Should You Lease Your Second Home in Wilmington, NC?
Owning a second home in Wilmington, NC, is a significant milestone for everybody. It’s a great addition to your portfolio of assets; it makes a great escape from the usual and so much more. Second homes also make an excellent opportunity to make extra income if you decide to lease it out!
Buying a Second Home in NC
Having a second home in Wilmington, NC, isn’t a luxury just for the well-to-do. The trend of second home buying is on the rise, and people are flocking to places like Wilmington, North Carolina, to do it.
It’s ideal for people who want the perfect mix of city living and a quiet country life with lower taxes and fantastic opportunities. It’s a great vacation spot, and if you’re planning to lease out your second home, it can produce good income too.
If you still can’t decide whether you should lease out your second home in Wilmington, NC, or not, here are some thoughts that may help:
Tax Benefits
Rental properties offer owners many tax benefits. If you’re leasing out your second home, you will be able to deduct your expenses from the income it will generate. Your rental income will help offset some of your ownership costs, and you’ll get to keep a little more for yourself.
Extra Income
Having somewhere to run off for a quick getaway is excellent, but having a passive income source is better! Getting your second home rented short-term or leased long-term is a fantastic way to earn extra income. Your rental income will cover most of the expenses and some more.
Rental Flexibility
Unlike rental investments, your second home can give you more flexibility. You don’t necessarily have to lease it out to a single tenant for years! You can choose to have it rented only when you won’t be using it.
Airbnb and Vrbo are great platforms to help you find tenants that will only stay a few days to a few weeks allowing you to enjoy your second home when you have time to make it there.
Utilizing your second home as a short term rental does require registration with the City of Wilmington and may include some restrictions. Please click here for more information.
Ready to Buy a Second Home in NC?
Second homes are an excellent investment whether you plan to live a hybrid lifestyle, use it as a vacation home, or lease it out.
If you’re looking for your second home in Wilmington, NC, our team can help. We have access to many excellent properties that will be great for whatever use you have in mind! Schedule a call with us today, and let’s talk about what you need!
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