Lake properties on and off-the-water in East Tennessee are a mix of real estate for sale, making East Tennessee a great state for all budgets. If weather and our great outdoor recreation opportunities aren’t motivation enough to move, think about the investment in savings from taxes and what the Lakefront Living Lifestyle has to offer!
- Tennessee is a very tax friendly state.
Tennessee has become a retirement destination because of its low cost of living and low property costs. It also has a very limited income tax, so most residents, including most retirees, do not have to pay the state income tax or social security taxes at the state level. Property taxes in East Tennessee are also one of the lowest in the US, by moving south, you can cut your property tax payment in half or even more!
If you are from the north you are well aware of the burden of paying property and income taxes. Tennessee has an income tax but most forms of retirement income, including social Security, pensions, and IRA withdrawals, are exempt. It is possible to save thousands of dollars a year by moving to lower-tax states such as Tennessee.
2. Mortgage rates are at an all time low.
Buying now will give you an opportunity to lock-in the lowest mortgage rates in history. According to Freddie Mac, the rate is 3.13% on a 30-year fixed-rate mortgage, and 2.59% on a 15-year mortgage. (Both numbers are as of June 25.)
There’s been a lot of analysis and debate on exactly where the real estate market is headed in the post-COVID-19 environment. But we’re now in the middle of 2020, and not only is the housing market showing signs of a recovery, but a strong one at that.
3. Limited supply and high demand!
Resale value of East Tennessee lakefront homes remains high regardless of economic conditions. Since lakefront homes are a limited supply and in high demand, they tend to keep their value even when other homes in the area start a major decline in value. This will help you protect the money you put into your home, should you want to one day perhaps move again or rent out the location for further profits.
When you buy lakefront, you’ll notice the fantastic lake communities these homes and properties are in are quite social and exclusive. This makes for not only a fun environment but many of these communities have marketing programs with proven data on how values are rising.
4. You’re also investing in your lifestyle!
Living in your dream lakefront home is not only a great investment financial but a huge personal investment! A East Tennessee lakefront home can be a lot like being on vacation around the clock. You will have 24/7 access to water sports such as boating, jet skiing, and swimming among others. There are also lots of health benefits that you and your family will enjoy like the reduction in pollution, noise, and privacy will make the home a great sanctuary where you can easily de-stress and relax with loved ones.
You will find a home where you can be healthy and happy and this will have lasting benefits in your life
Your family will enjoy the beautiful waterfront for many years without worrying about the impacts that future housing markets will have on your home. On our lakes you will enjoy the appreciating value every year with a East Tennessee lakefront home.
Purchasing a waterfront home is a brilliant investment to make in the housing market today. Apart from the lifestyle benefits, this investment will retain its value for many years. If you are ready to buy your dream home along Tellico Lake or any other East Tennessee Lake, then our Lake Specialist are ready to walk you thought the process.
Posted by Mike Hogan, Lakefront Living TN, On The Lake Realty
Excerpts from Forbes.