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I posted a question about this on an existing thread yesterday, but figured I would start a new thread with a bit more detail, as I find CityData residents to be a valuable source of information for this sort of thing...
My wife and I currently live in Chicago, and we are looking to purchase a second home in Western NC. The home will serve dual purposes - first and foremost, to provide us an "escape home" during the brutal winter months on the horizon (crappy Midwestern weather compounded by a crappy pandemic), and secondly, to generate a decent amount of income when we're not using it. However, other than a road-trip through Western NC in the spring (coming from Pigeon Forge and ending in Lake Lure), we really haven't had a chance to see all that Western NC has to offer, so I am hoping for a little feedback on what area would be ideal, based on the below criteria.
1. "Rentability": Areas/towns that have the AirBnB/VRBO appeal, as opposed to a neighborhood smack dab in the middle of a subdevelopment, or somewhere in the sticks that doesn't attract much of a rental market.
2. Proximity to civilization: Coming from Chicago, we have grown way too accustomed to the conveniences of good dining options and quick access to necessities to go completely remote.
3. Good for young families: We loved Lake Lure when we visited, but felt the demographics were a bit too old for our tastes. Would prefer to be around younger families, even if it's just seasonal influxes.
4. Even ground: On that note, we have a 3-year-old daughter, so a level yard is much more preferable to long-range mountain views. If possible, we would prefer to be surrounded by mountains rather than on the side of one.
5. Natural beauty: I feel like this is a given, but bears mention anyway. We love the hills and beauty of Western NC, and it's the number one reason we are looking in the area. Wouldn't want to trade that for any of the above.
6. Culturally and politically diverse: Again, coming from a big city, we are just too used to being surrounded by a wide variety of people and opinions to be barricaded into insular, small-town mentality (born and raised in that - left and never looked back!)
7. Ideally looking for 3-bed, 2-bath under $400K.
I know this isn't the longest laundry list, but also appreciate it could be hard to find all of it in one place. Please let me know if you have any suggestions on areas or towns we should be considering - thanks a bunch in advance!
I posted a question about this on an existing thread yesterday, but figured I would start a new thread with a bit more detail, as I find CityData residents to be a valuable source of information for this sort of thing...
My wife and I currently live in Chicago, and we are looking to purchase a second home in Western NC. The home will serve dual purposes - first and foremost, to provide us an "escape home" during the brutal winter months on the horizon (crappy Midwestern weather compounded by a crappy pandemic), and secondly, to generate a decent amount of income when we're not using it. However, other than a road-trip through Western NC in the spring (coming from Pigeon Forge and ending in Lake Lure), we really haven't had a chance to see all that Western NC has to offer, so I am hoping for a little feedback on what area would be ideal, based on the below criteria.
1. "Rentability": Areas/towns that have the AirBnB/VRBO appeal, as opposed to a neighborhood smack dab in the middle of a subdevelopment, or somewhere in the sticks that doesn't attract much of a rental market.
2. Proximity to civilization: Coming from Chicago, we have grown way too accustomed to the conveniences of good dining options and quick access to necessities to go completely remote.
3. Good for young families: We loved Lake Lure when we visited, but felt the demographics were a bit too old for our tastes. Would prefer to be around younger families, even if it's just seasonal influxes.
4. Even ground: On that note, we have a 3-year-old daughter, so a level yard is much more preferable to long-range mountain views. If possible, we would prefer to be surrounded by mountains rather than on the side of one.
5. Natural beauty: I feel like this is a given, but bears mention anyway. We love the hills and beauty of Western NC, and it's the number one reason we are looking in the area. Wouldn't want to trade that for any of the above.
6. Culturally and politically diverse: Again, coming from a big city, we are just too used to being surrounded by a wide variety of people and opinions to be barricaded into insular, small-town mentality (born and raised in that - left and never looked back!)
I know this isn't the longest laundry list, but also appreciate it could be hard to find all of it in one place. Please let me know if you have any suggestions on areas or towns we should be considering - thanks a bunch in advance!
1. Get as close to downtown Asheville to get the most rent ability. Under 400k is going to be tough.
2. Again proximity to downtown Asheville is where you want to be.
3. west Asheville has plenty of young families.
4. Even ground will be tough to come by.
5. Natural beauty is in abundance in Buncombe county.
6. The city of Asheville leans heavily left. Once you go into the county it leans right.
That said it looks like you want to Airbnb your property while not in it. If you buy something in The city of Asheville, you will have to live in it to Airbnb it. Those restrictions are not applied in the county.
Swannanoa ... 10-15 min to downtown Asheville, but because it is on the east side of the city, it is relatively traffic free. Great access, yet still maintains a rural feel. There are tons of Airbnbs out there, and I believe they do relatively well. Might want to check them out and see what their calendar availability looks like.
Here is an example of what you can get for way under $400 (not sure what size house/lot you're looking for, so just an example of something I think would make a good 2nd home/Airbnb (although not quite even ground):
The highest ski mountains on the East Coast are in Banner-Elk, NC. That's Beech Mountain and Sugar Mountain. The place is lovely Summer or Winter. The mountain scenery is simply amazing.
The area has condos and cabins all over those mountains. And Banner-Elk and the adjacent small towns actually have some decent restaurants too.
This example location is in Banner Elk, walkability is pretty easy to town and the amenities. It's at about 3700' altitude. You probably would not be happy up on Beech or Sugar because the altitude causes harsh winters and there are very few flat lots. Now by harsh, I mean two or three days of miserable cold or snow and ice, then several moderate days, but the lower elevation of Banner Elk gives you better weather conditions, the affordability you desire and the flat lot. You are still close enough to Beech and Sugar that renting is possible.
The advantage of the Asheville area is the greater housing availability. Banner Elk will be a much smaller market for the house you are describing, but may offer wider all-season rental availability because of the concentrated winter and summer activities within a small travel distance. Thre is skiing at Sugar Mt., Beech Mt during the short winter season, and Mt. Biking and hiking during the warmer season. Close by is Seven Devils which hasn't offered skiing in years, but does offer the areas best zip lines and a few good hiking trails.
A word of caution, areas that are governed by POA may have rental stipulations that may or may not allow short term rentals. Our mountain POA allows only long term rentals (by the month or longer)
Thanks everyone for the feedback. Nice to have so many options.
DLM - I’ll definitely take you up on that. Thanks!
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