Many people want to live in Pigeon Forge, Tennessee, and for good reasons. For starters, this mountain resort city is nestled in the Great Smoky Mountains, providing residents with stunning natural scenery. Aside from that, it is also home to a number of popular attractions, such as Dollywood and the Titanic Museum.
Secondly, the cost of living here is quite affordable compared to other major cities in the state. In fact, according to a report by Sperling’s Best Places, the city’s cost of living index is 86.6. This is way lower compared to the national average, which is designated as 100.
And finally, there is a wide variety of beautiful homes for sale in Pigeon Forge at various prices. Whether you’re looking for a cozy cabin in the woods, a luxurious mountain home, or a condominium unit within the city, you’ll surely find something that meets your needs and budget.
But while buying a home in this lovely city is exciting, it is never a decision that should be made lightly. After all, this is a huge investment, and you want to make sure that you’re getting the best value for your money.
Let us help you out with this quick guide.
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Important Considerations When Buying Pigeon Forge TN Real Estate
Like buying any other type of property, there are certain factors that you need to take into account when buying homes for sale Pigeon Forge, Tennessee has to offer. Here is a checklist that you can use.
- Your Budget
- The Location
- Type of Property
- Condition of the Property
- Resale Value
- Rental Potential
- Building Codes and Restrictions
Now, let us discuss each item in detail.
Your Budget
The first thing that you need to do is to determine how much money you’re willing and able to spend on your new home. Keep in mind that your budget will not only cover the purchase price of the property, but also other associated costs, such as closing costs, repair and renovation expenses, furnishing, and more.
When you are taking out a mortgage loan to finance your purchase, it is important to assess your current financial situation. With the help of your financial advisor, you will be able to determine how much you can afford for the monthly payments and get the right financing options for your needs.
Once you have a clear idea of your budget, you can start looking for available properties within your price range.
The Location
When it comes to real estate, the age-old adage still holds true: “Location is everything.” After all, it will ultimately determine the type of lifestyle that you will have. It can also affect other important factors, such as the resale value of your home and its rental potential.
When looking for homes in Pigeon Forge, make sure to consider the following factors.
- Proximity to essential establishments, such as schools, hospitals, and grocery stores
- Accessibility to public transportation
- The crime rate in the area
- The quality of the neighborhood
If all of these check out, then you are off to a good start in your search.
Type of Property
In terms of the type of property to purchase in this city, you will have several options to choose from depending on your lifestyle and needs as well.
For example, if you have a family and want to wake up every day to the spectacular views of the Great Smoky Mountains, then a Pigeon Forge cabin for sale would be ideal for you. Opting for this type of property also allows you to enjoy all that nature has to offer, like hiking trails, rivers, and streams.
On the other hand, if you are a young professional, single, or are living with your partner who is looking for a low-maintenance property that you can easily lock up and leave when you’re not around, then you can choose one of the Pigeon Forge condos for sale. These units are usually located near the city’s top attractions and provide homeowners with access to various amenities, such as swimming pools, fitness centers, and more.
Apart from cabins and condo units, there are also single-family homes and townhomes, which are perfect for those who want a little more space and privacy.
If you want to learn more about the different types of homes in Pigeon Forge, you will find the information you need at the Short Term Shop website.
Condition of the Property
Typically, you should find a property that is move-in ready. This means that it doesn’t require any major repairs or renovations, and you can start living in it as soon as possible.
Of course, there will always be homes that need a little bit of work. If you’re handy and don’t mind doing some minor repairs or cosmetic upgrades, then this may not be a problem for you. Just make sure to factor in the cost of these improvements when making your offer for the property.
To know the actual condition of the property during your search, it is best to consult with a licensed home inspector who can provide you with an objective assessment, for both visible and hidden issues.
Resale Value
You may not have plans of selling your newly-bought home anytime soon, but you never know what life will throw your way. So, it’s always best to purchase a property that will be easy to sell when the time comes.
A good rule of thumb is to find a property that is located in a desirable area or neighborhood. These homes usually have no problem finding buyers and command higher prices when they are listed on the market.
Another way to ensure good resale value is by choosing a property with features that are in demand by today’s buyers, such as open floor plans, updated kitchens and bathrooms, and more.
You can learn more about what features are popular among homebuyers by doing some research online or talking to a real estate agent in Pigeon Forge.
Rental Potential
As a popular destination, Pigeon Forge sees more than 10 million visitors every year, with 20% of these individuals choosing to stay overnight. This high demand for vacation rentals makes the city an ideal place to purchase a property that you can use as a source of income when you’re not around.
If this is something that interests you, then make sure to find a property that is located in a prime spot and has the necessary permits for short-term rentals. You could also opt for one with the basic amenities that your guests would need during their stay. A cabin with a fully-equipped kitchen, washer and dryer, Wi-Fi access, game room, and a tub would be a perfect vacation rental to own.
However, you will also need to factor in the cost of furnishing and maintaining the property, as well as the fees charged by vacation rental management companies. While there’s no guarantee that your property will be booked solid all year round, working with property managers can help increase your chances of success.
Building Restrictions
One thing that homebuyers often overlook when buying a house is that there might be some building restrictions that are in place for the property. These can vary from one place to another, and it’s important to be aware of them before making an offer on a property.
For example, when buying cabins for sale Pigeon Forge has today, you might not be able to expand the property for certain reasons. It might be due to the location of the property, or there might be a historical designation placed on it.
As for condos, some buildings might have rental restrictions in place, while others may not allow pets. There can also be age restrictions for certain developments.
To avoid any surprises down the road, make sure to ask about these restrictions before buying any property.
How to Search for Pigeon Forge Homes for Sale Today
The quickest and most convenient way to look for homes for sale in Pigeon Forge would be the internet. With just a simple search using relevant keywords, you will find several listings where you can browse through different properties at your own pace. These sites even let you narrow down your search by specifying your budget, the number of bedrooms and bathrooms you need, the size of the property, etc.
However, this doesn’t mean that you cannot drive around and look for the properties yourself. In fact, this is still one of the best ways to find a property that you might want to buy. Not only will you be able to see the homes up close, but you can also get a feel for the neighborhood and talk to the neighbors. This way, you can learn more about what it would be like to live in that particular area.
Regardless of the route you take, make sure to contact a local real estate agent to help you with the process. After all, they are the people who know Pigeon Forge TN real estate best, and they can find the perfect property that meets all your needs and requirements. Not only that, but they can also negotiate on your behalf and help you get the best deal possible.
The Best Time to Buy Homes in Pigeon Forge
Generally speaking, the best time to buy a house is during the off-peak season. As for Pigeon Forge, this would be from early fall to late spring. Not only will there be fewer buyers during this time, but you might also be able to get a better deal on the property.
Of course, you will still need to factor in your own personal circumstances before making a decision. If you’re buying a vacation rental, then it might be best to purchase during the peak season so that you can start earning an income right away. Just make sure that you are prepared for the higher costs that come with buying homes during this time of year.
Conclusion
Purchasing homes for sale in Pigeon Forge doesn’t have to be a daunting task, especially if you’re armed with the right information. Do not rush into any decision, take your time evaluating each property, and consider all your options before making an offer. With this first-time homebuyer’s guide, you can be one step closer to owning your very own piece of paradise in the Smoky Mountains!
For more information on house-buying, please check out our other articles. Happy house hunting!
