How much do you want to invest? This factor is a great starting point. A realtor can provide you a list of availability in the price range you are considering. They can also give you information on the property tax based on the last billing period. A discussion with your property insurance carrier is a good idea. This way you can get a good picture of the primary annual costs associated with owning the property. Be aware that wind & hail coverage and flood are often separate policies.
How will you pay for it? Both your financing options, and your tax considerations (discussed below) are impacted by your planned use of the property. If you are financing the purchase the decision to treat the home as a second home vs a vacation rental property determines the financing options available to you. Generally financing institutions offer lower interest rates for second homes as compared to vacation rental homes. We suggest that you discuss these options and implications with a trusted financial advisor.
Tax considerations are extremely important. If you plan to rent the house, and your personal use is less than 15 days or 10% of the time rented, you can deduct the costs of maintenance and repair of the property, insurance, taxes, rental management fees, advertising and mortgage interest from the rental income you earn on the property. You are also allowed to take depreciation expense against the rental income. It is always a good idea to discuss major financial transactions with your tax advisor prior to making your final decision.
Do you plan to eventually retire to this home? This is important because it may make a difference in what you are looking for in the home. For example, storage is not as important of an issue as with a purely rental or vacation property as it would be for a future retirement home.
Are you interested in renting the property to offset costs? In order to maximize your rental return it would be advisable to consult with a rental company in order to identify what amenities renters most desire that match your needs as well, along with past rental performance to make sure that you will make enough to offset costs. If past rental performance data is not available, make sure to ask a rental company for a rental projection of what the house will make yearly in rental income.
What activities are you most interested in when vacationing at the beach? Our communities are highly diversified. If relative seclusion is high on your list, the 4 wheel drive communities of Carova and Swan Beach are great for this. If you want the convenience of nearby shopping and entertainment, the more populated communities may be more your style. Explore the various communities to determine which best suites the needs and desires of you and your family. After that you are ready to actively search for that perfect get-a-way you have dreamed about! To make the search a little easier, we have added some helpful information about each town located on the Outer Banks. Happy hunting!
Corolla, NC is known for its large sandy beaches, proximity to four-wheel drive areas and the home to wild Spanish Mustangs that roam the area’s beaches make for some of the most beautiful scenery North Carolina has to offer. This community offers peaceful tranquility while only being minutes away from shopping and restaurants. Outdoor activities are abundant while offering alternative activities in town. Corolla is also home to many historical locations including the Whalehead Club and its neighbor, the Currituck Lighthouse.
Corolla offers the ideal combination of nature, activities and amenities. The wildlife trails and easy access to the sound creates the ultimate experience for nature lovers and avid paddlers.
Watersports are abundant in Corolla. No matter if you enjoy kayaking, SUP, surfing, jet skis or any other water activity, Corolla is the perfect spot to enjoy fun in the sun. Purchase a kite and watch it soar high in the sky with Corolla’s beach winds.
Corolla’s shopping and restaurants are second to none. Each boutique offers something different and exciting including clothing, home goods and souvenirs. There is a wide variety of restaurants in Corolla including seafood, BBQ and cultural restaurants. No palate will be displeased in Corolla.
Corolla offers fun and relaxation for everyone in the family. No matter what your preference, Corolla offers a rewarding location for a new home.
Duck, NC offers access to highly rated beaches while maintaining its small-town charm. The small town offers easy access to the beach for ocean fun or the sound for leisurely activities. Bike paths throughout the town offer a wide area to safely bike from your home to town. There are great community events, such as markets, wine tastings and live music. Duck offers a great combination of seaside living with the small town feel.
There is always an activity in the town of Duck. Festivals, events, bands and parades are a regular occurrence in town. Duck is the perfect community for those who wish to walk to and from or bike. Everything needed for the home and for outdoor fun are within an easy walking distance.
The town has built and maintained a beautiful boardwalk on the soundside which is enjoyed by all. The boardwalk gives you access to soundside shops and restaurants. The shopping and restaurants are second to none in Duck. Offering a wide variety of entrees, Duck’s restaurants have received national recognition. The small mom and pop shops in Duck help bring the hometown feel to the area while offering boutique merchandise.
