It’s not uncommon for buyer’s to be on the fence about purchasing a home in Emerald Isle, NC. For many, owning a slice of paradise at the beach doesn’t seem feasible.
There are a lot of misconceptions about buying a second home. From your down payment, to costs of ownership, I bust some myths that many buyers think are stopping them from buying a beach home in Emerald Isle, NC.
1. You need a 20% down payment
Most condo buildings, townhouses, and detached homes for sale in Emerald Isle, NC only require a 5-10% down payment. Often, buyer’s spend months searching Emerald Isle, NC real estate online, and avoid contacting a Realtor because they haven’t saved their 20% down payment. After an initial consultation, you may be able to look at options for 5-10% down payments. With the down payment clarified, searches can be more beneficial as the right properties can be identified. In some cases, you may be able to get the seller to pay up to 3% of your closing costs. You’ll want to discuss an offer strategy with your local real estate agent.
2. You’re waiting for the ideal time in the resort market to buy
Some buyers think waiting for the ideal time to invest in Emerald Isle, NC real estate is best. A lot of buyers think the summer is the hottest time of the market. The weather may be, but sales typically dip slightly. Our busiest sales time is the spring and fall. Over the past few years our market has become more and more competitive. Inventory is low and buyer demand at the beach is high. Spring and fall are the seasons where most new properties hit the market. With 1,000s of buyers looking for the same thing, the fall and next spring may force you to act more aggressively to secure your beach place. If you’d like to learn more about the different seasons of our market, call or text me at 919-308-2292.
3. Cost of ownership may be too much for my budget
For those of you that have visited Emerald Isle, NC, some believe the expense of owning a home here may be too much for their budget. However, families on a budget buy here, and so can you. There are ways to off-set expenses with your cost of ownership by renting your property, for example. You’ll also pay state real estate taxes, and Carteret County real estate taxes; taxes in Emerald Isle, NC are much more affordable than any other coastal community in North Carolina or Virginia beach areas. If you’re really considering buying, but you’re cost of ownership is too high, start talking to me by calling 919-308-2292.
4. The unit you like needs some upgrades
Good news! Properties in Emerald Isle, NC can be relatively inexpensive to update. For example, replacing flooring and painting is pretty affordable. You could paint a unit with only a few gallons of paint, brushes, and some weekend work while on vacation. Decent vinyl plank floor is very affordable. Most kitchens are reasonably sized, and can be affordable to replace or paint cabinets, and add new counter tops.
5. Emerald Isle, NC vacation rentals are a pain to manage
Vacation rental management companies make it easy for you to enjoy your Emerald Isle, NC investment property while earning income to you pay for your new investment. Of course, you have the option of managing your own Emerald Isle, NC vacation rental property, but there are alternatives. There are several experienced vacation rental companies in Emerald Isle, NC. Rental companies manage bookings, collecting rental income and deposits, maintenance, and cleaning the property during the turnover. Most rental companies don’t have any upfront expenses. You can get recommendations to help you maximize your rental income like giving your unit a facelift, adding flat screen TVs, or internet.
Now that I've dispelled these rumors for not purchasing a property in Emerald Isle, NC, call or test me at 919-308-2292 or send me an email to : DRaczkowski@fathomrealty.com and let's get started on making your realty dreams a reality.
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