Owning a rental property is a great opportunity to make residual income on your assets. Renting a property, particularly in a place where tourism is heavy, can be a great way to passively pay off the mortgage, or invest in other opportunities.
Choosing a prime location is key to owning and operating a successful rental property. Smith Mountain Lake, located in the Roanoke Region of Virginia, is a great location to own a rental property. Smith Mountain Lake is rich in recreational activities, making it a magnet for tourism.
Financial Commitment for Owning Property in Smith Mountain Lake
Virginia is a great place to buy property. From an economical perspective, Virginia offers medium-priced housing with comparatively low property taxes. The median home price in Virginia is just around $400,000. The property taxes are ranked 26th on Tax Foundation’s 2022 Property Tax Index with #1 being the lowest taxed, and #50 being the highest.
Overall, Virginia offers relatively affordable purchase prices and very manageable property taxes. When looking at Smith Mountain Lake alone, homes in this region have a median price of only $275,000.
Benefits of Owning Rental Property in Smith Mountain Lake
Smith Mountain Lake is a popular recreational area, offering boating, kayaking, fishing, waterskiing, and more on its beautiful waters. Most of the access points to Smith Mountain Lake are accessible from private property only. Apart from a few marinas and the state park, people looking to enjoy the lake will need a private property with lake access.
That’s why buying rental property in Smith Mountain Lake is an excellent choice. Vacationers will be looking for vacation home rentals with access to the lake. The area is very family friendly. There’s an abundance of family fun to check out, such as the several mini-golf courses, carp feeding, the marina with rentable watersports equipment, and hiking trails.
Smith Mountain Lake offers tons of dining options and has every category of cuisine nearby. The lake attracts families, friends, and even business groups for its fun and relaxed atmosphere.
Owning a rental property in Smith Mountain Lake allows you to rent your home to the many vacationers looking for a place to stay at this lake oasis.
Conclusion
If you are researching where to buy a rental property, put Smith Mountain Lake on your list! Smith Mountain Lake offers competitive home prices with a huge demand for vacation homes.