Purchase to Invest: Why Maine Is the Perfect Destination to Invest
Renowned for its rocky coastlines, beautiful wilderness, breathtaking mountains, classic New England culture and delicious fresh lobster, Maine is a gem of the Northeast that has been a favorite for visitors and residents for generations. Particularly attractive to outdoor enthusiasts, retirees, tourists and those looking for a laid-back place to live, the state — aptly nicknamed the Pine Tree State — still feels like the rugged and beautiful wonderland it always has been.
Investing in Maine’s Real Estate
With low taxes, climbing rental prices and a plethora of properties to choose from, Maine is the perfect place for real estate investors to build their property portfolios and feel confident in the return on their investment. Historically, property investment has almost always proven to be reliable and lucrative. Unlike other investments such as stocks, other assets and traditional investments, real estate investment is typically not subject to the same volatile markets. While not every real estate investment strikes gold, the odds are certainly in your favor. Especially in a long-time desirable location like Maine where property value has remained stable and rental prices continue to sharply increase, property investment in this neck of New England is certain to boost portfolios while still bringing in rental fees.
With reduced tax liability, stable property value and ever-increasing rental prices, Maine is an excellent place to reap return on your investment. The robust rental market through long-term rentals and Airbnb opportunities offer supplemental income and return on investment through rent. Some of its coastal counties offer some of the lowest tax rates in the state. Additionally, your second home may be tax-deductible, as there are many tax breaks for second homeowners in Maine. A tax-deferred exchange allows you to roll over the proceeds received from the sale of an investment property into the purchase of one or more other investment properties. The longer you hold onto a property investment, the more value it will accrue over the years. You can likely expect your property value to double over a decade or two in some of Maine’s prime oceanfront or lake-land locations, ensuring you get a prime return on your investment.
Something for Everyone
Maine is a perfect place to purchase property to invest simply because this state has something for everyone. After a primary residence, many investors purchase vacation homes for enjoyment and possible future retirement. This perennially adored state offers many possibilities for vacation homes, either along the coast or on one of the many lakes and rivers. With the national real estate trend moving toward country living that doesn’t skimp on culture and still allows for easy access to main metropolitan hubs, Maine is a hot real estate market to get into based on its desirability. It’s easy to understand why Maine’s real estate market and rentals are so coveted. With its diverse landscape and unique culture, it has something for ocean, city, forest and mountain lovers. The city of Portland has amazing restaurants, culture and music scene, ocean proximity and laid-back city vibes perfect for those who want to be closer to nature without losing out on the excitement of a city. Renters visiting Maine are happy to pay top dollar for all this stunning state has on offer.
From South Bristol to Mount Desert Island, the state’s coastline is renowned for its extensive beauty, historical homes and nautical charm, making it an ideal destination for those who appreciate the seaside for its nature and culture. The Pine Tree State also has some of the most spectacular mountains and forest wilderness in the Northeast. Mountain ranges like the Mahoosucs and Bigelow, 282 miles of the renowned Appalachian Trail and breathtaking Katahdin at its terminus, and renowned ski areas like Sugarloaf, Saddleback and Sunday River draw outdoor enthusiasts from around the country to explore their beauty. Rustic log cabins, traditional farmhouses and Colonial masterpieces dot the interior of Maine, appealing to just about anyone’s aesthetic sense. With its extensive wilderness, forests and national parks, this state is perfect for those who love a rural a quiet lifestyle and living in proximity to nature. Despite its extensive wilderness, Maine is also conveniently located near some of North America’s best cities — Boston, Portland and Montreal — so living here can mean living the best of, well, many worlds.
Attracting visitors from all over the country and even from abroad, this state has been a favorite tourist destination for decades — specifically attractive to visitors from New York and Boston due to its convenient proximity and easy commute. Maine has mastered the art of developing tourist infrastructure without compromising on the charm and integrity of the place itself. It is easy to get to and around the state to enjoy all that it offers without feeling like you are in an amusement park, and that is one of the main reasons Maine is so popular for those who want to explore it without feeling overwhelmed by tourism. Fortunately, the state’s economy also relies on tourism, meaning it is always striving to maintain its appeal and popularity. For real estate investors seeking a nice increase in value, consistent income or a growing profit, Maine’s popularity as a tourist destination increases annually.
Excellent Rental Market
The popularity of Maine as a tourist destination means the rental market is excellent and that real estate investors should feel comfortable relying on renters to cover operating expenses and probably just pay for itself. Many people come to Maine looking for both long-term and short-term rentals to enjoy either the entire summer months or just a weekend trip, making holiday rentals in this state a great way to make a property investment lucrative. Luckily for property owners, Maine’s rental prices continue to climb. Maine also has excellent health care facilities, schools and a workforce, making it an attractive place for long-term renters. For retirees and families, Maine is an excellent place to rent homes and live. As an investor in property, Maine is a place where one can always be certain to rent their homes and enjoy a steadily increasing value of property and rentals costs. In major cities like Portland, rent prices have skyrocketed in recent years by almost 100% over the course of a decade. For those looking to invest in Maine properties, the value of property and rental pricing is certain to only increase over time.
Popular Living Destination for Retirees
Maine is a famous retirement haven for New Englanders and those from further-flung places. With its stunning scenery, endless leisure opportunities, low cost of living, peacefulness and good health care, it’s no wonder Maine attracts those looking to retire. Retirees often come to Maine looking for long-term rentals and can offer property owners a consistent and reliable income.
Similarly, Maine is the perfect place to invest for those seeking a peaceful and beautiful place to enjoy the later years in life while remaining confident that their property will always carry significant value.
As tourism in Maine experiences consistency and growth, single-family homes and vacation property rentals are good choices for real estate investors. Aside from all the beauty and richness, investing in property in Maine is certain to bring returns.