Sedona, AZ: Delaying the purchase of a home in Sedona could be a costly mistake. People are retiring later in life than ever before. We have a lot of people contact us that may be 3 or more years out from retirement. Purchasing a home in Sedona may be in their reach now, but what will prices be like years from now? Sedona is very popular and it is surrounded by National Forest. It can’t grow. Sedona home prices will most likely increase and it’s possible they could be dramatic increases. An investment in Sedona real estate could be one of the higher performing investments in your portfolio.
So what can you do?
Buying a home for a rental can help protect you against price inflation. We have two kinds of rentals. Long term rentals and vacation rentals. The Arizona Governor recently signed a new law (SB1350) making short term rentals legal and blocking any city or county restrictions. This does not however change any HOA/POA or CC&R restrictions on short term rentals. Most of the city of Sedona is not within an HOA but they do exist. If a vacation rental is something that interests you, you may want to start with our Sedona NO HOA home search. Vacation rentals can be quite lucrative.
The Sedona market has a shortage of long term rentals. Long term rentals (6 months +) in Sedona tend to provide a more stable income and fewer tenant issues. Long term rentals are fine in an HOA community as well. Rental prices have sharply risen with the demand.
Which one is right for you? Give us a call and we’d be happy to discuss all aspects with you.