If you love the outdoors, Duck offers one of the best accesses to the beach and sound. No matter your watersport of choice, Duck can provide an excellent location. Windsurfers enjoy the steady breezes from the ocean, while parasailing occurs on the soundside.
The culmination of all the great amenities of Duck makes it easy to see why so many wish to live and vacation in the town. Duck provides a great new adventure along with small town beach life that so many desire.
Kitty Hawk offers nature and the beach town atmosphere all in one. Many local Outer Banks residents call this town home. The town itself has worked hard to maintain a balance between urban development and maintaining its beautiful nature. Offering fun beaches, small shops, restaurants and a nature preserve, Kitty Hawk can make the perfect Outer Banks home location.
Kitty Hawk offers a wide variety of shops and restaurants. Many local artisans call Kitty Hawk home, opening shops on the main highway and on the beach road in converted homes. The merchandise captivates the essence of the Outer Banks and makes a great addition to any home. There are also many award-winning restaurants for all ages. Nightlife is abundant in many spots for adults to visit including wine bars and restaurants.
Kitty Hawk beaches are a short walk from any location in the town and offer fun in the sun for all. Many beach activities are readily available and there are many events held on the beaches of Kitty Hawk for all to enjoy. Dogs are welcomed on a leash and can enjoy the day at the beach with you and your family.
Kitty Hawk offers nature, activities, shops and restaurants that can make you fall in love with the Outer Banks all over again. Homes in this town are perfect for those who enjoy what the Outer Banks has to offer in nature and in shops.
Kill Devil Hills
Kill Devil Hills is in the heart of the Outer Banks of North Carolina. Centrally located to pristine beaches, watersports, shopping, restaurants and nightlife, Kill Devil Hills offers a prime location on the Outer Banks. Activities abound in Kill Devil Hills from the beach to the sound. The birthplace of aviation, Kill Devil Hills is home to the Wright Brothers National Memorial. This is the location of the Wright Brother’s First Flight in 1903. History meets the beach and makes for an amazing place to own a vacation home or even primary residence.
Kill Devil Hills offers a more urban feel including access to many grocery stores, shops, restaurants and a 10-plex movie theater. This town offers great nightlife with many locations and activities to choose from.
No matter the location in Kill Devil Hills, there is still easy access to the beach and sound, plus an abundance of fishing piers. Surf fishing is extremely popular in Kill Devil Hills. If you are looking for fun off the beach, check out of the many putt-putt courses and go-kart tracks in the area.
The continuously growing Bay Drive area is a prized possession for the town and community members of Kill Devil Hills. Bay Drive enables those to enjoy the breathtaking beauty of the Albemarle Sound. Bay Drive is located just north of the Wright Brothers National Memorial and runs along the scenic Kitty Hawk Bay. The area features multiple sound side gazebos and a bike path that is perfect for sunset cruises unlike anywhere else!
Nags Head is centrally located on the Outer Banks between the Northern Beaches and Hatteras Island. Its location provides access to great activities, adventure and attractions. Nags Head provides easy access to the beach and sound while providing the modern amenities needed. As one of the oldest towns on the Outer Banks, the rich history and beautiful nature of Nags Head does not disappoint.
Nature and history collide at Jockey’s Ridge State Park. Jockeys Ridge is the largest living sand dune on the east coast. Jockey’s Ridge is known for its great wind and makes the perfect place to fly a kite. For the more adventurous, hang gliding lessons are also offered at the ridge.
For anglers, Nags head is one of the best places on the Outer Banks and the east coast to fish. Nags Head has many piers for fishing use as well as Oregon Inlet that gives access to the Atlantic for fisherman. Deep sea fishing charters are very popular in Nags Head. Learn about the wildlife of the Outer Banks at Jennette’s Pier.
The beaches are ranked nationally and water activities are a favorite. Many surf competitions are held in Nags Head every year because of the beaches above average east coast waves. It is also a great place for kiteboarders.
