Considering buying your first vacation home on the Crystal Coast (or anywhere)? Vacation homes are a great option for many people, especially those who often return year after year to the same locations or who are thinking of earning some extra income. However, there are some important things to keep in mind before making the leap to second-home owner!
1. Choose Your Location Carefully
You’ve probably narrowed down your search to the Crystal Coast of North Carolina, but do you know specifically which community is best for you? How about your preferred neighborhood? Do you need to be directly on the ocean or would you rather have access to a dock or boat ramp? And how accessible would you like your vacation home to be—directly off the highway or tucked back more remotely? Consider travel distance and expenses for yourself, your family, and any other family or friends that might join you.
2. Give it a Trial Run First
If you’ve never been here, don’t just buy a house without a trial rental stay! Or if you usually stay in Morehead City, be aware that buying a home in Newport won’t be the same thing. It’s recommended that you spend at least two weeks in the community you’re considering to be sure you’re close enough to conveniences and entertainment.
You should also try to visit in different seasons to see what the weather or crowds are like year-round.
3. Consider Your Finances
Before you jump in and buy, consider if you can afford a second home, and determine an easily-affordable price range. You vacation home should not be a cause of stress or be difficult to make payments on. Make sure you consider factors such as property taxes, additional homeowners insurance, HOA fees, and taxes on rental income (if you plan to rent your home).
4. Get Informed About Renting
If you plan on using your vacation home as a source of income, don’t expect to start making lots of extra money right away! Be realistic about how much you’ll actually make and how many months you can actually expect to have the house rented, and be aware of all the associated costs that come with rental properties, such as maintenance and cleaning fees. You might also want to consider who is managing your rental—if you live far away, you will want to enlist the services of a property management company.
5. Work with an Experienced Real Estate Agent
Working with an experienced agent is one of the most helpful ways to guarantee your second-home success! A good agent can answer all your questions about property taxes, rental properties, and homeowners insurance, and can even help you determine the right price range for you.
If you’re looking for a vacation home buyer’s agent in the Crystal Coast, it’s time to contact Linda Rike Realty! With many years experience selling vacation and second homes in the Crystal Coast, we’re more than ready to answer all your questions, help your learn more about the area, and steer you in the right direction for success! Let’s get started buying your home today!