1031 Exchange Maine
Renowned for its spectacular mountains, fascinating culture, rocky coastline, beautiful rural areas, and delicious lobster, Maine isn’t a crowded place. The state mainly attracts outdoor enthusiasts, tourists, and retirees searching for a laid-back place to stay. Some of the most important cities are Lewiston, Portland, Bangor, Auburn, and South Portland.
Maine is a famous tourist area and a retirement living destination. This makes it a convenient choice for real estate investors to own vacation rental properties and single-family homes.
Advantages of doing a 1031 Exchange in Maine
Popularity as a retirement living destination – Peacefulness, superb sceneries, low cost of living, endless leisure opportunities, and one of the lowest crime stats in the US makes Maine a retirement haven. 9% of the state’s population are baby boomers, which is entirely above the national average. This opens avenues for real estate investors in single-family homes. Retirees prefer to rent out houses in Maine, which means a constant stream of income year-round for investors. Also, senior renters have a steady monthly pension, so there will be no defaults or delay.
Excellent rental market – Maine promotes important industries like retail and healthcare. There are lots of exceptional healthcare facilities, such as St Joseph Hospital, Maine Medical Center, Mercy Hospital, and Central Maine Medical Center. There’s a 28.13% renter fraction in Maine. In Portland, rent prices have skyrocketed over the past years. This means real estate investors can quickly get tenants for their single-family homes and make a good profit.
Major tourism hub – Maine is a popular tourist attraction. Last year, tourists’ visits observed a hike by 2.5% statewide and 6% in Portland. A vacation rental property is an excellent way to earn a consistent profitable income.
Affordable entry price of homes – Although Maine hasn’t felt a high population growth rate, there is still considerable new construction. Also, the prices for new homes are affordable. Real estate investors can purchase affordable new houses and enjoy the increasing renting prices.