The benefits of owning a single-family home in Franklin, TN

We’ve all seen it in the movies and TV shows: a house with a well-manicured lawn and a white picket fence, located in a pleasant-looking neighborhood with the sun’s ray trickling through the trees — it’s home sweet home.

The property in question is most likely a single-family home, which accounts for over half of the housing options in Franklin (a staggering 57.5%). And with approximately 82 million single-family units across the country, this property type is also the most prevalent in the United States.

Why are single-family homes so popular, and what are the benefits to living in one especially in a city like Franklin, TN? We answer these questions and more below.

THE MOST IMPORTANT QUESTION: WHAT IS A SINGLE-FAMILY HOME?

A single-family home is precisely what it says it is: a residential structure intended to house one family unit. This type of property typically stands alone on its own property, with its own private entrances and exits, as well as direct access to the street.

The characteristics of a single-family home

1. It’s a single-dwelling unit: As it is meant to house one household, a single-family home usually has one set of utilities as well as main areas, such as kitchens and dining spaces. More importantly, a single-family home has its own public utility meters.
2. There’s a private entrance: Single-family homes usually have one primary entrance located at the front of the property. This door often leads into a foyer or the house’s main living area. Additional entrances may be found, providing occupants with access to other spaces such as the backyard, garage, or side of the house.
3. You have your own land to enjoy: Since single-family homes often sit on their own plot of land, residents can enjoy extended outdoor living areas. These include private yards, gardens, as well as driveways. Many single-family homes also have their own garages, which are either attached or detached.
4. There are private amenities: It’s common for most single-family homes to come with extra features and amenities, such as swimming pools, decks, and patios. These are solely for the use of the household and their guests.

Single-family homes vs. other property types

Here is a short description of how single-family homes in general stack up against other property types available in Franklin.

As shown above, each property type caters to different needs and lifestyles. Single-family homes are ideal for those who want maximum privacy, space, and control over their property. Meanwhile, the other house types offer varying balances of affordability, convenience, and communal living.

Who thrives in single-family homes?

Single-family homes can be for everyone, but the following primary groups may find living in this property type particularly appealing:

1. 1. Families: For many families, space is paramount. Single-family homes can offer ample room for family members to pursue their interests and hobbies, separate bedrooms, and larger living areas. Furthermore, single-family homes are usually located in quiet neighborhoods that have access to quality schools.
   2. Long-term investors: Single-family homes are not just places to live– they’re also wise investments. Over time, these properties tend to appreciate in value, providing a solid return. Plus, homeownership means building equity, paving the way for future stability and even wealth creation.Even if you don’t see yourself living in a single-family home at present, such a property can also be a source of additional income. For the meantime, you can rent it out as a vacation rental or long-term rental to generate a steady income stream, especially since Franklin is a desirable location that attracts its fair share of tourists and visitors.

1. You: If you dream of living in a house with adequate space to pursue your interests and a place where you can enjoy some level of customization depending on your whims and fancies. Living in a single-family home is also for you if you are ready to tackle the full responsibilities and beauty of homeownership.

In essence, single-family homes cater to a wide range of people– families, empty nesters, privacy seekers, pet lovers, community enthusiasts, and investors alike. What you really need to consider before investing in one is whether a single-family home ultimately fits your long-term goals and life plans.

THE BENEFITS OF LIVING IN A SINGLE-FAMILY HOME

Imagine stepping into a haven that’s entirely your own, where you can sculpt every detail to match your vision. As you explore single-family homes in Franklin, keep in mind the following advantages to owning and living in one:

1. Ultimate privacy: Forget shared walls and noisy neighbors. In a single-family home, you’ll relish unparalleled privacy. Your home is a stand-alone structure, offering a serene escape where you can unwind without any interruptions.
2. Expansive space: You can bid farewell to cramped quarters when you live in a single-family home. These properties generally offer generous square footage, providing ample room for everything from chic living areas to cozy reading nooks. Plus, with your own private yard, the outdoors can become an extension of your personal domain– perfect for al fresco dining, gardening, playing with your loved ones, and enjoying Tennessee summers.
3. Canvas for creativity: When you live in a single-family home, your imagination can truly soar especially if you have a penchant for home and interior design. Want to knock down a wall to create an open-concept kitchen? Go for it. Dreaming of a backyard oasis with a pool and gazebo? Make it happen. This is your space to design, decorate, and transform as you wish, free from the constraints of landlord limitation or condo rules.
4. Smart long-term investment: Think of your single-family home as a treasure chest that appreciates over time. As the years pass and you pay off your mortgage, you get to build equity and create a valuable asset that can offer significant returns whether you decide to sell it in the future or pass it on to a family member. It’s a long-term investment in your future, offering both financial stability and potential growth.
5. Stability and community: Living in a single-family home in Franklin– or elsewhere– allows you to put down roots, an incredibly grounding act not only for yourself, but for your entire household as well.Single-family homes often find themselves located in family-friendly neighborhoods where a sense of community thrives. It’s where you’ll find tree-lined streets, local parks, and neighbors who become friends. All of these create a stable environment where you can raise a family or simply enjoy life.
6. A potential pet paradise: Homebuyers who have pets or are planning to have one– or a few– will find living in a single-family home most agreeable. There are no condo associations or landlords to ask for permission to take care of a furry friend; it’s all your call. It’s entirely up to you to create your own rules on where your pets can roam, play, and explore.
7. Control and convenience: In a single-family home, you’re the captain of your domain. You decide when and how to maintain your space, whether it’s tackling a weekend do-it-yourself project or scheduling professional services. There’s no need to navigate shared responsibilities with neighbors or adhere to the whims of a landlord or a condo association.
8. Flexibility for the future: Consider the potential for added income or creative projects. Whether it’s converting the basement into a rental unit, designing a home office, or creating your very own art studio or man cave, the possibilities are endless. Basically, your single-family home evolves with you, adapting to your and your household’s dreams and ventures.

