Here are some tips for investment homebuyers in Newport.
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Many homebuyers coming in from out of state want to buy a home here in Newport to live in during the summer and be able to rent it out in the winter.
If you're thinking of buying an investment property and wondering which type to purchase, it all depends on what kind of rental you want to do. The most restrictive type of property is also the most common right now: the short-term/Airbnb model. This is the kind of property many investors want to buy, but there are very few areas where they are allowed. I can send you the maps that show where you can own and operate a short-term rental if you’re interested. If you plan on moving here seasonally in the summer and renting out the place in the winter, you can do that anywhere in the city.
A short-term rental also has to be a property purchased within a permitted zone. The easiest way to think about this is that most of these properties are located on Thames St. in downtown Newport and a few other downtown pockets. Look in these areas if you’re trying to purchase a property to use for short-term rentals.
Your agent needs to be experienced and honest.
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If you’re looking for a property to rent during the summer and winter, make sure you have a really skilled agent. They’ll have extensive experience in working with these types of properties and dealing with them correctly, someone who will tell you the truth about rental rates and not just what you want to hear. They should be able to back up their claims with data and evidence.
If you’re looking to do Navy rentals, your agent should also have experience doing this. They should understand the military schedules and how the base housing allowance works. For example, some Navy families might not choose Newport in favor of Portsmouth school systems. Think about the fact that a Newport Navy family home is going to attract a different type of tenant than a Portsmouth or Middletown Navy family.
If you have any questions about buying an investment property, don’t hesitate to reach out via phone or email. I look forward to hearing from you.