Are you in the market to purchase cabins near Knoxville TN? Well, that is an excellent decision! The nature-rich regions surrounding the city not only offer you a living experience that you will not find elsewhere, but this is also a great opportunity for you to earn extra income when you are not using the cabin for yourself.
However, as with any other real estate investment, you would love to get the best bang for your buck. That is why we have put together a list of tips to help you with this task.
How to Find Affordable Knoxville Cabins: 12 Tips for Finding the Best Deals
The Knoxville real estate market can be overwhelming at times. You may feel like you are spinning your wheels searching for the perfect cabin, but this does not have to be the case! Here are 12 tips on finding affordable cabins near Knoxville TN to save you the hassle of having to find out for yourself.
1. Use a Reputable Local Listing
First of all, you can start your search by using a local listing website. This will allow you to narrow down your search based on the criteria that are most important to you, like size, location, and price.
For example, you can check out this page, https://www.haleyjoneshomes.com/cabins-for-sale-in-knoxville-tn/. Here, you will find great cabins for sale for as low as $50,000, with features that range from rustic to modern.
And if you have the budget, you can also find luxury cabins near Knoxville TN on this site that come with gorgeous mountain views, private decks, and perhaps, even a sauna!
Also, most local listing sites are user-friendly and provide real-time information. So, you will have an up-to-date overview of what the market looks like before you go out and begin your search.
2. Do Your Research on Similar Properties in the Area
It is always a good idea to have a general understanding of what Knoxville cabins cost before you start looking for your dream property. This way, you can get an estimate of what you should expect to pay for it.
When doing your research, think about your needs. For example, if you are looking for three-bedroom log cabins near Knoxville TN with large yards and amazing views over the valley, you can use these pieces of information to narrow down your search and quickly find potential properties that meet your criteria.
You should also check out the prices of recently sold cabins with the same qualities as this will give you an estimate when you make an offer.
3. Seek the Guidance of a Local Real Estate Agent
When it comes to buying a property, no other person will be more knowledgeable about the area’s pricing than a local real estate agent. These experts have a comprehensive overview of all the cabins for sale in Knoxville, so it is just easy for them to find the perfect property for your budget and needs.
Also, local agents have access to properties that are not listed on real estate listing sites. This opens up the door to more options and provides you with more leverage when negotiating the price.
When hiring an agent, though, make sure to choose someone who specializes in buying and selling Knoxville cabins. With a good understanding of these types of properties, they will be able to help you find the most affordable properties that still meet your standards.
4. Look for Properties in Up-and-Coming Neighborhoods
Though it may sound counterintuitive, buying cabins in neighborhoods that are on the rise could be your best option if you want to stay within budget. These communities often have great properties but at significantly lower prices than established neighborhoods. This is because developers usually break up larger pieces of land into smaller lots in order to make them more affordable and attractive to buyers.
When looking at these areas, however, be sure to check out their amenities. These often include nearby grocery stores, shopping hubs, and schools, which will make your life more convenient once you move in.
5. Make Your Purchase When the Market Is on the Upswing
More often than not, buyers will be able to find great real estate deals when the market is on the upswing—not at its peak!
In Knoxville, for instance, the housing market is on the rise due to an influx of new residents. This means that there are more properties available and that prices are likely to remain low for some time.
To ensure you do not miss out on potential opportunities, it is important to stay informed about the Knoxville real estate market trends. You can also rely on your real estate agent to help you monitor changes in home prices so you can grab a great deal when everything lines up.
6. Consider Buying in a “Less-Touristy” Area
Areas that see a huge number of tourists often have inflated prices due to demand. So, if you are looking for a more affordable cabin without sacrificing quality, consider searching in “less-touristy” areas or neighborhoods just outside of Knoxville.
For example, you could find Gatlinburg cabins that offer the same amenities as their more expensive counterparts located within the Great Smoky Mountains, but at much lower prices. In some cases, you can even get a great deal on a larger property with plenty of land area—perfect for hosting and friends!
7. Use the Right Mortgage Option
The type of mortgage you choose for your cabin will significantly impact how much you have to pay each month. So, when looking for a great deal, be sure to get in touch with a mortgage lender and discuss the different options available.
