When Is the Right Time to Buy a Property on the Outer Banks?
Whether it’s a vacation rental investment property, a primary or second home, I know how important it is to make the right choice when buying a property on the Outer Banks. Potential investors and property buyers ask us all the time, when should we buy a property on the Outer Banks? Here are some tips to help you time your purchase just right.
Get a mortgage pre-approval
It’s a great idea to get pre-approved for a mortgage first before shopping for Outer Banks homes for sale. Loan applications can take up to 45 days to be approved. If you have your finances in order, it means you can snap up the perfect property without delay. By getting pre-qualified ahead of time you can find out what your “comfort zone” is so you can stay within the monthly mortgage range that you desire.
A primary home, a 2nd home, or a vacation rental investment property?
When to buy an Outer Banks property often depends on the type of property you’re looking for. There are three main types of properties for sale on the Outer Banks:
- Primary homes
- Second homes
- Investment properties
If you’re shopping around for a primary home or a lot to build your dream home, it’s important for us to understand a few key areas about your lifestyle. When do you want to move, is there job transfer and you are relocating to the Outer Banks or are you wanting a larger home or scaling back? Is the new purchase dependent on selling your current home? There are so many questions that we ask our buyers before we recommend properties for sale. It’s never too early, however, to start looking. You can search our MLS listings and save your preferred homes to receive automatic updated information via email. Or we can give you updates on your desired properties as they become available for sale. Just let us know your preferred method of communication and we’ll do it.
If you have school age children, it’s best to move in the summer so they can enjoy the beach, make new friends and have a fresh start in the new school year. Check out our Dare County School resources. Sometimes the area where you live is not a straight shot where the kids can go to school. Give us a call about the school districts.
Second Homes on the Outer Banks are popular with buyers that strictly want a vacation home for their personal use for family and friends to enjoy year round. A 2nd home will provide needed relaxation, new memories and countless hours of fun. Your 2nd home will be available when you can sneak away and will be fully equipped with all the items needed when you arrive to make your stay a comfortable one. All you will need when coming to your 2nd home is groceries. A 2nd home will be a great long term investment especially should you retire to the Outer Banks. If a 2nd home is your plan you can look year round. A perfect time to buy a 2nd home IF YOU ARE GOING TO BUY NEAR THE OCEAN or in a rental area is right after Labor Day and to close on the property by December – once rental income is booked on a property you must honor the rentals for 180 days after purchase.
If you’re looking for a vacation rental investment home, it’s best to buy in the winter and definitely prior to the end of April so you can have it ready for the summer AND COLLECT ALL THE RENTAL INCOME. There are many rental properties for sale that are fully furnished and ready to start renting. This will ensure that you’ll be reaping the rental income currently on the books as of your day of closing. Keep in mind, any new upgrades such as indoor or outdoor furniture, pools and hot tubs, paintings, décor, etc, adds value to the house which increases rental income but also, it may be tax deductible. However, we advise you to consult with your tax accountant since the tax laws change every year.
I’d say that the right time depends on the type of property you are looking for, how long you intend to keep that property, and whether you’re purchasing a rental or family home. I’d like to learn more about you and your goals. The more I know about you, the better I can assist you in finding the right property and the right time. Contact me today and let’s start a conversation. If you’re not ready for a chat, search our MLS listings of properties for sale on the Outer Banks.