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Western North Carolina The Mountain Region including Asheville
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Old 08-13-2015, 01:06 PM
 
Location: SC
75 posts, read 87,324 times
Reputation: 110

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Hi everyone,

First off, I've been lurking this board for the past several days reading various opinions of different towns and cities in Western NC. I was hoping someone could point me in a good direction and maybe lend some helpful advice on planning for a future purchase of property.

My wife and I were married in October in 2013 and we honeymooned to the mountains staying in Black Mountain at the Village of Cheshire. We absolutely loved the area and strongly considered packing up our bags and moving, but the reality of the job market around the Asheville area swiftly slapped us in our faces and I'm not sure how serious we really were at the time.

Now, almost two years later, I have mountain fever and am longing for a mountain getaway. My wife and I are strongly considering purchasing property to serve us as a getaway for a couple of weeks out of the year while renting it out for the remainder. Of course, this is a venture that will be a few years in the making. We've set our goal for making a purchase in 5 years so we have plenty of time to research the area.

Like I said earlier, we loved Black Mountain. It was close to Asheville, Chimney Rock, Lake Lure, Mount Mitchell, and we were surrounded by the tallest mountains in the Appalachian. That said, Black Mountain and Asheville seem to be the most expensive places for real estate, not that we ever considered moving into Asheville (we just would like to be close). So my question to everyone is: What other towns are similar to Black Mountain as far as the downtown area? We want a town that has that certain mountain charm to it, which would be very important for potential renters. We've only been to Black Mountain, Asheville, Chimney Rock, Old Fort, and Burnsville, but Old Fort and Burnsville seemed to lack that charm (no offense to anyone who may live there).

Here's a list of towns I've compiled that I wanted to get opinions on:

Weaverville
Mars Hill
Candler
Waynesville
Hendersonville
Lake Lure
Swannanoa
Old Fort (close enough to Black Mountain I would consider it)

I do plan on visiting these towns soon to get an idea myself but maybe some of you can help eliminate a couple or maybe throw a few more in that I might be completely unaware of.

Keep in mind that I know some of these towns are big tourist areas which is actually something I find desirable as far as my interests go in owning a rental property. But I would also like to make this a future retirement home so I would like to keep the harsh weather risk at a minimum. Which is another question: How much rougher is the weather is places like Mars Hill and Waynesville compared to Black Mountain?

Ok, I think that's it though I'm sure more questions will be spawned once the conversation gets started. And let me say thank you in advance. I know you guys have offered many opinions on different towns in the past and this might seem redundant but hopefully my inquiry has enough details to answer the questions I haven't found answers to in these forums yet. I've searched and read many threads but most seem to be relative to people moving to the area and their interests, in a large way, are different from mine.

With that said, thanks!
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Old 08-13-2015, 04:38 PM
 
6,333 posts, read 11,491,519 times
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If you are only able to visit for two weeks out of the year, I strongly advise renting places during the visits up to your retirement. You will have the option to try out different towns and explore others.
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Old 08-14-2015, 06:16 AM
 
Location: SC
75 posts, read 87,324 times
Reputation: 110
That's a very logical point. I say two weeks because of legal reasons which I've read you can't stay more then two weeks at your own vacation rental property. I'd like to spend more time there then that and would probably find myself visiting several weekends throughout the year (who has to know, right?). Also, I would lend the place out to family and friends on occasion.

If I could find a job in my field then I would probably just pack up and move that way, provided it pays comparable to what I make now. Seems like the same jobs pay less near Asheville than most other places I've seen.
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Old 08-14-2015, 06:34 AM
 
11,113 posts, read 19,417,110 times
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Quote:
Originally Posted by lezgibson View Post
That's a very logical point. I say two weeks because of legal reasons which I've read you can't stay more then two weeks at your own vacation rental property. I'd like to spend more time there then that and would probably find myself visiting several weekends throughout the year (who has to know, right?). Also, I would lend the place out to family and friends on occasion.

If I could find a job in my field then I would probably just pack up and move that way, provided it pays comparable to what I make now. Seems like the same jobs pay less near Asheville than most other places I've seen.

Weaverville #1: Close enough to Asheville to enjoy many activities and shopping; charming walkable town; some beautiful subdivisions, mountain views plus rolling land. Easy access to the interstates for travel in any direction. Check www.Realtor.com to see available properties which will give you an idea of price ranges and locations of quaint mountain towns. (As far as I know, using your vacation property is wide open, as long as you declare SC as your primary residence for 6 months + 1 day. It's an income tax issue.) Now... the employment issue, pay scale, should be your first priority before relocating anywhere permanently, especially to this area.

