Buying Outer Banks Real Estate

We Know Why You're Here, in 1998 we were on a drive from our busy lives in Charlotte, NC to visit family on the beach.  Well we decided to make an offer on a little beach cottage and voila here were are, and everyday we get to help others find their own place.  Whether it is a family beach house to make those memories or a vacation rental as an investment tool.  It is all about what you want.

We love living here and enjoy many outdoor activities, good friends and relaxed island feel.  Sunshine, ocean, sand and wind is what we have in abundance and we hope you come to enjoy this piece of paradise as we have.  Did I mention that the fishing both inshore and offshore is awesome too?

The Outer Banks has long been a place for families and vacationers alike to escape their fast paced lives.  Coming together both friends and families to unwind and get back to those simpler things like time with family, walks on the beach and exploring nature. 

This list of properties include all Foreclosures and Short Sales. Finding an experienced agent to represent your interests that knows the market is essential.  Buying a home is one of the biggest investments you may make in your lifetime. We have the experience, education and professionalism you are looking for. Our team offers a combined 50 years of real estate, business and finance background.  

Max and cast net

If you are considering a home purchase it may be as a primary or second home. There is a lot to consider purchasing a rental home.  Most of the homes you will be looking at will be able to provide you income and expense information. 

Second homes in our area are generally sold fully furnished with a separate bill of sale.  While each home will be different, the types of expenses you need to be considerate of are:

  • Taxes
  • Insurance
  • Management Fee (range 15-22% of annual income)
  • Utilities
  • Pool/Spa Maintenance
  • Annual Refurbishing (ie: new bedding, kitchenware etc.)

 Below are some questions and answers that we typically encounter from buyers:

  • Rental Incomes: Many listings claim rental incomes. I’m curious whether these are actual rental incomes received or theoretical rental incomes that could be received if 100% rented. I’m also curious if multi-year rental income data is available for most properties. What is a typical amount of variation in the year-to-year rental income? I assume most homes are only rented during the summer months – is this correct, or is there some year-round rental income?

Rental incomes are listed as either actual or estimated.  This allows the buyer to determine if the income has real history or if perhaps the current owner does not rent and the income is an estimate of its true potential.  For my current clients, I generally create cash flow estimates for homes that they find truly intriguing.  If the home has a rental history, 3-5 years of income history is available to review.  I can forward a sample for you to help you appreciate the expense considerations of resort ownership in our market. In general, homes in our area rent Memorial weekend to Thanksgiving.  However, Oceanfront homes can often achieve additional weeks while homes further from the ocean may not stay booked the entire season.

  • Management Services: I presume Twiddy and other companies offer rental management services for remote homeowners. I’d like to learn more about what are typical services and the associated costs. This can be general information at this time, no need for super-detailed specifics.

A variety of management companies offer rental services with management fees generally ranging from 12% to 25%.  Each company offers various services for their fees and typically the fee is based on the income the home produces.  The more income the home generates, the lower the management fee.  Services range from basic reservations and accounting to providing linens, changing air filters and light bulbs. Most companies either charge a flat rate plus or a higher management fee to include a larger number of services.  Again, this information is available for each listing and if not provided by the listing agent, can be researched and discovered. 

We hope this information is helpful.  We are here to answer any questions you may have about Outer Banks Real Estate. We highly recommend talking to a local lender about what you can expect since it is entirely different than a primary home loan.  While there are a range of programs, most lenders are now requiring 20%-30% down for investment homes which ALL income producing homes are considered.  Over the years, one of the best ways, we have found it is helpful for buyers to first talk to a local lender. Determining your price range in advance of viewing is highly recommended. 

Not just a 3 Month Vacation spot

The many vacationers and visitors to our beaches enjoy this place much of the year. By contrast to other beach communities which have a season for Memorial Day to Labor Day, the other banks offers some of the most incredible shoulder seasons available to our guest.  Early spring offers great fishing and cool weather with the beauty of the beach, while our fall weather is epic the water is still warm, and weather is temperate through Thanksgiving and sometimes we enjoy a warm Christmas, but we are also not surprise if we have a white Christmas here (has happened twice since we have been here).

This extended season offers many opportunities for visitors and guest to visit an rent vacation homes here.  This extended season allows for longer rental period and higher property incomes.

Things going on here on the Beach

This long stretch of sand (sandbar) that makes up the Outer Banks from Corolla to Hatteras Island is home to an abundant assortment of natural seashore, wildlife, flora and fauna.  Outer banks is home to World-Class inshore and offshore fishing, surfing, SUP, paddling, kite boarding or just sitting on the beach and reading a book.  Remember, leave your watch at home, you are on island time, so relax and enjoy yourself.   The abundance of charming shops, excellent restaurants, shows and live performances (Lost Colony) are popular with locals and visitors.  Quite different from 15 years ago, when you would drive up NC-12 and not pass a car driving through the town of Duck, it is fast becoming a year round destination.

For those of the competitive nature, we have you covered every season has its activities and The Outer Banks (OBX) is host to the OBX Marathon, assorted half-marathons,  surf tournaments, surf fishing, Tournament Fishing, kite boarding contests and SUP races.  Below are all homes currently available for purchase from Corolla, Duck, Kitty Hawk, Southern Shores, Nags Head and Kill Devil Hills.  Come let us show you how to have your own piece of paradise.

 

ALL FOR SALE: Corolla to Ocracoke