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hi - we are looking at potential second homes in the Maggie Valley and Waynesville area. The thought being that it would be a vacation rental property for the next 10 years or so until we are ready to retire. We love the area but are somewhat concerned about the vacation rental aspect. Not sure if we should get a bigger house which would be more popular in terms of rental (I have heard that bigger houses are easier to rent , while the house would be more expensive, the rental income would hopefully off-set the cost.), or a smaller home which might not rent as often
We own a home nearby and we have discussed renting it out but have decided against it. I don't think the rental income would be consistant enough to justify the wear and tear on our beautiful home. Remember, it gets cold there in the winters and it's essentially a ghost town (no pun intended for those that frequent ghost town).
Property values are down so now is the time to buy. I don't think asking your real estate agent about rentals is a good idea because there are no guarantees. I would find property management companies in the area that specialize in mountain properties and see how it works out.
We did very well when we owned a condo in a country club community near Cherokee because the on-site management company oversaw the rentals. But once summer was over, no rental income!
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