On The Fence? Reasons To Buy A Beach Investment Property
Have you considered buying a coastal investment property but are still on the fence? There are plenty of compelling reasons to buy an investment property in today's market.
1) Although the housing market also has its ups and downs, signs of stabilization in the market are making investment properties more appealing to seasoned investors.
2) In the current market, rent increases are higher than mortgage increases because of demand and more restriction on home loan applications. Your monthly mortgage rate may be much lower than the rental rate you will receive.
3) Local and state real estate taxes paid on a second home or vacation home are typically deductible.
4) If you are not using your property for at least 14 days or 10% of the days you rent it out during the year, you may be able to deduct some home improvement costs.
5) Renters aren't only looking for week-long vacation rentals in the summer. There is a demand for beach rentals during holiday seasons, and with nearly 15 million Americans renting a home, there is always a demand for long-term rentals that last throughout the entire off-season.
If you're looking to a buy a rental investment property in Southport, Oak Island, Caswell Beach or Bald Head Island, trust a realtor with intimate knowledge of the area. Contact me and I'll walk you through the process of buying a vacation rental property.