Family of 3 Needs Insight (Franklin, Hendersonville: sales, real estate, rental)

[stereoair]

Hi folks!

I've studied the Nashville forum for the past few weeks, and I thought I would go ahead and solicit some personalized feedback on my family's situation.

My spouse has a great job opportunity at Vanderbilt University. We are debating on if we want to make the leap to the Music City from our current home, Atlanta. We have daughter (4 yo) who will be starting school (preferably public school) in 2016. We are thinking Nashville may be a nice slow down from Atlanta. Here's my questions:

1. Is the Nashville market a little over inflated? Should we rent for a year or so, or, try to pounce on a deal now? Our budget is 500k.

2. What areas should we look into? Folks have recommended 12th South and Brentwood, but Franklin (i.e. West Haven) has caught our eye. How would the commute be coming in from Franklin? I'm also interested in possibly Hendersonville. We are completely not sure.

3. Should we decide to rent for a year, ideally we would like keep the rent under $2,500/month. Any recommendations on complexes?

4. I'm curious if anyone has moved to Nashville from Atlanta, and, what the differences are regarding pace of life?

Any general advice or feedback would be appreciated!

[Normashirley]

I am retired and have been fortunate to be a homeowner since I was 24, so you know where my feelings lie.

If you enjoy home ownership and are in a position to buy, don't waste all that money renting.

I live a few hours below Nashville in an AG county. There are folks in my county that drive to Nashville and one on the road below me, whom I heard works at Vanderbilt.

Meaning, if a daily and tediously longer drive does not bother your husband, don't discount moving further out, where real estate is cheaper and so is registering your car. All I buy in my county are the license plates for $24 for my car; truck plates are a little more. We are an Ag county and, so far don't have any extraneous fees attached to our vehicles, like some of the heavily populated counties do.

I also saw a segment on one the Nashville stations that a new development is going up in East Nashville for lower income folks but "lower income" has a derogatory connotation with me, so I'm not sure just how low of income they meant. It was stated this new development would be in close proximity to 400K homes.

Hopefully someone from Nashville will come in and tell you a whole lot more than I know, since quality schools are going to be important to you

Good luck on your move and new adventure. There is a LOT to see and do in Middle Tennessee

[CountryGirl2b=]

Never lived in Atlanta . . not really sure if Nashville will be a 'slow down' or not? The city has come a long way in the last few years. Lots of building going on, new restaurants, the Music City Center, new baseball stadium . . . . We don't YET have highways that are 10 lanes across but that might be coming! It's not a sleepy little town by any means.

I don't think the housing market is going to head South anytime soon. If you find something you like, you should probably buy it. Pouncing may or not be necessary but you never know!

Westhaven is a very popular development - you'd do well to live there! I have friends who just moved there and really enjoy it. Downtown Franklin is very cute, Cools Springs is full of shopping. There's a new American Girl Doll store at the Galleria mall.

The commute to Vanderbilt . . well, it can be a bit of a chore. Hillsboro Road goes from Franklin up through Green Hills to Vanderbilt and it can get very backed up during 'rush' hours. Green Hills is a major shopping area with bad traffic. BUT maybe your husband is a teacher and his hours might not be 9 to 5 and maybe he'd miss the back ups? There are other ways around it, but the straightest point to point route CAN be frustrating. Bumper to bumper.

Brentwood would be a bit closer to Vandy but with the same commute. I think you'd get a little more house for your money in Franklin, though. I don't think you need to live further out than Franklin.

Don't know what the commute from Hendersonville would be like. Someone else probably knows!

[flamadiddle]

I recently took a job that allows me to live in any major city and we are also considering Nashville. We spent a couple days there recently and liked what we saw. If you're already living in the Atlanta suburbs, I don't think you'll notice much of a difference between Atlanta and Nashville. Downtown Nashville was just meh to us, but then so is Atlanta. I'd say if your spouse has a solid offer, go for it! Franklin seemed like a really nice place and is where we would likely end up if we chose Nashville.

fwiw, we're originally from Chicago so that is our first choice, but the taxes up there have gone nuts so it's been a difficult decision. When you do the math, we'd need to spend an extra $1,000 per month to live in the Chicago suburbs when compared to Atlanta or Nashville. What's even nuttier is that we're actually considering it, lol.

[titanspreds_04]

Originally Posted by flamadiddle

I recently took a job that allows me to live in any major city and we are also considering Nashville. We spent a couple days there recently and liked what we saw. If you're already living in the Atlanta suburbs, I don't think you'll notice much of a difference between Atlanta and Nashville. Downtown Nashville was just meh to us, but then so is Atlanta. I'd say if your spouse has a solid offer, go for it! Franklin seemed like a really nice place and is where we would likely end up if we chose Nashville.

fwiw, we're originally from Chicago so that is our first choice, but the taxes up there have gone nuts so it's been a difficult decision. When you do the math, we'd need to spend an extra $1,000 per month to live in the Chicago suburbs when compared to Atlanta or Nashville. What's even nuttier is that we're actually considering it, lol.

