Recently I’ve seen more activity with vacation and second home real estate markets than in the last three years. We just had a closing last week on the Outer Banks of North Carolina. Some of my clients place their purchases in rental programs to receive income while not personally using the property. The income helps to offset or cover the expenses of owning the property. As always check with your accountant and attorney to see how the tax and legal ramifications will affect your overall personal situation. Also, you may want to take title to the property in an LLC or other type of corporation, again check with the accountant and/or attorney.
The beach (the Outer Banks, Hilton Head Island, Myrtle Beach, Hawaii, etc) ski (Wintergreen, Massanutten, Snowshoe, Tahoe, etc.) and golf (The Homestead, Kingsmill, etc) resorts plus other vacation destinations appeal to many buyers as a second home location. College town have a somewhat different appeal. Since Charlottesville and The University of Virginia go hand in hand we have may parents of undergraduate students and graduate students looking to buy homes instead of renting. I also have a client looking at properties in Blacksburg, Virginia that will provide income as well as an efficiency apartment for the owner’s use on home football games weekends. There are lots of options.
With the personal contacts I’ve developed over the past 20 years and RE/MAX network of top producing agents, I’ve got great agents ready willing and able to assist you across Virginia, the nation and the globe. If you’re looking to buy or sell, I can find an agent to assist with the project. Currently several clients are working with top agents around the country.
If you are considering an investment in a second home/vacation property, I’m here to help, so let’s talk!