There’s something truly special about life on North Carolina’s breathtaking Crystal Coast. If you’ve fallen in love with the area, you may be thinking about buying or renting a home here—but it can be hard to know which option is best for you.
Not sure if you should rent or buy? Here are the pros and cons of both!
Here’s What You Should Know Before You Rent or Buy on the Crystal Coast
North Carolina’s Crystal Coast is a popular market for both renters and vacation home buyers. No matter where you choose to settle down, you can enjoy a variety of top amenities, like direct beach access and outdoor recreation, as well as tons of top shops and restaurants.
Choosing to rent a home comes with plenty of benefits—but buying could also be the right (and most equitable) option for you.
Buying allows you to build up equity
Perhaps the biggest benefit of homeownership is being able to build up equity. And when you own prime real estate on the Crystal Coast, you’ll enjoy quite a bit of appreciation if you ever decide to sell.
Owning a second home means you can also take advantage of a variety of tax deductions. If you choose to rent out your property for part of the year, you may even be able to deduct maintenance and repair costs.
Owning a vacation home creates investment opportunities
Many homeowners on the Crystal Coast make extra money by renting their homes out for part of the year. The profit you make from these bookings can help you pay off your mortgage and utilities, which means you’ll eventually recoup your initial investment.
Because the Crystal Coast offers year-round tourism, you can also expect to see a pretty high occupancy rate during all months of the year.
You can customize your own home
Have you always dreamed of relaxing on a balcony while taking in the ocean views? Looking for a home with a pool or an open-concept floorplan? When you purchase your own vacation home, you can customize it as you see fit—that’s a luxury you won’t have if you rent.
Tackling certain projects, such as a kitchen renovation or sprucing up an outdoor space, can provide a great return on investment if you ever sell. Updating your vacation home will also allow you to charge more per night, should you decide to rent it out.
Renting may be better for short term visits
If you can afford to purchase a second home and plan to use it for passive income, then buying may be the right decision. However, if you only make short-term visits to the Crystal Coast and don’t want to maintain another property, you may be better off renting. Renting is also cheaper upfront, but you won’t be building up any equity.
All in all, it’s best to weigh your options and speak to a local real estate agent before making any decisions. If you ever have any questions about whether you should rent or buy, we’re always on hand to chat!
Want to Rent or Buy on the Crystal Coast?
Selling a home on the Crystal Coast? We can certainly help with that, too.