You need an extra 1000 for Chicago per month?? Where are you trying live in the Chicago area? Lisle or Deerfield lol. Chicago is much cheaper than you think from visiting family who now live there. The taxes aren't as bad a everybody makes them out to be up there.

[flamadiddle]

Originally Posted by titanspreds_04

You need an extra 1000 for Chicago per month?? Where are you trying live in the Chicago area? Lisle or Deerfield lol. Chicago is much cheaper than you think from visiting family who now live there. The taxes aren't as bad a everybody makes them out to be up there.

Look at the property taxes on a $700K house in the Western Chicago burbs (Wheaton, Batavia, St. Charles, Naperville) or South West burbs (Frankfort, Mokena, etc.) or North burbs (Highland Park, Winnetka, etc,) $15K to $20K per year for property tax is pretty normal up there. The same home in Atlanta or Nashville burbs will be around $7K on average. Add in the higher gas and all the toll roads and it's an easy $12K+ per year.

For example > http://www.realtor.com/realestateand...-29957?row=113

Taxes are $20K per year (under property history).

Similar home in Atlanta burbs is $6K in taxes. > http://www.realtor.com/realestateand...ex=GA601818438

[CountryGirl2b=]

Wow! You're right about the property taxes in Chicago . . did a little Zillow search, VERY high! A $700,000 house in Williamson County will run you around $3900 in property taxes. Davidson is always a bit higher. What really got me, looking at the HOA fees in the high rises! From $400 to $900 a month! Wow, that's crazy!!!

Although not sure how much they would be here??? With my small house they are about $80 a month, BUT no skyline views where I am . . . .

[flamadiddle]

Yeah, you're right CountryGirl2b, which makes it even more appealing to live in Tennessee. A similar $700K home in Franklin is around $4K in taxes.

http://www.realtor.com/realestateand...-72387?row=231

http://www.realtor.com/realestateand...-85052?row=239

So thanks Titanspred for making me look at reality again. It would actually cost us much more than $1K per month to live in Chicago vs. Nashville. A $16K spread over one year is $1,333 per month! and that doesn't factor in all the toll roads and higher gas tax so let's call it $1,500 more per month.

stereoair, Tennessee (specifically Franklin) is looking really good right about now.

Hopefully some of the locals can better answer your questions...

[Willie1212]

1. No one can predict the future and credibly advise you regarding property prices. It'll be total conjecture either way. That said; I believe they have appreciated unsustainably...and will stabilize/slow. But who really knows?
2.The commute from Westhaven to Vandy is horrible now...and will only get worse with explosive growth/traffic all funneling through d/town Franklin. The only exception: if your husband has flex time hours (avoiding rush hours )...and can go early or late to work...ditto for returning.
However, Cool Springs area of Franklin still has great schools, but an easier commute. Brentwood is 5-10 minutes north of Cool Springs and is an even better Vandy commute. Stay in Williamson County and schools are awesome. For Davidson County: Green Hills/ Forest Hills have good public elementary school options:Julia Green and Percy Priest.I believe Crieve Hall/Oak Hill also have some good public school options.
3. Renting a year sounds like a great idea if you can handle 2 moves. I don't have any rental recommendations.

Good luck with this decision. The Nashville area is a wonderful place to live.

[titanspreds_04]

[quote=flamadiddle;40223829]Yeah, you're right CountryGirl2b, which makes it even more appealing to live in Tennessee. A similar $700K home in Franklin is around $4K in taxes.

http://www.realtor.com/realestateand...-72387?row=231

http://www.realtor.com/realestateand...-85052?row=239

So thanks Titanspred for making me look at reality again. It would actually cost us much more than $1K per month to live in Chicago vs. Nashville. A $16K spread over one year is $1,333 per month! and that doesn't factor in all the toll roads and higher gas tax so let's call it $1,500 more per month.

stereoair, Tennessee (specifically Franklin) is looking really good right about now.

Hopefully some of the locals can better answer your questions...[/QUOTE




So the only thing you are concerned about is real estate taxes?


What about these taxes n Illinois?

Do you buy groceries? The tax rate is 1% on qualufying food items vs. 7% in TN .What about buying stuff at store? Lower sales tax as well. Dont even get me started on the Hall tax.
Our governor is also talking about raising the gas tax in TN.

Enjoy public transportation? Yeah, good luck wuth that in Nashville.


You also make a whole lot more money up North and you can deduct the crap out of your real estate tax when it come
s tax time.