In Franklin, TN real estate, single-family homes have the capacity to offer a blend of luxury, comfort, and opportunity that’s hard to beat. It’s more than just a place to live– it’s a canvas for your life’s masterpiece.

The downsides of owning a single-family home

While the dream of owning a single-family home is enchanting, it’s important to see beyond the charming façade. Here are some of the less glamorous aspects to consider as you explore single-family homes in Franklin:

1. 1. Higher costs: Single-family homes often come with a heftier price tag in comparison to other residential properties. From the initial purchase price to ongoing maintenance and property taxes, the financial commitment can be significant. And let’s not forget those unexpected repair costs that always seem to pop up at the worst possible times. Remember, however, that each monthly mortgage payment you make contributes to your own home equity.

1. Maintenance responsibilities: Remember when we said that you are the captain of your domain? That means you’re also responsible for ensuring that the single-family home remains in good and habitable condition. From mowing the lawn and tending the garden to fixing leaks and painting, the upkeep and list of things to do can seem relentless and never-ending. If you’re not a DIY enthusiast, the time and effort required can be overwhelming. Fortunately, you have the option of hiring house help.
2. Market risks: As you may know, real estate markets can be unpredictable. The value of your single-family home can either appreciate or depreciate over time depending on the economy as well as developments in your neighborhood. Naturally, such events can impact your long-term investment. If you decide to sell, be prepared for potential challenges and time it might take to find the right buyer.
3. Zoning and regulatory challenges: The level of customization you can do to your single-family home is relatively high compared to other property types, but you may still face some limitations. For instance, zoning regulations can limit your ability to modify or expand your property. Some neighborhoods also have their own homeowners associations (HOAs). These organizations can impose strict regulations, potentially cramping your style and leading to conflicts.
4. Environmental impact: If you’re an eco-conscious homebuyer, you might find that living in a single-family home can come with a hefty environmental footprint. This is because single-family homes generally consume more resources like water and energy. There are, however, remedies you can explore to transform your single-family home into an eco-friendly abode.
5. It’s a long-term commitment: Owning a single-family home ties you down more than renting, which can be a challenge if you’re somebody who likes flexibility and freedom to relocate at a moment’s notice. And when the time comes to move on, selling your home can be a lengthy and labor-intensive process.

The allure of single-family homeownership is strong, but it’s important to weigh potential downsides. Understanding these challenges can help you make a more informed decision and ensure that your dream home truly fits your lifestyle and needs.

IMPORTANT THINGS TO CONSIDER WHEN BUYING A SINGLE-FAMILY HOME

Now that we’ve established what a single-family home is and the most important benefits of living in one, let’s take a closer look at key factors you should consider as you search single-family homes in Franklin, TN:

1. Location, location, location: The mantra of real estate holds true in Franklin– location is everything. Consider the neighborhood’s vibe and proximity to your work, services you patronize, schools, and amenities you deem essential to your lifestyle. Are there parks and restaurants nearby? How are your potential neighbors? A welcoming neighborhood can enhance your living experience.Whether you crave the buzz of downtown Franklin or the country atmosphere of Breezeway, finding the right location is crucial.
2. Budget and financing: Know your financial capability and get pre-approved for a mortgage. Factor in not just the purchase price, but also property taxes, insurance, and maintenance costs. Being financially prepared ensures you can enjoy your new home without undue stress.
3. Home size and layout: Think about your current and future needs. Do you need extra bedrooms for a growing family, or in some cases, regularly visiting friends and relatives? Do you work from home, and if so, do you require your own home office? Do you love entertaining outdoors and would a spacious yard be a non-negotiable for you?
4. Condition and age of the home: A charming older home might come with quirks, including the need for constant repairs and renovations. Conversely, a new build offers modern amenities but might lack the character you desire. Assess the home’s condition and be prepared for necessary repairs and upgrades.Sidenote: although Franklin is considered a historic town with its collection of Victorian-era buildings, many of the single-family homes here are actually built from the 1970s to more recent times. There are historic properties if that is what you’re after, and some relatively vintage homes, but the housing stock will be mostly contemporary.
5. Resale value: Even if you’re planning to stay in the house for the years to come, it’s still wise to consider the resale value of a single-family home. Factors like the neighborhood’s growth potential, planned infrastructure developments, and local market trends can impact your home’s future worth.

By considering these factors, you’ll be well on your way to finding a single-family home in Franklin that not only meets your needs but also becomes your personal haven.

LET’S FIND YOU THE SINGLE-FAMILY HOME OF YOUR DREAM

Or, alternatively, discuss the full range of your residential real estate options in Franklin and the rest of Middle Tennessee. We are the LCT Team, led by Lisa Culp Taylor, a local Realtor with 20+ years of experience. You’re in excellent hands with us.

Let’s chat about your dream home in Franklin. Give us a call at 615.595.5883 or send us an email today!