Asheville is a prime area for real estate investors. There are endless opportunities: from conventional real estate properties, to Airbnb management, to country homes and historic properties that are a house-flippers dream, the Asheville metro area has it all.
Whether you’re a real estate tycoon or a first-time investor, there’s an option here for you, and Keller Williams Asheville can help you find the perfect investment property for you.
Finding the Right Type of Investment Property
There isn’t just one type of investor, and there isn’t just one kind of property. Deciding on which type of property you want to own depends on your investment budget, strategy, and the amount of time you want to commit to upkeep.
- Short-term rentals and Airbnbs: Airbnb has been a boon for many investors: both downtown bungalows and mountain escapes are popular with visitors, and Asheville is in the midst of a tourism boom. Airbnb ownership can be lucrative during peak times like leaf season, but may get a little slow in the winter months depending on your location. It also requires a significant maintenance commitment: while many visitors are tidy, there are horror stories out there with massive messes and broken appliances. You’ll also need to contend with constantly changing local legislation of short-term rentals, especially if your property is in Asheville city limits where improper zoning can result in hefty fines.
- Long-term rental properties: Long-term rentals are a great option for investors because they provide stability. You’ll be able to lock in tenants for months at a time at a fixed rate. This allows you to do a little more planning with your investment portfolio: you will determine your income, and it will come in at a consistent rate. However, you’ll also have to contend with maintenance. If you need to pay a plumber to fix a pipe or repair a broken garage door, it’s coming out of your monthly income. If you don’t have the time to personally respond to tenant requests, you’ll need to hire a property management company.
- Fixer-Uppers: House-flipping is not nearly as easy as it looks on HGTV. In fact, we wouldn’t recommend it unless you plan on making it a full-time job, or at least a substantial side hustle. House-flipping income is far from the passive income you’ll make on rentals. It typically takes substantial upfront investment, a handyperson’s touch, some friends in general contracting, and savvy market knowledge. However, for the right investor who knows their way around a table saw, fixer-uppers can be a great creative outlet. Most flippers only keep a home for 90 days, and can turn them around for about $29,000.
- Vacation homes: If you have the income to support it, Asheville is a great place to own a second home. Many investors buy a home for personal use with the intention of selling it if and when the market looks right. This is a larger burden on your personal budget as it doesn’t create immediate income, but comes with the perk of being a place you can visit whenever you’d like. Plus, if the market skyrockets and you want to get out, you won’t have to wait for your current tenants to move out before you can sell.
Picking the Right Location for Your Investment
The type of home you’re investing in will dictate the location. If you want a vacation home to hold onto for years or decades, it may be best to go for a rural, scenic area. That way you’ll get the most out of your dollar and see lower property taxes than within Asheville city limits. If you want short-term rentals, you’ll want to invest in a trendy area where you’re likely to rent out most weekends of the year.
Long-term rental buyers may want to look in popular residential areas like West Asheville, Weaverville, Candler, or Fletcher. These areas are extremely popular with families and home prices are relatively low at the moment. Mountain towns also look poised for steady growth over the next few years, so you’ll have the opportunity to sell down the line.
Why Investing in Asheville Real Estate is the Right Idea
Asheville is a smaller market than Charlotte or Durham, but it has become an incredibly trendy place. Thanks to social trends that favor scenic views, relaxed lifestyle, and good food and good beer, Asheville is hitting the top of many internet “best places” lists. This has translated into consistent tourism and an influx of people from all over the country looking for a slice of mountain life.
Asheville real estate prices are consistently climbing, and are expected to continue their upward trend. Some real estate forecasts say there’s an 88% chance home prices will be higher in Q3 2021 than they are now—and it doesn’t get much more certain than that in real estate. In the same report, Asheville real estate appreciated at a rate better than 78% of US markets surveyed. All signs point to real estate in Asheville becoming more and more valuable every year, so now is a perfect time to jump into the market.
Finding Your Investment Property in Asheville
Finding an investment property can be a daunting task, especially if you’re investing in real estate as a side income. That’s why you’ll want to talk to a realtor at Keller Williams Asheville. Our team is made up of dedicated professionals who know the market inside and out. Whether you’re looking for a property to rent out, a quick flip, or a long-term vacation property, we have exactly what you’re looking for. If you’d like to get started today, take a look at our interactive online map of real estate listings in Asheville and the surrounding area.
When you’re ready, get in touch and we’ll help you find that perfect property for whatever your needs are.
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