Is A Vacation/Investment Property In Your Future?

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I’d been kicking around the idea of owning a vacation home/investment property for quite some time. This past summer I closed on a home in a community called Bay Creek in Cape Charles, Virginia. I can honestly say accomplishing that goal ranks #1 on my Top 10 Best Decisions of 2020 List. I’ll share with you my personal experience. If this is something you’ve considered, maybe, just maybe, it will make your Top 10 List in 2021.

What was I looking for?
• Location, Location, Location: I wanted a place that was an easy drive from home. Whether for a week or a weekend – it needed to be simple. Just pack a bag, hop in the car with Bailey (my dog) and arrive in just a few hours. No more than 5-6 hours door-to-door.
• Weather: Moderate climate. A little warmer than NJ.
• Things to Do: I like the outdoors. Walks and hikes, birding and spending time on a golf course. I would hardly call myself a golfer— but I enjoy trying. Shopping, restaurants and sights round out the experience.
• Ocean or Bay? Ask anyone who lives or vacations near water. There’s just something about sunrise, sunset and everything in between.
• Affordable: Affordability is different for everyone. My goal was to have a vacation home/rental investment as self-sustaining as possible to fit my particular goals.

I studied lots of communities mostly down the east coast, from Delaware to Maryland to the Carolinas. Virginia soon became my hands-down first choice. The Chesapeake Bay area has long been a favorite, and so, when I learned about Cape Charles, Virginia, Preserve Communities and Bay Creek, I knew I was headed in the right direction.

Here’s what I discovered – Cape Charles, Virginia, Bay Creek
• Location, Location, Location: a 5 ½ hour drive from Morristown area.
• Weather: Moderate climate. January’s average high temperature is 46.9 degrees.
• Things to Do: Outdoor activities are year round. Spectacular wildlife. Golf every single day. Great restaurants and unique shoppes are part of the charm of the area.
• Ocean or Bay? I chose Bay. Chesapeake Bay.
• Affordable: As a rental investment property, my property practically pays for itself.

Why it’s a great time to buy a vacation home
With interest rates so low, and travelers’ preferences shifting toward vacation rentals over hotels, there’s been a significant increase in interest and activity in purchasing vacation homes. Vacation Homes purchases are up 44% Y-O-Y in 3Q 2020 alone.

Preference for drive-to markets over fly-to markets
The pandemic has seen a noticeable impact on behaviors. Now, more than ever, people are choosing to drive rather than fly, for their safety and that of their families. This trend is likely to remain. The drive from New Jersey to Cape Charles Virginia is a relaxing five and a half hour ride.

Y.O.L.O.
If 2020 has taught us anything, it is to enjoy our family and friends around us, every day. Don’t wait. It makes me happy to own my new home, share it with friends and family and offer it as a special place for travelers to enjoy time and again. A decision I would make 100 times over.
Having had a number of conversations on this topic, it’s become clear this might be of more widespread interest. Beginning in January, watch for a ZOOM Series “Why 2021 is the Perfect Year for your Vacation/Investment Home.” From the comfort of your own home you’ll have a chance to connect with and learn from vacation community specialists and understand more about how you can participate in this exciting market.

CONTACT INFORMATION:
LISA MOLINARI
Weichert Realtor
20 Madison Avenue
Morristown, NJ 07960
(C) 908.337.1748
[email protected]
lisa-molinari.weichert.com

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