Date Archives: October 2019

You've loved your home for years, and it is truly unbelievable how fast time has flown by since you held the keys in your hand for the first time. If you're like many homeowners, you may start to wonder whether or not this home is your forever home. Should you give it a little love and renovate it to transform it into something new, or should you consider listing it for sale and move to a new home that meets your lifestyle needs more acutely?

Our REALTORS® understand that this is not a decision that you can make overnight. When we check-in with our previous clients that have purchased Chattanooga homes for sale years ago, many of them ask us for advice on whether or not they should sell their home. To help you make the choice that's right for you, we've put together this quick list of pros and cons for remodeling and relocating.

3 Upsides to Remodeling

1. Create More Space
   If you have children or parents who are getting older and will need more space in your home, remodeling is an excellent way to transform a few lesser-used rooms into their own private spaces.

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According to the National Association of Realtors, one-third of all homes sold in 2018 were purchased by first-time buyers.

How do you know when to make the transition from renter to the owner? If the following signs apply to you, it's time to start looking at Chattanooga homes for sale. 

1. Is Your Rent Going Up ... and Up ... and Up?
   Only four states have rent control provisions, which means most renters are subject to periodic increases. Last year, apartment rents in the South went up an average of five percent. Timing and amounts of rent increases can vary, making it difficult to budget and save.
   
   
2. Do You Have a Healthy Savings Account?
   For many people, down payment and closing costs are the biggest barriers to buying a home. While the traditional 20 percent down payment means no additional fees such as private mortgage insurance, FHA loans can be secured with as little as 3.5 percent down. In the meantime, you're building equity, and you can eventually refinance.

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Our REALTORS® have viewed hundreds upon hundreds of houses, and historic homes are one of our favorite architectural styles! That's why we love showing off historic Chattanooga homes for sale to any client interested in marveling at the beauty of these special spaces. We've gathered together a list of the pros and cons associated with these properties to help you know if a historic home is right for you.

Pros of Buying a Historic Home

Whether it's your first home, your forever home or just a place to call home for the next few years, buying a historic home has plenty of pros:

• Unrivaled Charm & Character
  Every intricate detail of a historic home adds to its charm. Most homeowners desire these properties for their incomparable aesthetic. Owning a historic home lets you proudly showcase the talents and style of years past. Although other historic homes may also be in the same neighborhood, each one is truly unique.
  
  
• Historical Significance
  These properties were home to perhaps generations of families, each with lives full of interesting stories. One historic home may have been owned by a prominent business owner who grew the town. While another one may have been the first built when the town was established. Owning a historic home means owning a piece of your town's history.
  
  
• Better ROI
  You want to purchase a house that will hopefully give you a good return on investment in the future. Historic homes are limited and desirable, thus increasing their valve in the eyes of buyers. Your home will never lose its historic designation, preserving it as a must-have on many buyer's lists.
  
  
• Tax Incentives
  Did you know that some historic homes can qualify for tax breaks? Both federal and state programs exist which can help you save thousands of dollars on your historic home.

Cons of Buying a Historic Home

As a homebuyer, you should already know that there are benefits and drawbacks to purchasing every type of house — including historic homes. Being aware of common disadvantages will help you determine whether or not a historic home is right for you.

• Potential Increased Costs
  Older homes tend to present owners with more problems than newer homes. If you discover lead or asbestos, you need to have it removed. Any electrical, plumbing, and structural problems may also pop up. All of these issues mean one thing — increased costs for you. 
  
  
• Limited Renovations
  When you discover problems in a historic home, they need to be fixed. However, you may be limited to the types of renovations you can make to the home. Depending on the home's unique preservation guidelines — or even the rules of the historic neighborhood — you may be unable to make certain changes to the interior or exterior of the home. 
  
  
• Work Required
  In some ways, historic homes are fixer-uppers — meaning that it's not a purchase, it's a project. Many of these homes require a lot of work. As a homeowner, you need to be ready to put the time, energy, and effort.

Looking for the historic home of your dreams? Contact us today, and we'll help you with your search!

Some of our favorite events of the year are coming up this October, and our REALTORS® are excited to share the events you shouldn't miss. If you're in town looking for Chattanooga homes for sale, be sure to check out some of these amazing October events in the Chattanooga area!

1. 2019 Fall Festival - 400 Garden Rd, Chattanooga, TN 37419
   Offering a chance to reconnect with nature and experience all the charms of the season, the 2019 Fall Festival at Reflection Riding Arboretum and Nature Center returns over two consecutive weekends this October. Stop in on October 26 for Pumpkin Painting and Family Fun Day, which includes live music, family activities, games and pumpkin painting activities. Check back in on November 3 for the evening Fall Festival & Family Night, with hayrides, backyard movies, a spooky storytelling canoe trip, and an owl prowl. 

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