As Middle Tennessee real estate experts, the LCT Team – Parks believe it is a smart investment to consider a second residential property and here are some tips to consider.
When you think of a second home investment, a vacation spot probably tops the list. Three members of our team have created dreamy second homes and they couldn’t be more different – a beach condo, tiny house in the mountain side woods and a 30A beach house!
For Realtor Megan Jones Campbell having a getaway for her busy family of five was a must-have!
“A vacation home is a good investment to me because it provides positive cash flow and is a great place for the family to visit. We absolutely love having a condo in Panama City and it sleeps eight! Located in Laketown Wharf, it has an amazing pool and is a short, three-minute walk through a gated beach access to the ocean. There is an on-site market, workout room, putting green and a fun boardwalk with live music and a nightly fountain light show. We love it,” Megan says.
And, the smart Realtor says if they decide to sell later on, it will have definitely have appreciated in value. Click to see Megan’s pretty condo, The Wavy Warf.
Growing long-term wealth is one reason Realtor Meredith Zeller recommends
investing in a second home and having someone else paying your mortgage while your property appreciates is just smart.
Meredith just purchased a tiny home in the pretty Retreat at Deer Lake Falls in Monteagle from team member Margaret Flowers Orton, called Nesthaven. Tucked in the lush forests on the mountains between Nashville and Chattanooga, Meredith describes Nesthaven as “a sweet-natured tiny home tastefully curated with pops of boho chic-themed décor and accented walls. It’s an out-of-a-magazine experience nestled within the tranquil, wooded atmosphere of The Retreat at Deer Lick Falls.”
Her top tip for buying a second home is to talk to several lenders to evaluate your options.
“If you are financing it, talk to several lenders and see what they can offer and determine if it makes more sense to finance it as a second home or an investment property. I worked with an outstanding lender who was able to outline all of my options so I could decide what made more sense for me as far as how much to put down,” she said.
One important point to consider, says Meredith, is to be prepared for initial expenses.
“Before renting your second property, you have to consider several factors. Located over an hour away, we didn’t want to have to worry about traveling to fix a leaky faucet or helping clients, so, we chose to list the property in the community’s rental program. Yes, it is an added cost, but it saves us time and energy. You’ll have initial expenses but stay focused on the long-term investment. It’s worth it,” she says.
Heading down to the Emerald Coast and 30A, Realtor Maile Stover has a beautiful, family beach get-away. In the pretty Grove by the Sea neighborhood, Maile helped create a beautiful beach oasis for her family affectionately called Blue Sky Bungalow.
“Buying a beach house property on 30A was the best investment we could make,” she says. “It’s empowering to be able to use the house when we want and enjoy it with our family but also to create revenue streams for our long-term retirement plans.”
With the beach a quick walk away, the neighborhood has hidden trails and two community pools. Blue Sky sleeps up to twelve with a spacious open floor plan and a private carriage house!
Thinking of buying, selling or finding an investment property?
If you are thinking of selling or buying and want to work with Middle Tennessee real estate experts, contact the LCT Team – Parks who consistently earn top real estate team for Parks Realty, 2022 RealTrends/WSJ #1 Medium Team in Tennessee for Sales Volume and were named Williamson Home Pages’ 2021 Best Real Estate Team. The LCT Team – Parks is known for commitment, professionalism and attention-to-detail going above and beyond to help their buying and selling clients with an expansive real estate network and proven sales and marketing formula. Reach out today at 615-595-5883. For the latest in home listings, follow us on Instagram, Facebook, Tik Tok and subscribe to the real estate and community news.