Are you looking for an investment property that doubles as a weekend getaway for you and your family? You can’t go wrong with real estate, and if you invest in property that is appreciated quickly in value and keeps rents low, then your investment will pay for itself quickly. One of the perfect places to invest is at the world-famous NASCAR racetrack in Charlotte, North Carolina – the perfect mix of entertainment and business.
If you’re looking to invest in real estate, then you’ve probably considered the racetrack in Charlotte. The year 2020 was a particularly good one for the NASCAR race track – due to the COVID-19 pandemic, attendance and live racing hours were drastically reduced. However, with the resurgence of the economy and the desire for people to get back to being sociable, the demand for luxury real estate in the Charlotte area greatly increased. If you want to take part in this real estate market, then it’s important to familiarize yourself with the specifics of the racetrack and its condo units.
What Is A NASCAR Vacation Rental?
While it’s great to visit the Charlotte area and enjoy the vibrant culture and entertainment, it’s important to remember that real estate is a serious matter and should be treated as such. If you want to invest in real estate, then you should do your research and learn everything you can about the subject. Among other things, you should familiarize yourself with the various types of real estate available, the different variables that could affect the price of specific properties, and the legalities surrounding real estate transactions.
The Varying Costs Of A Condo At Charlotte Motor Speedway
One of the main issues that you have to contend with when investing in real estate is the high turnover rate among residents. As we have learned, not all real estate is created equal, and there is a lot of variance in the amount of cash that one needs to spend in order to secure residency at the Charlotte Motor Speedway. While some of the luxury condos at the track are quite reasonably priced (in relation to the area and the amenities that you get in return), others carry a hefty price tag. Here are the varying costs that you will need to consider before making a purchase decision:
If you plan on visiting the NASCAR track regularly, then you will need to secure parking. The standard fee for parking at the track is $60 per month. You will not find many places nearby where you can park for free, so you will need to shell out for this service.
If you want to live at the track, then you have a couple of options. You can purchase a season pass for $2,000, which allows you to park free for the whole year. Or, you can pay $5,000 for an annual pass and park for free. This is a great option if you plan on staying at the track for a few days or a couple of weeks.
These include electricity, water, and cable TV. You will need to determine how much you are willing to pay for each of these utilities. If you plan on keeping your rental property well-maintained, then you should budget extra for these utilities.
The electricity fee at the track varies from $2.50 to $5 per day. The water bill is $5 per day, and the TV fee is $20 per month. This makes the total annual cost of maintaining a residence at the Charlotte Motor Speedway about $26,000. With these costs, you definitely need to consider the benefits – having a place to shower, cook, enjoy a pool, and stay connected to the outside world through the internet.
You must mow the lawn at least once per week. The minimum charge is $15 per week, and you will need to make an additional payment of $25 if you want the grass to be trimmed. If you stay at the track for a couple of weeks, then this is a significant cost that you should budget for.
This includes monitoring the building via video cameras and responding to incidents promptly.
The security fee at the track is $20 per day, which makes the total security cost for a week about $60. This cost can vary depending on the severity of the incident – from a simple noise complaint to break-in – so it’s best to familiarize yourself with the details of the contract before making a commitment.
This includes cleaning the residence once per week, snow removal, trash removal, and pest control services. The minimum charge for these services is $15 per month, and you will need to make an additional payment of $40 if you want them cleaned once per week.
Now, you may be asking yourself, how much does a condo at the Charlotte Motor Speedway cost? The answer greatly depends on the specific unit that you select and the amenities that it comes with. If you want more information, then it’s best to contact the realtor that handled your previous purchase – as most realtors are familiar with this niche, it will be easier for them to give you an idea of what you are buying and the resale value.
An important thing to consider is that while some of the luxurious condos at the race track come with several amenities, others don’t – so it’s best to do your research and learn about the specific unit that you’re interested in before making a decision.
The Great Outdoors
You can enjoy the great outdoors via a private balcony or a full-fledged back yard – depending on the unit that you purchase. If you want a relaxing vacation, then spending some time outside is the perfect way to go. You should also consider the nearby hiking trails and their varying degrees of difficulty – some are short and very close to the unit, while others are quite challenging and can be accessed only via GPS coordinates.
The great outdoors of Charlotte are quite breathtaking – so it’s important to make the most of the view and enjoy the breathtaking sunsets to their fullest. If you want to make the most of your time at the track, then getting an outdoor grill and cooking up some hot dogs and hamburgers with your friends and family is the perfect way to spend a weekend. You should also consider the nearby lake – if you want to swim or boat, then it’s best to contact the marina that handles the area’s sailboats. The water pressure is rather high, so you might want to purchase a kayak or canoe to get around on – it will be quite an experience to explore the areas nearby by kayak or canoe.
If you want to take a more adventurous route, then you can contact the local outdoor shop and ask them about hiking trails that radiate from the area. You can also search for ‘hiking trails near me’ online and find the trails that suit your physical condition and what attractions you’d like to see.
If you want to visit the Charlotte area and consider a luxury condo as an investment, then it’s best to learn about the specific amenities that it comes with – remembering that some amenities might not be available in all units.