With the current real estate market, there has never been a perfect time to invest in a vacation home than now. When the real estate market took its turn for the worse, some of the hardest-hit markets were sunny destinations.
Even as the market has improved, many of those sunny homes are still at a bargain price, making it a buyer’s paradise for an investment property.
Here are the top five places to purchase a vacation home:
1.Cherry Grove Beach, South Carolina
Median asking price: $219,900
Cherry Grove Beach is a storybook fishing village that time has passed by. A sleepy little town in comparison to more metropolitan areas, the town is known for its Fishing Pier, a popular tourist destination. And unlike Myrtle Beach with its high-rise condos, Cherry Grove Beach is the quintessential beach town with quaint cottages, friendly people, and a warm atmosphere.
Median asking price: $179,600
Perfect for the outdoorsy folks, Gatlinburg is home to the Great Smoky Mountains National Park, which is the most visited National Park in the United States. It is among one of the most searched-for vacation home spots, for the pricing is low and the area is superb.
Because of its popularity, purchasing a vacation home there would supplement a second income if used as a rental property.
3.Panama City Beach, Florida
Median asking price: $294,245
Home to a 27-mile stretch of beaches, Panama City Beach is just off the Gulf of Mexico. A hotspot for those who are looking for good entertainment, this area home to two State Parks, plenty of public beaches, and waterfront restaurants that serve up local seafood.
It’s the spring break capital of the world, and many vacation homeowners in the area rent out their homes to college students.
4.Lake Arrowhead, California
Median asking price: $399,000
Originally called Little Bear Lake, Lake Arrowhead is located in the San Bernardino National Forest. The resort area features a peaceful atmosphere, outdoor recreational activities such as hiking, backpacking, bicycling, water skiing, and much more, making this a great vacation spot for those with outdoor interests.
5.Big Bear Lake, California
Near Lake Arrowhead, Big Bear is another popular vacation destination. Only a population of 5,000 people, Big Bear during the off-season is quaint and relaxing. During the snowy season, Big Bear can host more than 100,000 visitors, especially on holiday weekends.
Many vacation homeowners enjoy using Big Bear during the off-season and renting out their cabin for a profit during the crowded times.
Real estate agents agree that a vacation home is a great investment if used as a vacation rental. In ideal vacation areas like these listed above, a vacation homeowner can easily make back their investment in a couple of years if not sooner.
If serious about purchasing a vacation home, check out sites like TitleMax.com and look at different loan options available that can be a resource to helping you fund this wise investment.