People living in New York know that they have hit the jackpot. Many people think of the Big Apple as the greatest city in the world. It’s the city that people go to make their dreams come true. But when you have worked hard and established yourself in New York City, it is time to do something with your success. Many New Yorkers then decide to invest their money in a second home. With so many options, people would think that they have a hard time choosing the location of their second homes. But New Yorkers are decisive! They decide to buy their second property in Tennessee. If you are confused. Company Listings NYC will tell you the key reasons why New Yorkers are buying second houses in Tennessee.
New Yorkers are buying second houses in Tennessee because of the low cost of living
As we mentioned, NYC is the greatest city in the world. But a big flaw of the Big Apple is the astonishingly high cost of living. To escape the high prices, New Yorkers look for affordable places. Because the cost of living in Tennessee is low, it is the first reason why people from New York buy their second property there.
Compared to Tennessee, the Big Apple is 100% more expensive. There is not one single thing that is less expensive in New York City. By having a second home in Tennessee, you can escape the high prices of the Big Apple when you are in financial trouble. If the lower cost of living seems appealing, have a stress-free process by learning about moving to Tennessee.
Homes are affordable in Tennessee
The second reason New Yorkers are buying second houses in Tennessee is the cost. Since New York City is one of the most expensive cities in the world, it also has the most expensive real estate market in the world.
The median home price in New York is 650,000 dollars, which is almost 200% higher than the national average. On the other hand, homes in Tennessee are 30% less expensive than the national average. The median home cost in Tennessee is 231,000 dollars. With such a low home cost, you can easily buy a home in Tennessee and not worry about making it energy-efficient.
When you buy your second home in Tennessee and need to get it furnished, get someone to help you with the furniture. Since you are in Tennessee, we can recommend Spyder Moving to assist you. See how they operate and hire them if you like their work.
A second home in Tennessee is a good investment
It is almost always a good idea to buy a home in a developed big city like LA. There is a good chance that your investment will pay off and you will earn back your money. But times are slowly changing, cities are becoming full, and people are looking to get away.
With the rapid and steady increase of people in the cities, the cost of living rises, and salaries can not keep up. People will want to get away from the cities, and when that time comes, your rural home somewhere in Tennessee will skyrocket in value, and you will increase your profit.
New Yorkers are buying second houses in Tennessee to use them as vacation homes
The fourth reason to buy a second place in Tennessee is to have a getaway option at all times. While New York City is amazing, after you lived there for some time, it can get to be too much. People all around, no space to walk on the sidewalk, and horns screaming in your ears can really affect your mind. When that happens, New Yorkers want to get away.
While your friends are looking at Airbnbs and affordable hotels, you only need to start packing for your vacation home in Tennessee. It is not only convenient but you can design the interior how you want to feel comfortable.
Make it your retirement home
The fifth reason to have second place in Tennessee is retirement. When you get old, you want to relax and not worry about things like money, deadlines, and being late for work. By simply retiring, you shake off most of those worries, except one – money problems. And to add fuel to fire, New York City is not getting cheaper but more expensive.
Well, we already said that Tennessee is affordable, and there you can be certain that your saving will last. When it gets time to retire, there are experts at your disposal to help you move into your second home in Tennessee.
New Yorkers are buying second houses in Tennessee for more income
Our final reason to get second place in Tennessee is to earn more money. You can earn more money by having a second home and renting it out. There are two ways you can rent out your second home:
- First, you can rent it as a vacation destination. If you buy a home near or in a popular tourist destination, like Memphis. You will have income only during peak tourist times;
- Second, you can rent it as a home all year round, and the rent can cover the whole or part of the mortgage. But you can not access your place whenever you feel like it.
In addition, you can rent your place in New York when you are vacationing. Put it on the web, and when you are vacationing in Tennessee, you will be making money with little to no work.
These are our key six reasons New Yorkers are buying second houses in Tennessee. They vary from affordability, earning money, and having a vacation home. We hope they convince you to take the risk and purchase a home yourself. When it is time to get stuff into your second place in Tennessee, contact us for any relocation questions.