Vacation homes are a commodity many Americans desire, but some view the cost as prohibitive in today’s floundering market. But if investors choose their vacation home’s location wisely and opt to rent out their vacation home while they aren’t using it, the property could prove to be a valuable investment. If nothing else, it may at least earn enough supplementary income to make the expense worthwhile.
When buying a vacation home, one of the most important factors to consider is location. Owning a vacation home is inherently different from simply renting a hotel room once a year. Vacation homebuyers are advised to travel to the area they are considering before making a purchase; owning a vacation home means the homeowners will likely spend a lot of vacation time there, so it’s important they enjoy the area. And when the vacation home is also an investment property, the location and surrounding market is even more important. Investors should look for an area that is not only has draw as a tourist destination, but also has a strong market with good appreciation and rent returns.
With this in mind, NuWire created a list of the top 10 locations in the U.S.—including U.S. territories— Asheville, North Carolina ranked number 5 in the line up to buy vacation rental property. The cities were selected based on a combination of their appeal as both investment and tourism locations. Factors such as home prices and appreciation rates were taken into consideration alongside issues such as weather and the availability of activities and attractions.
5. Asheville, NC
Population: 72,789
Median Home Price: $317,500
Appreciation Rate: 7.89 percent
Average Number of Rainy Days per Year: 125
Average Temperature: 74°F in July, 38°F in January
The city of Asheville welcomed 2.76 million overnight leisure visitors in 2005, according to the Asheville Convention and Visitors Bureau. The city is within easy driving distance of Lake Lure and Lake Powhattan as well as the French Broad and Nolichucky Rivers. Visitors who feel like trying their stamina on the Appalachian Trail can get there easily from Asheville. Asheville is also home to several thriving artistic neighborhoods, such as the River Arts District. In the spring, flowers coat Western North Carolina with a rainbow of blossoms. Estimations of when various flowers are likely to be in bloom can be found on the Asheville Convention and Visitors Bureau website. Frommer’s named the area a must-see destination in 2007, according to the Bureau.
Source: www.nuwireinvestor.com; Cali Zimmerman; March 12, 2008 Top 10 Places to Buy Vacation Rental Homes in the U.S.
Vacation homes are a commodity many Americans desire, but some view the cost as prohibitive in today’s floundering market. But if investors choose their vacation home’s location wisely and opt to rent out their vacation home while they aren’t using it, the property could prove to be a valuable investment. If nothing else, it may at least earn enough supplementary income to make the expense worthwhile.
When buying a vacation home, one of the most important factors to consider is location. Owning a vacation home is inherently different from simply renting a hotel room once a year. Vacation homebuyers are advised to travel to the area they are considering before making a purchase; owning a vacation home means the homeowners will likely spend a lot of vacation time there, so it’s important they enjoy the area. And when the vacation home is also an investment property, the location and surrounding market is even more important. Investors should look for an area that is not only has draw as a tourist destination, but also has a strong market with good appreciation and rent returns.
With this in mind, NuWire created a list of the top 10 locations in the U.S.—including U.S. territories— Asheville, North Carolina ranked number 5 in the line up to buy vacation rental property. The cities were selected based on a combination of their appeal as both investment and tourism locations. Factors such as home prices and appreciation rates were taken into consideration alongside issues such as weather and the availability of activities and attractions.
5. Asheville, NC
Population: 72,789
Median Home Price: $317,500
Appreciation Rate: 7.89 percent
Average Number of Rainy Days per Year: 125
Average Temperature: 74°F in July, 38°F in January
The city of Asheville welcomed 2.76 million overnight leisure visitors in 2005, according to the Asheville Convention and Visitors Bureau. The city is within easy driving distance of Lake Lure and Lake Powhattan as well as the French Broad and Nolichucky Rivers. Visitors who feel like trying their stamina on the Appalachian Trail can get there easily from Asheville. Asheville is also home to several thriving artistic neighborhoods, such as the River Arts District. In the spring, flowers coat Western North Carolina with a rainbow of blossoms. Estimations of when various flowers are likely to be in bloom can be found on the Asheville Convention and Visitors Bureau website. Frommer’s named the area a must-see destination in 2007, according to the Bureau.
Source: www.nuwireinvestor.com; Cali Zimmerman; March 12, 2008 
