A second or vacation home that you are considering here in mountains surrounding Asheville makes sense on many levels. This area is ranked in the Top 10 on so many national lists touting best places to live for various reasons.
Asheville and the surrounding area is beautiful. Cultural amenities abound. There is the theater, a great live music scene, an array of restaurants to please . Outdoor life is amazing. This area offers fishing, hiking, camping, state and national parks, whitewater rafting, bird watching, organic gardening classes. We could go on and on.
But if you are thinking that your new found property will pay for itself when you put it on a vacation rental program, you could be mistaken.
Properties acquired for investment real estate purposes in the Asheville area, getaways that also to provide rental income, generally do not offset the costs. Expect that some, but most likely not all of the related expenses be met, and you will be on the right track.
So after you have put pencil to paper and looked at those expenses beyond the mortgage such as: expensive hazard insurance, property management and marketing fees, repair and maintenance costs, taxes and housekeeping bills— the vacation property may still be on your list of wise choices. In the decision-making process, just having the opportunity to build equity in a home for the future could make financial sense.
As specialists in the second and vacation home market, we refer our clients to property managers who can go into careful detail about the options available for them.
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