Outer Banks Real Estate

So you've enjoyed a wonderful week at the beach. You're thinking: why not buy a beach house? Maybe you even want to go visit some homes...

Here are some tips for you to consider when selecting a realtor:

First, a disclaimer: nothing on this page represents any kind of legal or professional advice.
Do use a realtor. She will have access to the entire Outer Banks MLS (Multiple Listing Service). The seller pays the commission anyways. With houses ranging from 300K to several million dollars, you will want all the help you can get, especially since you will likely finalize the transaction from afar.
Make sure you get along with your realtor. Interview at least 2 or 3 realtors.
Pick a tech savvy realtor. If you're reading this page, you are probably at one with the Internet. You'll need to communicate often with your realtor and email is a convenient and efficient mean of communication.
If your purchase is primarily for investment purposes, you might want to think about a realtor that actually owns an investment property in the outer banks.
Try to pick a realtor that specializes in the specific areas of the outer banks that you're interested in. The main North Carolina Outer Banks stretch from Carova and Corolla all the way down to Ocracoke Island (about 114 miles, 3-4 hours from North to South, with a 45 minute ferry crossing).
When you close on a purchase, you will receive at closing any reservation money already deposited by renters. This can be a tidy sum since a typical deposit to confirm a reservation is about 50%. Many buyers try to time their purchase to close in May or June, prior to the start of the high season. Also visiting potential homes in Winter is much easier as you should have easy access to most homes. During the high season, you will be limited to turnover days, and you will have to fight the traffic.
Do visit the house you are buying. Yes, this sounds obvious, but you'd be surprised how many people don't do this. Better yet, try to stay in it overnight.
Do ask how far a potential home is to the nearest PUBLIC beach access.

Want to defer capital gains on your investment? Find out how with a 1031 tax free exchange