The Outer Banks is a popular vacation spot on the east coast going back decades that attracts thousands of vacationers each week. As more vacationers choose the Outer Banks, many are now considering purchasing OBX real estate of their own. This is an exciting process, but choosing the right investment property is critical to vacation home success. Here are some things to consider when choosing the perfect investment property for your family.
Proximity to Beach
On the Outer Banks, location is everything. Having a home that is within walking distance to the beach increases the attractiveness your home has as a vacation property. Oceanfront and ocean side homes are some of the most attractive Outer Banks real estate properties on the market and often drive prices higher because of their immediate access to beautiful beaches. Likewise, having property on the soundside also has advantages.
The town you choose to purchase a home in can play a significant role in return on investment. Many die-hard vacationers have their favorite towns picked out in their minds and owning in those towns is important. If your home is in the right town and has great proximity to the beach or sound, your home will be one of the most attractive homes on the rental market.
Size of Home
This is important to renters and your family as well. Having a home that will comfortably accommodate all family members is an added bonus whether you are owning or renting. If you are looking at smaller homes, market your rental property to families of similar size.
Amenities of Home
What your home provides a renter can often sway vacationers toward choosing your home. Added amenities such as a pool, hot tub or outdoor sport areas like a volleyball court or a basketball hoop can provide more reasons for renters to vacation with you. It also gives your family more choices for activities when you are staying in the home.
Past Rental History
Most homes on the Outer Banks belong to a property management program and have a history of renters. Be sure to research the rental history on properties that you are considering to see how many weeks a year the home usually rents. This can be important because many of those rentals may have regular, return renters that will continue to rent the home. One perk of a home in a rental management program is that it is easy to keep it in the program and continue renting after your purchase.
These are just a few items to consider when purchasing your new investment property. Eillu’s team of experts can help you find your perfect home quickly and in the budget you desire. Contact Eillu at firstname.lastname@example.org