My House Is Your (Vacation) House
It is no secret that the Asheville and Western North Carolina area is one of the most popular tourism destinations in the country. In Asheville and Buncombe County alone, tourism accounts for billions of dollars (that’s billions with a ‘B’) in annual spending on local goods and services – including, of course, lodging.
In fact, according to the most recent annual report issued by the Buncombe County Tourism Development Authority (BCTDA), over 3 million nights were booked in hotel rooms and Airbnb rentals during the past year. Over one million of those overnight stays were booked on the Airbnb platform, but it should be noted that the BCTDA did not track any of the other vacation rental platforms in tabulating these results, such as the hugely popular HomeAway/VRBO platform. It is likely, therefore, that the actual number of non-hotel, privately-owned vacation rental stays was significantly higher.
What does this mean for buyers and sellers in the Asheville real estate market? Well, it means that the home you may be thinking about selling or the home you are interested in buying may have added value as a vacation rental property. Ultimately, the existence of zoning or HOA restrictions may limit or prohibit such a use, but we think all buyers and sellers in the Asheville real estate market need to be considering short-term and vacation rental potential. The ideal year-round residence to you may also be viewed as a desirable vacation rental to the hoards of overnight visitors looking for a place to stay in the Asheville area.
For buyers, resale value is always an important factor to consider when buying a home. Even if you have no intention of ever renting out the property as a vacation rental, its potential use as a vacation rental in the future adds value. Likewise, for sellers, the primary goal is to expose your property to the broadest possible market of potential buyers. For homes in the Asheville area, that market absolutely extends to vacation and second-home buyers and investors.
Are you in the market for a vacation home in the mountains? Need help navigating the patchwork of local regulations and restrictions on short-term rentals and determining the best locations? Need help analyzing the income potential of a property or exploring local management options? Or maybe you already own property in the area and need help understanding the income potential of your property or marketing your property to vacation and second-home buyers. Whatever your real estate needs may be, we would love to hear from you.