Sales for vacation homes have risen 57.4 percent since 2013, according to NAR’s 2015 Investment and Vacation Home Buyers Survey. Second homes are easily justifiable, as they are a great investment and a fantastic way to earn additional income. But where are the smartest places to buy? Take a look at these five places that offer a phenomenal range of activities and make for smart investments.
If you are an outdoor enthusiast who loves year-round sunshine, Arizona is a great place for a second home. With top golf courses, spas and hiking trails, Arizona offers a wide range of activities to do. In addition, due to appreciation rates continually going up and year-round vacation appeal, your desert oasis is sure to be a great rental property, too.
With its history, art and beaches, Charleston has a unique appeal. This Southern harbor town has Civil War monuments, five beaches and world-renowned golf courses. The real estate market is equally appealing. According to Coldwell Baker, 49 percent of homes in Charleston are owned, 40 percent are rented and 11 percent are not occupied. Last year, 3,416 Charleston properties were sold and the median sale price was $355,996.
Looking for white sandy beaches in your vacation spot? Puerto Rico is a Caribbean island that boasts having rainforest, beaches and all the amenities of each. With a range starting at under 200k for condos and million-dollar beachfront properties, Puerto Rico offers something for everyone. Puerto Rico also provides a sense of culture in addition to some American staples, like Costco and Rooms To Go. This makes it easy to equip your vacation paradise with the necessities.
With no shortage of views and fun, both North and South Lake Tahoe offer amazing second home locations. Between skiing in the winter, lake cruising and hiking in the summer, and year-round entertainment, the Lake Tahoe real estate market is buzzing. North Lake Tahoe is less congested and has more of a small-town feel, whereas South Lake Tahoe boasts hotels, casinos (like Harrah’s) and familiar restaurants. You cannot go wrong investing in this market.
Another location boasting year-round appeal, Colorado has a plethora of small to large towns that have a unique feel and coinciding real estate market. One of the biggest allures of Colorado is its beauty. In fact, “America the Beautiful” was inspired by the view from the Rocky Mountains. When deciding where to place your second home, Colorado has many options. Towns like Telluride are frequented by Oprah Winfrey and Tom Cruise and offer skiing, hiking and an upscale, small town feel. Other locations, such as Fort Collins, offer more laid-back living and proximity to larger towns, like Denver.
Wherever you decide to place your vacation home, make sure it’s a smart investment. Vacation homes now represent 21 percent of all home sales, the highest share since NAR began tracking the market in 2003. An estimated 1.13 million vacation homes were purchased last year, up from 717,000 in 2013. Join in on the phenomenon and enjoy the benefits, brags and return your vacation home will offer.
Courtesy TheTopTier Digital Media