Lake living isn't just for summer anymore.
So, you’re thinking about buying a lake home in Tennessee. Congratulations! We believe there's nothing better than lake living. While this decision could be a dream come true, you might not know where to start. Fear not! You've come to the right place. Helping families make memories at the lake is what we're all about!
To help point you in the right direction, we put together this guide to help you answer a few of the initial questions prospective buyers have when getting started.
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First things first, decide if your new waterfront home will be a primary or part-time residence. When many people think of lake homes, they see short summers spent boating, swimming, and camping with their families before the weather turns. But the great thing about buying real estate in Tennessee is that with the state's mild climate and natural beauty, Tennessee lakes are magical - and accessible - all year round.
Each season promises gorgeous surroundings, unique foliage, and new seasonal outdoor activities. Combined with the mild temperatures year-round, the changing seasons are two of the biggest reasons people from all over the United States are choosing to move to Tennessee. In fact, across multiple studies, the data relating to US moves and retirement show that Tennessee tops the list of most popular states to move to. So, you could choose to make Tennessee your favorite vacation destination, or you couldn't rent a U-Haul and come to see what full-time lake life is all about.
You've no doubt seen that the price of goods and retail items have increased in the last year, and those increases have also impacted the average price of existing real estate as well as new construction. But that doesn't mean you should wait for a later time. Property, especially desirable lake community property, is continually appreciating, and that's not likely to change any time soon. With more people working from home and choosing to relocate, lakefront real estate is expected to be a sound investment.
If you're planning to trade your current home in for one with a water view, you could also benefit from increased sale prices. And if you've lived in your current home for at least two years, you won't be subjected to capital gains taxes on profits earned in the sale of your home.
Even if you're buying waterfront property as an investment, you could also be eligible to take advantage of the tax benefits, such as conducting a "like-kind exchange" if you're selling another property. As always, be sure to speak with your tax advisor for the most up-to-date tax information and advice about your personal situation.
Besides potential tax savings, it's worth mentioning that bank interest rates are still at an all-time low, which can mean saving thousands of dollars throughout a 15 or 30-year mortgage. With all of these options and opportunities, it might make sense for you to consider moving forward.
Tennessee is home to nearly 1,400 lakes and reservoirs. And while many of the lakes are owned or managed by the Tennessee Valley Authority (TVA) or the Army Core of Engineers, there are still many opportunities for lakefront living.
Divided into three geographical regions of East, Middle, and West Tennessee, each area offers unique landscapes, culture, and prospective properties for your next lake home. Here are a few to note:
Watts Bar Lake
Located just outside Knoxville, Watts Bar Lake spans an impressive 39,090 acres with 722 miles of shoreline. Watts Bar is known for boating, water skiing, and some of the best bass fishing in the state. Besides huge bass, the lake is home to catfish and other freshwater fish, local birds, such as the Great Blue Heron and Great Egret, and land wildlife like white-tailed deer, raccoon, and fox.
Tennessee National is a 1,440-acre community on a peninsula where Watts Barr meets the Tennessee River. This private lake and golf resort community offers golf and lakefront homes and property of varying sizes. Due to its unique location, residential homes can have mountain, lake, wooded, and golf views, and some even offer a combination to form one-of-a-kind views for homeowners.
Tennessee National has easy water access, with an onsite marina, rentable boat slips, and a fuel center. There are many plans in the works at Tennessee National. An upgraded marina with covered boat slips, a new ship store, and a waterfront restaurant accessible by land or boat are just a few of the upcoming Marina District at Tennessee National, further making it a popular destination for families and retirees.
Tims Ford Lake
In Middle Tennessee, you'll find one of Tennessee's most picturesque lakes, Tims Ford. In addition to the beautiful lake, Tims Ford is also the location of a 3,546-acre state park of the same name, with miles of walking trails, picnic areas, and camping opportunities. Tims Ford Lake is known as one of the top recreational lakes in the entire Southeast and is home to bass fishing, water sports, lakefront restaurants, and more.
If you're looking for a lake home or even just a place for a getaway, you'll definitely want to check out Twin Creeks Village. This vibrant locale offers residents lake access via a public marina, covered boat slips, rentable boats and watersport equipment, and a lively, close-knit community to call friends.
Vacation rental opportunities at Twin Creeks include a waterfront RV resort, luxury lake villas, and brand-new waterside cottages, making it easy for friends and family to visit.
Though more widely known for beautiful farmlands, West Tennessee is also home to a few lakes with attractive properties to consider.
Kentucky Lake
One Tennessee lake you might not know about is actually named Kentucky Lake, which spans two states, dipping into North-West Tennessee at its southernmost point. In West Tennessee, less than two hours from Nashville, you can find more traditional lake homes and farmhouses that vacation dreams are made of. Often located on acreage in towns like Buchanan, Paris Landing, and Big Sandy, tucked away from it all, you could spend your days hunting, birding, fishing, and enjoying spectacular lake views and gorgeous landscapes.
When should I contact a real estate agent?
If you're not sure which area you're interested in or are looking in multiple neighborhoods in a particular region, it might make sense to go ahead and connect with a realtor who can take you to view active listings in different communities. But if you've decided that you want to buy or build in a planned Tennessee lake community, you might not need to contract with an outside real estate agent.
Many planned communities, such as resort communities, retirement, and lifestyle communities, employ dedicated sales staff to help you determine the right home or homesite for you. And, if the neighborhood you're considering offers lots to build on in addition to homes, you might take advantage of their onsite custom building team as well. Working with sales and building teams dedicated to a particular community can offer you important insights into the area, assist in the architectural approval process, and help you maximize your budget and experience.
No matter what comes to mind when you think of your potential lake home, Tennessee is a terrific place to call home.
If the idea of living in a stunning, gated lake and golf community with some of the most unique views in East Tennessee sounds like your dream come true, we invite you to visit Tennessee National. Contact us today for your personal tour.
