Your Smoky Mountain Investment Cabin: Retirement & Rental Cabins
www.willquinn.com
Many people I have worked with over the last fifteen years have come to me with the idea of buying a cabin as a second home, putting it on a rental program to help pay for it and using it as their retirement home when they are ready. That’s an excellent plan and there are ways you can use a rental cabin to accomplish this goal.
Retire in East Tennessee
There are numerous factors that make Sevier County an excellent place for your retirement. If you want specific facts and figures you can check out the Sevierville Chamber of Commerce website. Here, I will hit the high spots.
Location
Depending upon how you define a day’s drive, Sevier County is within a day’s drive of 70% to 90% of the U.S. population. The Knoxville airport is less than an hour from anywhere in Sevier County so it’s easy for family and friends to visit you and a convenient location from which to travel.
Beauty
The Great Smoky Mountains area is one of the most beautiful places on earth.
Weather
This area has four distinct seasons. Spring and fall are long, summers are hot and humid, but no more so than most places in the U.S. and our winters are short and mild.
Low Taxes
Because so many tourist dollars support the local economy, property taxes in Sevier County are among the lowest in the country. When I quote an annual tax amount for a property, the typical response from out of area buyers is “That’s per month, right?” Also, Tennessee is one of the few states that has no income tax.
Medical Services
Between Knoxville and Sevier County virtually any type of medical service is available. Our local hospital is highly rated and our local ambulance service has among the fastest response times in the country.
Cultural Diversity & Attractions
A large percentage of the local residents are transplants so you won’t feel out of place here. With the University of Tennessee’s main campus in nearby Knoxville, our “big city” is on the circuit for top-name entertainers and for national touring companies of Broadway shows, etc.
How Does a Rental Cabin Fit In?
Most of the people who have approached me with the idea of retiring to their vacation home have a similar scenario in mind. Buy a cabin, use it as their vacation home and use its income to contribute to its acquisition cost. Then, when they are ready to retire, take the cabin off the rental program and live in it. The problem with that plan is the design and location of the typical rental cabin. The average length of stay in an over night rental is less than four days and the cabins are designed with that in mind. Closet space is almost nonexistent and kitchens are of a minimalist design.
Additionally, successful rental cabins are situated close to the attractions that draw tourists and typically are in high density developments with little or no usable land. The solution is to buy a cabin that has the highest income earning and appreciation potential that will also serve your needs as a vacation home. When you are ready to retire, sell that unit and put the proceeds into the purchase of your ideal retirement house. This is a sound course of action even if your plans do not include retiring in East Tennessee.
Will Quinn Website: www.willquinn.com Email: will@willquinn.com Phone: (865) 654-8006
For your free copy of the eBook The Insider's Guide to Buying a Second Home / Investment Cabin in the Smokies by Will Quinn, please email us: will@willquinn.com.
© 2009 Will Quinn, all rights reserved.