For instance, if you are planning on living in the cabin full-time or part-time, you can opt for a fixed-rate mortgage that allows you to lock in an interest rate over the life of the loan. Alternatively, if you plan on renting out the property, then an adjustable-rate mortgage may be right for you as it offers more flexible payment plans and lower rates.
8. Look for Unsold Comparable Properties
Some properties will not be sold immediately after being listed. For this reason, the sellers might be more willing to drop the price in order to attract buyers and finally make the sale.
Again, you can look back at the property listings in Knoxville to find similar cabins that have been on the market for a while. Then, you can contact the seller and see if they are willing to negotiate a better price.
9. Buy a Fixer-Upper
Property markets always have fixer-uppers, and the Knoxville cabin market is no exception. Now, if you have the knack and experience to spruce up a place, then this could be a great opportunity for you to get exactly what you want while saving money.
The key is to look for properties that have potential but require some work in order to make them highly livable again. You could end up getting a great cabin that would cost much more if it were already renovated. The secret is having the skills and tools needed to do the work yourself or knowing someone who does.
Renovating a cabin can involve anything from making simple repairs to completely transforming it with decorative touches and upgraded amenities. But no matter what you decide to do, remember that even small changes can make an enormous impact on your property’s overall value and give it the facelift it needs.
10. Look for Discounted Properties
Apart from fixer-uppers, you should also keep an eye out for properties that are discounted due to certain circumstances. These could be anything from foreclosure sales to estate sales and more.
Knowing about these special deals can save you a lot of money. But as with any other real estate purchase, make sure to inspect the property thoroughly before making an offer.
11. Be Open to Compromises
There might be certain compromises that you have to make to buy a great cabin near Knoxville at an affordable price. For instance, you might find Smoky Mountains cabins in a good area but with fewer amenities than you would like.
In such cases, it may be worth the compromise to get what you want without breaking the bank. Weigh your options carefully and do not forget that, sometimes, compromising could be beneficial in the long run.
12. Do Not Hesitate to Make a Lower Offer Than the Asking Price
This is perhaps the quickest way to get a great deal on your cabin. When making an offer, do not be afraid to be a bit aggressive and go as low as you can. Most sellers will counteroffer with a price that is more reasonable than their original asking price.
Keep in mind that even if the seller rejects your offer, they usually appreciate how serious of a buyer you are and might come back to you with an even better deal later on down the line.
So, do not give up if you do not get the cabin you want right away. Keep searching and negotiating with different sellers until you find the perfect property for an unbeatable price.
Things to Look for in a Cabin to Ensure Good Value for Your Money
The main reason why you would buy cabins near Knoxville TN is to have a unique living experience that you will not get from living in a typical home. To get the most bang for your buck, there are certain value-added features that you should look for when viewing a property.
- Open Floor Plan – Cabins are ideal for entertaining guests and having family gatherings, so look for those with an open floor plan. This makes it easier to move around the space and provides plenty of seating area for your visitors.
- Natural Lighting – Natural light is essential in any home, but especially in cabins. Look for properties that have oversized windows and (maybe) skylights to let maximum natural light in.
- Spacious Outdoor Living Space – One of the best things about cabins is that they give you access to nature, so make sure there is a spacious outdoor living space included in the property. A nice porch can be a great place to enjoy beautiful sunrises and sunsets while taking in all the sights and sounds of the outdoors.
- Fireplace – A fireplace can be a great addition to a cabin, especially during cold months. Not only will it provide warmth and coziness, but it is also an excellent spot for entertaining guests and chatting around the fire.
- Basement – A basement space will be a practical addition to any cabin, providing extra storage as well as a great spot for game and movie nights.
Apart from these, the cabin you buy should have basic amenities, such as a fully-equipped kitchen, a functional bathroom, and modern heating and cooling systems.
The Bottom Line
Finding affordable cabins near Knoxville TN is certainly possible. By following the tips outlined in this article, you can secure yourself a great place in this beautiful region without breaking the bank.
Just remember to inspect potential properties thoroughly before making an offer, be open to compromises if necessary, and keep an eye out for the value-added features, then you are well on your way to making a sound decision at the end of your cabin-hunting journey!
For more useful tips and information on real estate and home ownership, feel free to check out our other blog posts!