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Buying a beach home
By Billy | December 29, 2009
When buying a home in the OBX, there are a number of different items to condsider that will assist you through this process. It is often advised to start your home search with a budget.. We have several local lenders that will be happy to give you interest rates, percentage for down payments, monthly payments and discuss your options of having a second home versus a rental home loan.
Once you have found a price range you will want to consider how often you are going to use the home. Is this home going to be used as a personal vacation residence or will you be seeking to rent it out?? Do you want this to be a second home that you can escape to whenever your schedule permits? Some people are finding a happy medium, renting the home out themselves to family and friends to defray some costs but still keeping the schedule open and flexible.
Finally you want to think about location. Most people have a favorite part of the Outer Banks and will only want to search for property within that area. There is a big difference between west side homes (homes west of Bypass 158) and homes referred to as “between the highways” which will be between 158 and Highway12. The rental income will be higher in this area but so will the home prices. We can show you the differences in homes and neighborhoods for these two sections of the beach.
For any property that is for sale, we will walk through the steps of obtaining insurance costs, property taxes and utility costs for each individual property so that you will know exactly what expense to expect. We will also show you net income from rentals versus the “advertised gross rents” that you will see posted on listings.
We will go over the advantages of a home inspection, pest inspections and septic inspections which are becoming more important. All of these steps will be taken before you write any offer on a property. Homes are becoming very attainable with the prices falling and interest rates staying low. Often Outer Banks foreclosures will sell quickly. Once you decide what type of property you want, we can keep you posted on new listings as they come on the market and preview them for you.
Topics: Real Estate Buying |
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