Nags Head also offers great shopping and restaurants. Many restaurants in Nags Head have been open over thirty years and are still run by the original Outer Banks families. Golfers will also enjoy Nags Head for its popular golf courses. Nags Head offers a variety of fun for the entire family. Home owners enjoy the proximity to activities and necessities while still enjoying the pristine nature that makes Nags Head a top vacation destination.
Home to the Cape Hatteras Lighthouse and the stomping grounds of pirates from centuries past, Hatteras Island offers true coastal southern charm. The island is made up of a variety of villages including Rodanthe, Waves, Salvo, Avon, Kinnakeet, Buxton, Frisco, and Hatteras Village. Each village has its own unique style, but they all make it exceptionally easy to take in the natural beauty of the Outer Banks.
No other part of the Outer Banks makes it so easy to enjoy our windswept coastline. With much of Hatteras Island surrounded by the Cape Hatteras National Seashore, finding your very own spot on the beach or soundside is as easy as parking your car and running over the dunes. Fishermen and water sports enthusiasts love visiting Hatteras Island due to its excellent inshore fishing, Gulf Stream accessibility, and quality waves that are common to the area.
Rodanthe, located on the easternmost point of Hatteras Island, was first occupied by local natives as far back as 500 AD. Rodanthe was originally called “Chicamacomico,” after the Native Americans. The town’s most famous attraction, the Chicamacomico Lifesaving Station, still retains the original name. The colonists from the “Lost Colony,” were believed to have landed on Hatteras Island before moving to Roanoke Island and then disappearing.
The geography and topography of Rodanthe makes it a world class destination for all kinds of watersports. On the sound side, stand-up paddle boarders, kayakers, windsurfers and sailors enjoy the large shallow water and prevailing winds. Surfers from all over the world flock to this area as a premier surf destination.
Rodanthe was the setting of Nicholas Sparks novel and subsequent movie, “Nights in Rodanthe” which portions were filmed on the island. The house, “Serendipity” used in the movie, has since been located about a mile south. It was the northeastern most house in Rodanthe. After the movie was completed, the house was damaged and condemned after a nor’easter storm in November 2009. The house was saved from demolition by a private businessman, Ben Huss, from Newton, North Carolina, and moved less than one mile south.
Rodanthe is one of the seven villages that make up Hatteras Island. If you enjoy nature and quiet peaceful living, look no further!
Avon, also known early on as Kinnakeet, an Algonquian Native American word meaning something that is mixed or several settlements bunched into one. The earliest settlers were the Native Americans. The town officially changed to be Avon in 1883 when the Post Office was opened.
Avon retains its small town charm while having the conveniences of modern life. Avon has the islands only chain grocery store and two fast food restaurants. Vacationers also enjoy the restaurants that satisfy every palate, a Spa, fishing pier and mini-golf course to provide enough entertainment without spoiling the remote island vibe.
The Avon pier is great to introduce the family to the joys of fishing or just to take a stroll and be entertained by others hauling in their catch.
Similar to the other villages of Hatteras Island, the water sports activities on the ocean and sound are top notch for lasting memories. Relocating or purchasing a vacation home in Avon is an ideal choice to please every member of your family or traveler.
Located at the southern end of Hatteras Island, the small town of Frisco, NC is perfect for those who seek a quiet beach get away place. At the northern end of town are Buxton and Frisco Woods, perfect for the hiker or jogger who likes the treed canopy of the maritime forest. At the southern end, the island narrows and it is possible to enjoy both the sunrise and sunset from the deck of your beach house.
Frisco was one of the last areas of the Outer Banks to be developed for tourism. Eventually visitors were drawn to the area’s quaint village atmosphere, seclusion, its miles of beaches, and its unique maritime forest. Frisco has a character all its own. It is the perfect destination for someone who wants to enjoy the wide open and uncrowded beaches. While Frisco is a great place to find peace and solitude, it also has many family friendly attractions.
No matter where you choose to purchase your Outer Banks property, you can have peace of mind in knowing that each Outer Banks town will allow you to experience the beaches and laid back lifestyle that makes the OBX so attractive! For more information on purchasing a vacation home or relocating to the Outer Banks, contact Eillu. We are experts on the Outer Banks and are ready to help with your Outer Banks real estate needs.