
VA loans are reserved for veterans and active members of the military. The Department of Veteran Affairs will finance homes with no down payment, making it an ideal option if you are eligible and have a good credit score. So, if you qualify for this type of loan, consider taking advantage of it!
Jumbo Loan
If you are looking for Gatlinburg TN homes for sale with higher prices, then you can take out this option. It is usually used when the purchase price of the property exceeds the conforming loan limit set by Fannie Mae or Freddie Mac.
Jumbo loans also require a larger down payment, which can reach up to 30% of the purchase price.
To increase your chances of getting your application approved, make sure that you have sufficient income and a good credit score. So, get your documents ready and start the loan application process.
Buying Gatlinburg TN Homes for Sale: 7 Important Factors to Look Into
Once you have the financing part sorted out, it is time to start looking for the homes for sale in Gatlinburg TN that best suit your needs. Here are a few things that you should take into consideration during your search.
1. Location
When it comes to real estate, location is paramount! Choosing the wrong location could lead to unfavorable situations that will make you feel regretful later on. So, make sure to search in desirable locations and find available properties that are close to essential amenities, such as schools, shopping centers, and transportation hubs.
Also, think of the type of neighborhood you would like to be in. For example, if peace and quiet are what you seek, look for communities that are further away from the city center. On the other hand, if you want to be close to the action, you can find a place in the heart of the city.
2. Type of Property
There are various types of homes that you can buy in this part of Tennessee. From isolated Gatlinburg cabins for sale to apartments in the city center, you can be overwhelmed with the options.
To find out which one would fit your needs, you can think about the lifestyle that you would like to lead and your future plans. Do you prefer a large abode with plenty of space or a more compact property? Or, if you are looking for an investment opportunity, would it be better to select homes that can later be turned into rental homes?
You can even opt for a vacant Gatlinburg Tennessee land for sale on which you can build your dream home!
3. Size and Layout
Knowing the layout and size of the home you are buying will help you decide whether it has enough space to accommodate your family comfortably.
For example, if you have children, make sure that there is sufficient room and outdoor space for them to play in. Also, look into the number of bathrooms and bedrooms and check whether they would be sufficient. Don’t forget to take note of the kitchen size too!
4. Structural Condition
No guide to home buying would not tell you to conduct a thorough inspection of a potential property to ensure it is still in great condition. After all, who would want to buy a house that is not fully livable and needs expensive repairs?
Also, older homes might have their charm, but they also come with certain challenges, such as outdated systems. A walk-through and inspection will make you aware of what kind of upgrades may be needed once you move in.
With that said, it is best to hire a professional inspector to check if the house has any structural issues or potential problem areas. If something is found wrong, you can negotiate with the seller and try to get it fixed before signing on the dotted line.
5. Structural Features and Amenities
A home’s features and amenities also make a huge difference in how enjoyable and comfortable your life will be once you move in. Some homes come with a pool, while others have built-in security systems. In this day and age, a lot of houses also already come with the latest internet and cable technologies.
Regardless of your preference, make sure the property you are buying will give you the living experience you desire.
6. Maintenance Cost
Apart from the purchase price, buying a home also comes with additional costs that you have to manage down the road. These can include repairs, upgrades, and other maintenance needs.
So, when choosing a property, you would want to make sure you are not getting into something beyond your means. Consider the homes you are inspecting and ask yourself if these require a lot of upkeep.
For example, homes with pools may cost more to maintain due to pool cleaning services. On the same note, homes with large gardens require more attention and resources too.
So, before you select a home to buy, always consider how much it will cost to keep the house and all its components in good condition.
7. Rental Potential
As you will be buying in a place near a popular tourist destination, it would be great if the one you pick has rental potential. This means that you can rent out your property when it is not in use and earn some extra passive income.
Tourists who flock to Gatlinburg often look for homes that are comfortable, spacious, and well-equipped, so check if your potential property meets these criteria so you can maximize rental potential.
There are many nice properties that you will find in this mountain town, but you must take your time to check out homes for sale in Gatlinburg TN in order to make the right decision. With patience and research, you are good on your way to purchasing a place that you can proudly call your own!
Self-Search vs. Hiring a Real Estate Agent
While buying homes is an exciting experience, it can also be a daunting task that comes with complexities. The real estate market can be difficult to navigate, and it is easy to end up confused and overwhelmed. Therefore, if you want to make the entire process smoother, it is best to hire a real estate agent who specializes in selling and buying Gatlinburg homes.
Whether you are buying an existing home or a vacant land for sale Gatlinburg TN has today, your agent will be able to provide insights into the local market and guide you through difficult transactions. With their guidance and support, you can easily find homes that fit your budget and lifestyle without experiencing too much stress.
Yes, doing your search on your own will give you more control and can save you some money, but the risks of buying homes (especially if you are a first-time buyer) without professional assistance are too high.
So, don’t hesitate to hire a real estate agent to get started on your home-buying journey!
Final Thoughts
Buying homes for sale in Gatlinburg TN does not need to be a stressful experience. With the right knowledge and guidance, you can find homes that will suit your needs perfectly.
Make sure to consider all factors mentioned in this article, such as location, condition of the house, features, rental potential, and maintenance costs before making your final decision. Also, don’t forget to hire an experienced real estate agent who can help you navigate through the complexities of the Gatlinburg housing market.
For more tips that you can use in buying your dream home, feel free to browse our site. Good luck with your search!
