by Shawn Boday | Feb 26, 2021 | Real Estate, Real Estate Investing, Real Estate Tips, Uncategorized
In 2019, Vacasa released its report of the best places to purchase a vacation home. The key takeaway is that locations within the Smoky Mountains and Florida beaches are the top contenders. Further, you do not have to be a millionaire to consider purchasing a second home as a getaway. The median home costs within the report range from $178,000 to more than $708,000. Feel free to read through the entire report. It lists 25 different locations in total. However, the below list contains the top 5:
Kissimmee, Florida
This city is located in the Orlando Metro Region and is housed right near several of the most popular theme parks in the nation. These parks include SeaWorld, Legoland, Universal Studios, and the famous Walt Disney World.
Whittier, North Carolina
Whittier is nestled between the Smoky Mountains and the Nantahala National Forest. This small community houses approximately 5,600 people and is close to several attractions. The Eastern Cherokee Reservation, Harrah’s Casino, and Dollywood are all within driving distance. Other interesting and family-oriented activities nearby include gem mining, hunting, fly fishing, and river rafting.
Davenport, Florida
Davenport is a small city sandwiched between Orlando and Tampa. It is a city that is growing daily, but it still only houses about 5,400 residents. This is a great location for individuals who want some distance from the big cities, but still close enough to enjoy them when necessary. Tourist locations near Davenport include True Blue Winery, Providence Golf Club, and Lake Davenport.
Killington, Vermont
Killington is a tiny little town of only 800 people. However, it is famously known as the largest ski area on the east coast. Not only is Killington great for skiing, but hiking enthusiasts will feel right at home as well. The Appalachian Trail runs right through Killington. Individuals will also be able to enjoy biking, ATV rides, local restaurants, and shopping centers.
Sevierville, Tennessee
Sevierville, nestled near the Great Smoky Mountains National Park, is best known as the hometown of the famous singer and actress, Dolly Parton. In 1986, a local theme park by the name of Silver Dollar City was renamed to Dollywood after Ms. Parton purchased an interest in the park, sparking an uptick in tourism.
by Shawn Boday | Nov 20, 2018 | Business, Real Estate, Real Estate Investing, Shawn Boday
There’s a level of risk inherent to any investment, but successful investors can tell you that making money in this manner should never be a game of chance. Research constitutes a significant portion of any investor’s job, and that’s especially applicable when dealing with real estate. Any number of factors could affect the value of your property, but these tips can help you get some sensible grounding in the industry.
Learn the Lay of the Land
The value of a property is about a lot more than the size and quality of the home. The neighborhood and city it occupies is just as important, and getting a feel from the street level can help you not just predict what the property is worth now but what it might be worth in the future. If possible, you’ll want to make sure to visit the house itself so you can get an understanding of the local traffic situation, aesthetics, and access to entertainment and public facilities. Driving around can give you a big picture understanding, but going out on foot is just as important. Speak with local business owners and residents to get an understanding of the attitudes and get to know about upcoming development projects. This can be a good barometer for how well you can expect your property’s value to grow.
Assess the Market
There are a number of online resources that can help you determine if the property you’re looking at is a smart investment or a money trap. Check with a local Realtor or with online rental directories to get an understanding of typical rent in the area, and then evaluate that against your budget and the cost of your investment. Zillow can be a great resource here. You can also dig up the mortgage and lien history on your property directly. This information is public record and can be uncovered online without too much effort.
Scope Out Total Expenses
Figuring out the cost of your investment is about more than just comparing the cost of your mortgage to the average rent. You also have to take utilities, maintenance, and insurance into consideration. This will help you more accurately determine what your overall costs can be. And while some owners may be reticent to give up this information, the promise of a reliable buyer can often encourage them to be transparent with that data.
After putting these tips to use and conducting thorough research, you are ready to make your investment!
