Between the gorgeous scenic hikes and the rich historical value in Richmond, Virginia, it's no wonder that over 16 million tourists visit each year. Tourists constantly flooding your hometown can become overwhelming, but what if you could get the best of both worlds: tourist and resident? Enjoy the rents of the property owner and the fun of the visitor.
You could live this exciting and fulfilling lifestyle if you bought a vacation home in Richmond. If you're intrigued by this lifestyle idea, check out why owning a Richmond vacation home is an excellent choice.
1. Richmond Real Estate is Doing Well
In the last quarter, the Richmond real estate market boasted a 9.6% annual value increase and a 14% increase in unit availability. Any investment you make right now will hold and increase your investment's value.
2. You Can Rent Out Your Vacation Home
The savvy real estate investor uses their assets for passive income streams. One passive element is the capital gains from a booming market, but you can also rent your vacation property out on a short-term basis for extra cash flow.
You don't even have to be nearby to babysit the property. A short-term rental management service can manage your vacation home as a rental property on your behalf. Such services include marketing, tenant screening, property maintenance, and more!
3. Enjoy Personal Accommodation Every Time You Visit
Having a vacation home in a town you love also has great personal benefits. It's a much more comfortable and personalized lodging where you and your family can feel at home. You don't even have to pack when you go on holiday, just leave everything you normally need at the house.
4. There's So Much to Do in Richmond
If you buy a home in Richmond, you'll have easy access to a wide variety of attractions and fun things to do. There are hundreds of great parks, hikes, lakes, rivers, and breathtaking natural views to be experienced in Richmond.
Richmond also has tremendous historical significance, being the site of significant events from the early 1600s until the end of the Civil War. Interested people can enjoy re-enactments, guided tours, and many museums.
5. Great Tax Benefits
In most cases, you'll be able to deduct the mortgage interest of your second home from your taxes. You may also be able to deduct interest on home equity loans made against a second property.
Renting the property out can allow you to deduct certain expenses as business expenses. However, it's crucial that you thoroughly investigate the applicable tax laws to avoid costly mistakes.
Get the (Second) Home of Your Dreams
Having a vacation home can have amazing benefits. The market is poised to make it a substantial investment, and you get the added financial benefits of income generation, possible tax benefits, and savings on accommodation when you travel.
On the personal side, you get the most comfortable holiday accommodations available. You also get to experience one of the most exciting spots in the US from there.
If you're looking for the best vacation home, let us help you. PMI Richmond has an experienced team with over 30 years of real estate experience, and they are here to help you.