Last edited by QuilterChick; 08-14-2015 at 07:26 AM.. Reason: Correct 'state' error.
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Old 08-14-2015, 07:16 AM
 
Location: SC
75 posts, read 87,324 times
Reputation: 110
Quote:
Originally Posted by QuilterChick View Post
Weaverville #1: Close enough to Asheville to enjoy many activities and shopping; charming walkable town; some beautiful subdivisions, mountain views plus rolling land. Easy access to the interstates for travel in any direction. Check www.Realtor.com to see available properties which will give you an idea of price ranges and locations of quaint mountain towns. (As far as I know, using your vacation property is wide open, as long as you declare NY as your primary residence for 6 months + 1 day. It's an income tax issue.) Now... the employment issue, pay scale, should be your first priority before relocating anywhere permanently, especially to this area.
Thanks!

I've been doing a lot of research about what banks look for when possibly issuing a loan for a second house/vacation house/investment property and I thought I had read that on one website about the two weeks ordeal. If that's not true then that is awesome.

I have also, in the past, looked at several jobs in or around Asheville on the NCWorks website that pay around $5 less an hour than the same job here in rural South Carolina which seems crazy and that's one of the big reasons I'm looking to buy a vacation home instead. I make well enough now that with some good saving and budgeting I can hopefully pull this off, but that's also why having a rental property is ideal so that it can help pay the expenses.

And I've been frequenting Realtor.com and Zillow and getting an idea of the prices in all the surrounding areas, and Weaverville was one location that was appealing but I wasn't familiar with the downtown area and its mountain charm since I haven't been there but I certainly will make that a priority on my next trip.

So how does Mars Hill compare? I've see a lot of the real estate in Mars Hill that seem to be what I would look for in a property but how is the town itself and the weather? And I'm sure Waynesville has that charm I'm looking for but being at a higher elevation, how does the weather compare to Asheville/Black Mountain?

Thanks again!
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Old 08-14-2015, 07:36 AM
 
11,113 posts, read 19,417,110 times
Reputation: 10172
Ut oh ... evidently I need another cup of coffee ! Sorry. Yes, if you are going to use it as rental property, then you have to declare it on your income tax as such. The bank will look at it that way, and consider potential income, or if it is already rental property, then they will look at the rental income history. Most of the time they will take 75% of the rental income in qualifying you for a mortgage. They also take upkeep, potential vacancy rate, insurance, your earnings and your income tax history, the amount of your current mortgage, and so forth into consideration. You should talk to a mortgage banker in the area you are interested in purchasing. I've owned several income properties but none in the past 15 years, so I'm rusty on that. Before you get excited about the prospect, sit down with a banker.

My original reply was based on your using it as a vacation/2nd home.
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Old 08-14-2015, 08:01 AM
 
Location: Southport
4,639 posts, read 6,329,582 times
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Quote:
Originally Posted by lezgibson View Post
So how does Mars Hill compare? I've see a lot of the real estate in Mars Hill that seem to be what I would look for in a property but how is the town itself and the weather? And I'm sure Waynesville has that charm I'm looking for but being at a higher elevation, how does the weather compare to Asheville/Black Mountain?

Thanks again!
This thread has a very informative discussion of weather in western NC, and also many valuable links:

Does this microclimate exist near Asheville?

I'd also advise you to talk to a CPA regarding the rental of the house, deductibility of expenses, days of rental, etc. Its a complicated subject, and you need to make sure you thoroughly understand every aspect of it.

Last edited by carolinadawg2; 08-14-2015 at 08:13 AM..
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Old 08-14-2015, 08:07 AM
 
Location: SC
75 posts, read 87,324 times
Reputation: 110
No problem. What you have told me is more informative than the websites I've read thus far. I do need to speak with a banker just so I know more of what to expect and to prepare for the investment down the road. Like I said in my original post, I'm aiming for 5 years down the road. That gives me time to save up the ~30% that I've read the banks require for a down payment and some extra. In the meantime I'll continue researching the process and the area.

Thanks! You have been very helpful.
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Old 08-14-2015, 08:08 AM
 
Location: SC
75 posts, read 87,324 times
Reputation: 110
Quote:
Originally Posted by carolinadawg2 View Post
This thread has a very informative discussion of weather in western NC, and also many valuable links:

Does this microclimate exist near Asheville?
Thanks! I'll jump right into it!
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Old 08-14-2015, 08:09 AM
 
11,113 posts, read 19,417,110 times
Reputation: 10172
Quote:
Originally Posted by lezgibson View Post
No problem. What you have told me is more informative than the websites I've read thus far. I do need to speak with a banker just so I know more of what to expect and to prepare for the investment down the road. Like I said in my original post, I'm aiming for 5 years down the road. That gives me time to save up the ~30% that I've read the banks require for a down payment and some extra. In the meantime I'll continue researching the process and the area.

Thanks! You have been very helpful.
You're very welcome
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