Although the Outer Banks has seen enormous growth over recent years, there are still lots, existing homes, and rental properties available from Carova to Nags Head. In general, real estate is a stable investment, and Outer Banks real estate has proven to have a higher rate of return than average.
The Outer Banks´ economy is unique. Although the area relies on the tourism industry to support our local economy, we maintain a certain degree of protection from slow economic times. Many people view the Outer Banks as an affordable, accessible vacation destination, and an alternative to more costly family trips. Easily accessible by improved highway roads, most feeder markets such as Richmond, Hampton Roads, Northern Virginia, Raleigh and Eastern, North Carolina readily supply weekenders and shoulder season renters (April-June and September-October).
As a result of international acclaim and promotion, our local economy continues to grow. Rentals have increased over previous years, and retail and restaurant sales are showing record earnings. Real Estate on the Outer Banks is a rewarding investment that continues to outperform stocks, bonds and other traditional investments.
If owning a vacation or second home in this desirable market interests you, you need to have confidence in your real estate professional. Our commitment as your preferred realty company, is to provide you with the specialized real estate service you deserve.
Rest assured you do not need to feel like you are spending a "Kings Ransom" in order to purchase a vacation home on the Outer Banks of North Carolina. Whether you are a first time home buyer or are considering buying a vacation home, the Outer Banks Real Estate market offers a wonderful range of opportunities in terms of location, views, pricing, and rental income. Many of the properties for sale are offered fully furnished, ready for your use or for your rentals.
Contact a Realtor: You may be represented in your search by a buyer´s agent. Your agent can assist in locating a lot or property that fits your needs and price range. He or she can also help negotiate the deal with the listing agent on your behalf. You pay nothing to be represented by the buyer´s agent. If you opt to not have a Realtor represent you and handle a property transaction yourself, keep in mind that the listing agent will receive a bigger percentage of the selling price and will act on both the seller´s and buyer´s (you) behalf. They are bound by ethics to fairly represent both parties.
Locate a Lot: We are familiar with all Outer Banks subdivisions and are well-versed in the strict covenants that homeowner associations may impose. It´s a good idea to sit down with us before purchasing the lot and discuss these details before making your purchase. We want to help you avoid disappointments and hurdles during the building process.
Select an Architect: There are many excellent architects on the Outer Banks, and we can refer you to one who fits your needs. It is advantageous to establish a good working relationship with an architect who is qualified and experienced.
Develop a Budget: Many customers prefer to establish a working budget before the buying and building process begins. And although we are happy to help you establish guidelines to manage costs of building on the Outer Banks, it is often premature to create a detailed budget until you´ve completed the three steps above.
Developing Rental Projections for Your Outer Banks Vacation Home: Your vacation home´s rental projections are based on the gross rental revenue generated by other homes of comparable size, features, and location. Specifically, annual gross rental income, number of weeks rented, expected management fees, and operating expenses are then factored in for the income. A qualified Rental Agent can help you identify potential revenue and expenses for your home.
Your Real Estate professional can also help advise you on the way in which you can use rental projections to your advantage when applying for a mortgage. Many Outer Banks brokers and banks will ask you for projected rental income and expense statements to help qualify you for a mortgage loan if you meet predetermined criteria (ask your mortgage lender for pre-ownership requirements). The exception is if you qualify for a "jumbo mortgage" (over $300,000). Personal income or rental projections may not be required by the lending institution for this type of loan. We think it is beneficial for all prospective vacation home owners to engage in this exercise, regardless of your loan arrangement.
