Purchasing a Short Term (Vacation) Rental Property in Western North Carolina Mountains
Vacation rental properties in the Western North Carolina mountains have become all the rage with both novice and experienced investors. Purchasing a property for short term (vacation) rental purposes offers the investor/owner the best of both worlds. A home for vacationing in the area as well as an income producing property which will add to your stream of passive income! A vacation rental property is most often a single family home privately owned by one or more individuals for the above mentioned reasons. There are investors who purchase these properties in Cash and there are also investors who take out a conventional loan to finance the purchase of the property. For those taking out a conventional loan, the income produced with the vacation rental property more often than not pays your mortgage and even frequently you have additional monthly funds left over as profit. This is an excellent way to build your property portfolio and grow your equity very quickly.
Most short term rental investors advertise/market their properties on mulitple online platforms including VRBO and AirBNB to name a couple. People looking to spend time in the Western North Carolina mountains area will frequently search on these platforms for vacation rental properties meeting their specific criteria. Other investors prefer to hire a property management company to market and manage their investment properties for a fee.
A Great Vacation Rental Property
A great vacation rental investment property in the Western North Carolina mountains area ideally should be in a great location. But what does a great location actually mean? It could mean so many different things to many different people. For example, some may be looking for an experience "living off the grid" surrounded by only basics and tranquility. For others, it may mean breathtaking mountain views, opportunities for hiking, being close to a stream for fishing, etc. Generally, choosing a property that provides guests with a mountain living experience whether it be a city mountain view for those who prefer being closer to restaurants and shopping, or you may prefer a property with many options nearby for lots of outdoor activities to enjoy in nature.
Log homes have always been extremely popular. After all, what shouts out "mountain" more than a log home? We are seeing a trend, however as more and more investors are also purchasing contemporary mountain properties. It is always a matter of personal preference.
Above all, research by checking the popular online vacation rental websites and take note of the most popular areas, look at many of the property calendars and check how many days/weeks have already been booked, look at the reviews to get a better idea for the rental demand of those areas. What is the potential revenue growth for a property you are interested in and what is the potential rental income? We have data to help you analyze a property's short term rental potential income. Just ask us.
What's the deal with Vacation Rentals in Asheville?
Vacation rentals were banned within most of Asheville City limits in 2018 by the City Council. There are opposing sides to this restriction and so the controversy continues. We may or may not see this ban lifted in the near future. There are, however, Asheville, NC addresses not within the city limits and not within an HOA banning short term rentals, however as you may imagine, those properties are very swiftly scooped up by investors. It's a matter of staying tuned for when such a property becomes available.
This is why you will notice that we are not including "Asheville" on this page as most properties are not eligible for short term rentals at this time.
Are vacation rentals allowed everywhere else?
Now that you know that short term rentals are banned throughout most of the Asheville city limits area, does that mean that they are allowed everywhere else? Often times, we jump with excitement when a property meeting one of our investor client's needs comes to market. Unfortunately, we do need to look at the fine print within the agent section of the MLS as often times a property will be located within a subdivision or HOA that restricts short term rentals. This means that if you find a property on these pages that you would really love to purchase as an investment property for short term rental, always be sure to contact us via email or call us at 828.542.0084 and we will find out for you if there are any restrictions.