According to the National Association of Realtors 18% of homes purchased in the Northeast in 2014 where either vacation or investment properties. The report goes on to detail that 31% of those sales were made with the intent of eventually converting into primary residences.

Looking to purchase a vacation/investment property on Nantucket?

Here are 4 tips to keep in mind:

1. Mixing business with pleasure – If you’re planning on offsetting some of the costs of your vacation property by renting it make sure to select a location and a property that is well suited to vacationers. Scenic beaches, history, proximity to major cities, fantastic dining and events make Nantucket a very popular destination creating a very high demand for rentals. 

2. Work with an agent that knows the area – Your local agent is a great resource for little known information such as - building codes, contractors and other local knowledge. There are many unique factors when it comes to not only purchasing property on Nantucket, but also what you are able to do with the property once you own it. Working with a knowledgeable, local agent is indispensable. 

Interesting fact, The entire island of Nantucket is a National Historic Landmark District, this also includes Tuckernuck and Muskeget Island. At over 30,000 acres, it is the largest conventional historic National Historic Landmark District by area in the contiguous United States.

3. Factor In Extra Costs - In additional to the purchase price, you'll have to cover taxes, insurance, maintenance and utilities. If you are not living on Nantucket a caretaker or property manager is a very good idea. There are many ways to save on traveling to Nantucket, the ferry boats and airlines offer discounts for bulk purchases such as commuter books. 

4. If you are planning to rent your property, work with a local Nantucket rental agency - You can save yourself a lot of time and money by renting your vacation property through a rental agency. Considering the time and money put into promoting and reserving your property, its a very good idea to have a Nantucket rental agency handle your property. Along with making sure your property is rented they can also assist with cleaning schedules and maintenance. 

Although sites like VRBO and homeaway can showcase your property, using a local Nantucket agency that knows the seasons, events, areas, beaches etc. of Nantucket as well as the details of your specific property is indispensable. 

We hope these tips help with your next vacation or investment property purchase.