The island of Nantucket has been one of the leading New England destinations for a summer home ever since the 1960s.
Whether you have decided to move to Nantucket permanently or to use your residence there as a summer or second home, there are some specifics you may want to consider before making such a substantial investment and serious step.
Are you prepared for living on an island?
Even though Nantucket is located less than 30 miles from the mainland coast of Cape Cod, it is still an island. This means that in extreme weather, it may be impossible to get to it or to leave. Also, since there are no bridges or tunnels, the island can be reached only via a ferry or plane. This means that you should be prepared to pay more for shipments and practically everything delivered and shipped from the mainland.
Then again, there are enough grocery stores, convenience stores, markets, and hardware stores in Nantucket where you can get the basic supplies and appliances you need.
Last but not least, keep in mind that the island of Nantucket is relatively tiny. The all-year-round population is only about 10,000 people, so you should be prepared to live in a place where everyone knows everyone. While the tight-knit community is one of the best aspects of Nantucket, some people who like more privacy and anonymity may not appreciate this.
Choose the best Nantucket neighborhood.
While it is a small-sized island, Nantucket has many neighborhoods and areas. There is the Town of Nantucket, and there are more European-style villages such as Siasconset and others.
The Town is made up of many neighborhoods, including the central historic Town. Brant Point is within walking distance from Town and is near the calm northern beaches and the iconic lighthouse.
Other neighborhoods and areas have different vibes and advantages and disadvantages. You can choose to buy a home in Cisco, Cliff, Dionis, Madaket, Miacomet, Monomoy, Polpis, Quidnet, and many more.
Surfers and younger people prefer Madaket and Cisco, while Sconset has the traditional gray weathered shingle houses covered with pink roses and a peaceful coastal vibe.
Some have more hustle-bustle while others are more private and quiet.
Keep in mind that building and renovating a home is expensive and regulated by strict rules
If you are planning on buying a residence in Nantucket, keep in mind that there are very strict rules and regulations for renovating or building houses on the island. The local Historic District Commission is in charge of preserving the island’s historical and cultural outlook and charm. This is why there are strict building codes, which determine the shape of the roof, the height, the shingle type and colors used, and so on.
Also, due to its remote location, the construction materials and the labor are much more expensive than on the mainland USA.
There is a Land Bank tax for homeowners
Every owner of a house or other building on the island needs to pay a fee of 2% of the price of the purchased residence to the Nantucket Land Bank and the conservation organizations. This fee is to ensure that they can purchase and protect as much of the land on the island as possible, as well as to ensure that access to all beaches and the waterfront is possible and free for everybody.
Because the island is dedicated to protecting its land and ecosystem, the number of new buildings and homes which can be built is very limited, which means that if you find a home that you love, you should be prepared to make an offer very swiftly.
The upkeep of the property can be costly
The upkeep of your second home can be quite costly, especially if you plan on using it seasonally rather than spending the whole year in Nantucket. This means that you will need to prepare the expenses which the upkeep, such as snow removal and maintenance, will cost quite a lot if you want to protect your property from potential damage from the harsh weather in the winter.
Consider renting your home out
Renting off homes and properties in Nantucket is very common and easy. Many of the seasonal residents choose to rent out their local homes for vacations. This can help make money and return some of your investment to buy the home when you are not using it.
Since this business is pretty well established on the island, you shouldn’t have a problem finding a residential rental company or potential customers yourself.
Carol
Information sourced by the author for luxuryactivist.com. All content is copyrighted with no reproduction rights available. Images are for illustration purposes only.
