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Downtown Memphis Homes

Updated on April 21, 2012

Many people who live in the area enjoy the attractions and local amenities in Memphis. With several Fortune 500 companies and other large international corporations having Memphis locations, many people relocate to Memphis for work-related reasons. There are a variety of downtown Memphis homes to suit any budget. Other considerations when buying downtown Memphis homes include the space, style, and function of the homes and how they will suit the needs of the family.

Typically, the first step for a homebuyer is to set a budget for the purchase of the home. This can be done by obtaining preapproval from a lender such as a bank or mortgage company. The lender will evaluate the homebuyers application and discuss the financing options and preapproval amount.

After setting a budget, the new homebuyer is ready to look at what Memphis has to offer for homes that are priced at or below the preapproval amount. Memphis has a variety of types of housing. Condos, single family homes, townhouses, and apartments give the homebuyer several choices. A Realtor can show the homebuyer several types of homes that would be in the buyer's price range.

The costs vary not only with the price, but the maintenance of the home. Condos and townhouse communities may charge a monthly maintenance fee for lawn care or other services that the homeowners association provides. Such communities can be desirable for people who do not want to have to worry about lawn care. However, there are some people who would much rather care for their lawns themselves rather than paying for others to do so.

Condos can offer modern living at a fraction of the cost of a luxury home. However, some homebuyers prefer to have their own space rather than living in condos or townhomes where there is likely to be shared walls between neighbors. For people who like their space, they may want to limit their search for the perfect downtown Memphis home to single family homes.

Property taxes are a concern for many prospective homeowners. In Memphis, the property tax is calculated based on the assessed value of the home. The assessed value is approximately twenty-five percent of the home's value. If a home is valued at $200,000, the Memphis property assessment may be $50,000.

The Memphis property tax uses the number of $100 increments in the assessed value. Therefore, the tax calculation for a property with an assessed value of $50,000 would be 500 multiplied by the current tax rate. The tax rate is $4.04. So, the property tax for this example would be $2020. The residents also have to pay a city tax based on the home's assessed value.

A licensed Realtor can answer the homebuyer's questions regarding the property taxes and other expenses. With the help of the Realtor, people looking for downtown Memphis homes can find a variety that fit in their budgets. Then, the homebuyer can decide which home is their perfect home.

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