Many people are purchasing vacation homes in Nantucket and it’s easy to see why it’s a leading destination for such investments. First of all, the island has a great environment, suitable for people who want to keep away from the bustle of the city.
Secondly, the prices of vacation homes are more buyer-friendly at the moment compared to the prices in 2021. As a real estate investor, now is the best time to venture into Nantucket’s property scene. If you’re interested in the market insights, you’re in the right place. We’ll take you through what you need to know about this island’s home vacation market.
Living on an island
When thinking about getting a home in Nantucket, you have to remember that it’s an island. It’s only 30 miles off Cape Cod, but it’s still remote, and access is either by sea or air. Commuting via ferry or plane may seem fun and adventurous for the first few days, but it may become tiresome very quickly for some.
Also, you have to consider the added cost of getting supplies in from the mainland. The remoteness can make deliveries pretty slow and pricey.
Far from the downsides of having property on an island, you’ll enjoy the weather, the ocean’s scenic view and the beaches. It’s a sound move to choose Nantucket as your vacation or retirement destination. You could have a primary property in Nantucket if you work on the island or don’t mind commuting to and from the mainland.
Which neighbourhood to live in?
Once you’ve decided on having a house in Nantucket, next you’ll determine in which neighbourhoods to search for property. For the most part, the island has a quiet and calm ambiance; in the town centre you’ll find historical buildings preserved to maintain the traditional essence of Nantucket.
The good thing about being based in the town centre is the proximity to amenities; most facilities are within easy reach.
Brant Point is an excellent neighbourhood to consider. Its main attractions are the many lighthouses and attractive beaches. Green lawns or waterfront porches punctuate many of the residences. The safe, peaceful atmosphere makes it ideal if you’re looking for a retirement home.
Other districts to look for a vacation home include Cisco, Dionis, Madaket and Miacomet. Consider issues that may be important to you in your search such as accessibility, transport links, local schools and more.
Return on investment
Many property investors consider the potential return on investment when purchasing real estate. A vacation home can be considered like an investment that you can sell in the future for a profit. Alternatively, you can rent out the property when you are not in town.
Nantucket is constantly growing and developing, and experts praise its active real estate scene. The prices are steady, with demand being high. It means you will not have a hard time entering or exiting this island’s property market.
Keep in mind the matter of taxation to have a clear and realistic picture of the market. Property owners pay 2% of their property price as a transfer fee to the Land Bank. As a first-time homeowner in Nantucket, you are exempt from paying this tax for the first $850,000.
Rules and regulations
Nantucket has strict regulations governing home ownership and construction. Your vacation home should stick to these rules to avoid problems with the local authorities. Find out about the colour codes and construction style before breaking ground or buying a house.
Summary
Nantucket is gradually taking its place as a top real estate investment hub. The vacation house market is one of the most lucrative, seeing that Nantucket is a leading tourism destination. The beautiful oceanic view, relaxed beaches and unique culture are among the things that attract visitors and incomers to the island.
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