So you want to buy a beach house? A few questions are in order, and then you can get started!
Is this for investment, pleasure, or a combination of the two? For investment…leave the emotions at home, and focus on the numbers. For pleasure, you’re allowed to let your emotions roam…but don’t forget the associated costs!! Which part of the beach is your preference? Look at the map to the left and begin to get a feel for the area. There are miles and miles of beach, but everyone seems to have a personal desire to be on one stretch.
For ease, I group them from north to south as Carova/Corolla, Duck, Southern Shores, Currituck Mainland, Kitty Hawk, Colington, Kill Devil Hills, Nags Head, Manteo, Dare County Mainland, and Hatteras Island. Tell your Windswept Realtor your preference, or ask us for a map. Or ask us to show you the area.
Do you want waterfront? Ocean or sound? Not only does the price increase as you get closer to the water, but also the rental income. You just want to be sure that the relationship is correct between price and value. That’s where having an experienced Realtor like Windswept Properties can help. Windswept knows the erosion rates, the elevations, etc., to help you make the best decision.
Generally, those properties on the Oceanfront, Oceanside, and Between the Highways are better seasonal rental property investments, while those on the Westside of the highways tend to be lower priced, wooded, and better for year‐round living.
OK, so you’ve decided to buy an existing home, and want to understand the process as it relates to Pricing, Financing, Realtors, etc. Realtors can be selected from a number of outstanding firms, but be sure you are comfortable with the Realtor’s understanding of the market, negotiation skills, and above all….do you get along? This will be a process where you are likely to be in another part of town or another part of the country, and you will be depending on this individual and the firm to represent your interests. Choose how you want to be represented.
For an explanation of Agency, refer to The NCREC, where a complete description of the information is available. Or, write and we will send you the brochure which explains everything. Choosing Windswept will ensure you are shown all available listings of all types of properties on the Outer Banks, not just our listings.
As an independently owned Brokerage, Windswept has access to the Multiple Listing Service which lists all properties for sale.
Even if a property is not listed, Windswept will find out your needs and solicit property owners to consider the sale of their property. Working as your Exclusive Buyer’s Agent, it costs you nothing.
Typical Financing is either Conventional Fixed, Adjustable, or Owner Financed. Most of our friends in the financial institutions can tailor a plan to meet all of your needs.
Typical Sources of Down payments include: Savings, Partnerships, Relatives, Equity Credit line on your primary residence, etc. Using a 1031 Exchange is another source of funds for those buyers who have a lot of equity in another similar type property. Windswept can direct you to the professionals who know how to handle these creative approaches.
Property Management is a big business on the Outer Banks. With so many firms specializing in it, it’s no wonder it is so competitive. At Windswept, we have no conflicts whatsoever. In other words, we are not involved in the seasonal property management business, and can therefore provide you with sound advice on who does it best. Not all property management firms are alike. The ownership of Windswept has been personally involved as a property owner for over 30 years, and with that experience, can guide you to the right decision.
An Investment Analysis should be done on all property purchases, prior to the making of an actual offer. In so doing we can show you just what this property will cost or generate on a monthly or yearly before tax basis. Ask the pros at Windswept to send one to you on any property for sale on the Outer Banks. It will certainly take the guesswork out of the purchase, and let you start planning just when you will take your personal time at the beach! So whether you are looking for an investment home, a starter “beach box,” or an extravagant oceanfront estate, take the time to call Windswept Properties @ 1-800-758-2560, and get ready for some fun on North Carolina’s Outer Banks!!!