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Hey gang, I hope everybody enjoyed their summer! I have a question for the usual suspects. Lol. Has anybody rented out rooms or whole houses as VRBO? I am contemplating the purchase of property in Asheville and Weaverville and would like to get input as to the pros and cons of doing so. Thanks,
Da Bear
Hey gang, I hope everybody enjoyed their summer! I have a question for the usual suspects. Lol. Has anybody rented out rooms or whole houses as VRBO? I am contemplating the purchase of property in Asheville and Weaverville and would like to get input as to the pros and cons of doing so. Thanks,
Da Bear
If they are only for vacation(s), how would the numbers work Bear? Have you considered small cute older homes, like 1 or 2 BRs for vacation rentals?
If they are only for vacation(s), how would the numbers work Bear? Have you considered small cute older homes, like 1 or 2 BRs for vacation rentals?
Hey QC, I am in the beginning stages of this endeavor and I don't have my numbers down yet. I am selling a property in NYC and doing a 1031 exchange for property here in Asheville. I am also considering Weaverville and Black Mountain.
Hey QC, I am in the beginning stages of this endeavor and I don't have my numbers down yet. I am selling a property in NYC and doing a 1031 exchange for property here in Asheville. I am also considering Weaverville and Black Mountain.
Excellent choices. Don't forget Hendersonville, only 2nd to Avl for being a tourist mecca, a bit more low key and very popular. Also check down near Lake Lure/Chimney Rock.
This weekend here in Hvl. they are having the NC Apple Festival, so far looks like they should have a big turnout, the weather is A-1. Brevard is very popular also, (lower key than Hvl.) hikers and nature folks love it, there is an easy entrance to the Pisgah Forest right there, an awesome fly fishing river (The Davidson), and an entrance to the BR Parkway. There isn't much around that is not good.
Make sure you check out the restrictions on B&B's and renting out rooms. I know Asheville had capped it for a while. I'm not positive but I think Weaverville has a limit as well. They are trying to keep the market from being flooded.
I know of one family in Weaverville that rents a room in their house. Sort of a pared down B&B. I have her flyer but it's at the office. Sorry
Make sure you check out the restrictions on B&B's and renting out rooms. I know Asheville had capped it for a while. I'm not positive but I think Weaverville has a limit as well. They are trying to keep the market from being flooded.
I know of one family in Weaverville that rents a room in their house. Sort of a pared down B&B. I have her flyer but it's at the office. Sorry
Thanks young92. I had a meeting with a banker yesterday and he told me that Asheville may change the law on that in November. Any other information that you can provide would be appreciated.
There was an article in the Asheville C-T on this very issue a few months, regarding various concerns for VRBOs, such as City doesn't get taxes, neighbor complaints. Very detailed as to the issues. Probably in archive. There's probably some office in the City that makes this their full time concern. We looked at a house for sale in Montford that had a small garage in the back turned in a VRBO that you climbed up a small latter to get to a sleeping berth, looked like a railroad car. Amazingly, they rented it by the night. Visited a woman of a friend, who had a similar arrangement in her garage. These places seem to be everywhere. For the City, they don't how many there are, where they are, and the economic impact of lost taxes.
It sounds like in Asheville vacation rentals are legal downtown, but not in most of the surrounding neighborhoods. The city doesn't have enough staff to police vacation rentals, so the law is pretty much pointless right now unless there are neighbor complaints.
The article also makes the point that vacation rentals are eroding the affordable housing in this area even more, because many of them are small bungalows that could be used for inexpensive rentals. It's more lucrative for the owner to rent by the night or week, which means more affordable places are being taken off the rental market for low-income residents. I'll be interested to see which way it goes when they vote on it again.
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