Nantucket is a top real estate market for people looking to purchase a first, second, or third home. The island hit a record high in real estate sales in 2021. This is no surprise considering its scenic beaches, incredible natural resources, historic buildings, seasonal landscapes, popular art, and bustling town centers. However, if you are looking to buy a home in Nantucket, you should know some of the aspects of the real estate market there, as well as living specifics on this island. Here are some essential considerations to keep in mind before investing in Nantucket real estate.
While Nantucket is a small-sized island, it has many areas and neighborhoods. There is Nantucket town, and there are other neighborhoods, each with different vibes, pros, and cons. Some are more quiet and private, while others are more hustle-bustle. You can decide to purchase a home in Madaket, Dionis, Cliff, Cisco, Quidnet, Polpis, Monomoy, Miacomet, and many other areas. Start by exploring the different neighborhoods so as to choose a home that rhymes with your lifestyle and preferences.
Strict Building and Renovation Rules
If you want to buy a home in Nantucket, it is important to keep in mind the strict rules for building or renovating homes on this island. The strict building codes, including the colors, height, shingle type, and shape of the roof, are aimed at preserving the unique and historical island’s charm and outlook. More so, due to the remote location of the island, labor and construction materials are much more costly than in the USA mainland.
Situated thirty miles south of Cape Cod, the only way to get to Nantucket Island is by ferry or plane. This implies that during severe weather conditions, it can be impossible to move in or out of the island. More so, the shipping expense is higher compared to other parts of the US due to its far distance from the mainland. This causes the cost of products in stores at Nantucket to be more expensive.
You Can Consider Renting Out the House
Nantucket is a top destination not only for surfers and beach lovers but also for special events like anniversaries, weddings, engagement parties, and others. With a large percentage of homeowners in Nantucket being seasonal residents and using their homes for occasional vacations, short-term residential rentals are popular on this island. Therefore, you can consider renting out your home when not using it.
Homeowners Pay a Land Bank Tax
All homeowners in Nantucket pay a 2% tax on the price of the home to the Nantucket Land Bank and conservation organizations. This tax ensures they can conserve the island as well as ensure everybody can continue accessing all beaches for free. The island is dedicated to protecting its ecosystem and land, which limits the number of new homes and buildings that can be built.
Find Your Dream Home with Sanford & Sanford Real Estate Agents
As you can see, Nantucket has a very competitive real estate market with the right opportunities often hidden and coming fast. It is, hence, essential to work with an experienced agent like Nantucket Town real estate brokers Sanford & Sanford Real Estate. With the surge of sales of Nantucket real estate last year and the building regulations that limit the new constructions on the island, the available homes for sale are very limited. Work with Nantucket Town real estate brokers Sanford & Sanford Real Estate to find a new home on this breathtaking island and fulfill your dream.