Travel

Discover the Ultimate Beach Paradise in Virginia

You can’t put a price on quality rest and relaxation. Unfortunately, you can put a price on the vacation home where you might find said rest and relaxation. Luckily for Southerners, the best places to buy a beach home in the United States happens to be in the South.

Recently, Vacasa released its Best Places to Buy a Beach House 2023 list. Nine out of the 10 winners were located in the South, with Lake Anna, Virginia taking home the top spot. While Lake Anna isn’t technically on the coast, the second largest lake in Virginia does boast 17 miles of sparkling water and sandy beaches, so there’s plenty of opportunity for waterfront fun. The destination also ranked first on Vacasa’s 2022 list of the Top 25 Places to Buy a Vacation Home.

To pick winners, Vacasa calculated the average capitalization rate, the rate of return on a real estate investment, for popular vacation rental destinations. According to the study, an average Lake Anna vacation home or condo costs around $385,000 and yields a cap rate of around 12.08%, resulting in around $69,723 in annual gross rental revenue. To calculate average cap rate, Vacasa considered average property tax utilities, homeowner association fees, insurance, and property management fees in each destination. Read more…

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