You’ve probably spent some time saving up money and getting a high-paying job, but one way to increase your investment portfolio and boost your wealth that you might not have thought of is investing in the Smoky Mountains. Vacation rentals are an ideal investment option for new investors, providing a steady income source monthly.
Location for Smoky Mountain Cabin Rentals
The Smoky Mountains is a vacation area that receives over 11 million visitors annually, making it arguably one of the most popular vacation destinations. The town's national park is straddled between North Carolina and Tennessee and isn't a long driving distance from most Eastern US states.
When trying to select a cabin in Gatlinburg, TN, there are various options to choose from: a summer excursion or winter getaway; luxury or rustic; close to noise or located in solitude. Your potential guests would have a lot to choose from, and so would you, considering you could use a rental cabin as a vacation getaway for you and your family, too.
Why Choose the Smoky Mountains?
One reason to buy Gatlinburg cabins is that they're in a thriving area. Millions of people who come to the Smoky Mountains national park prefer staying in log cabins. As such, if you have a house, you'll find no shortage of people renting it. And the even better news? Additional attractions are currently being added to the town to attract more tourists.
Are Log Homes a Good Investment?
Log homes have a timeless attraction and are usually a safe housing style to invest in, seeing as they're often sought after in the real estate vacation market. With the constant demand for log homes, it's obvious this home design will continue to stay popular for a long while.
You can even alter a cabin to fit your particular style. For instance, if you’re into a rustic look, you can use wood grains to create a house with those features. Additionally, you can create a modern-style log home with sharp borders and streamlined designs.
Log homes are excellent investment choices, irrespective of the aesthetic you prefer.
Cabin Rental Business
As a rapidly growing industry, the vacation rental industry has been projected to thrive more than ever in the next decade. This growth results from most tourists' desire to spend their vacation where there's a homely feeling instead of in a hotel. As a matter of fact, in 2020, vacation rental revenue was an estimated $44.4 million.
If you're planning on starting a rental investment in the Smoky Mountains, it'd be best to have a plan. You might want to consider the marketing strategies to use and the investment costs that you’d face.
Buying a Log Cabin In the Smoky Mountains
When trying to buy a log cabin for rent or use, you'll need to visit the place at least three times and thoroughly check the property before paying. You’ll want to ensure you’re making the right choice for your investment.
Owning a Log Home
Log homes possess a robust aesthetic superiority that most buildings made with cement blocks don't have. They're usually built in a natural landscape with beautiful views to preserve the environment and local habitat. As such, owning a cabin in the Smoky Mountains ensures you’ll enjoy nature, fresh air, and other attendant benefits that come with green spaces.
Log Home Inspection
Purchasing an existing log home as an investment is a less expensive option than building from scratch. This assertion reflects continually escalating construction costs and land prices.
What to Consider When Buying a Log Home
One major area to consider while buying a log cabin in the Smoky Mountains is the exterior. Sometimes the finish might flake, which isn't a primary problem. However, it's necessary to ensure that the rental home has a gutter to shield the house from getting wet, as dampness leads to rot. And consider waterproofing or staining the wood. You might also want to ensure that the gutter’s downspout doesn't drain close to the foundations or house.
The Best Place to Buy a Log Cabin
An analysis done by AirDNA on the best places to invest in vacation rentals in 2020 and 2021 indicated that Gatlinburg is among the top five large market areas. Furthermore, according to a 2019 report by Rented, Gatlinburg is the second-best place for investing in rental vacation properties. From these statistics, it's safe to say that the Smoky Mountains, which is one of the top tourist destinations in Gatlinburg, is the best place to buy a log cabin.
An investment in the Smoky Mountains log cabin rentals is one that promises to yield substantial returns to cover the costs of purchasing the cabin. Nevertheless, you've got to do your research first and consider the cost while thinking of the potential income. It can be an overwhelming process, and you might want some help. In that case, consider checking out The Short Term Shop, a company that specializes in helping people grow their wealth by investing in short-term rentals, including log cabins. They’ll make your real estate investment dreams come true!