The Outer Banks is like a slice of heaven on Earth. Perhaps you have vacationed here for decades. First, coming here as a child and returning with your family. You want to continue to share this special island with your grandchildren and hopefully retire here one day. Maybe your first experience in the Outer Banks was surfing or swimming at the beach. You escape to the Outer Banks every chance you get.
Whatever first introduced you to the Outer Banks, once it gets under your skin it does not let go. The Outer Banks will continue to call your name. Here are some of our reasons to own a vacation home in OBX.
10. Nature – We are blessed to be surrounded by nature in all its glory. From our beautiful pristine beaches, wide Carolina blue skies, and gorgeous sunsets, there is always something to behold.
The area boasts over 11 wildlife refuges guaranteeing preservation for future generations to enjoy. The Outer Banks was known in the early years for its excellent hunting and now is known for rare sightings of migratory waterfowl.
The majestic colonial Spanish mustangs, the official state horse, have roamed our coast for hundreds of years and are thought to have been shipwrecked here and survived in the wild for generations.
The Outer Banks boasts an abundance of nature everywhere you look; the largest sand dune on the East Coast, quiet sound views with the gentle rustle of marsh grasses, and several rare maritime forests to name a few.
9. Community – The Outer Banks residents are a tight-knit group of people who reach out to one another in times of need and embrace vacationers to welcome them with Southern hospitality.
8. Climate – The climate in the Outer Banks remains moderate year-round. The proximity of the Atlantic and the Gulf Stream tropical currents makes winter milder than in other nearby areas. The abundant summer breezes off the ocean and sound are welcome on hot summer days.
7. History – The Outer Banks is rich in history, with the Lost Colony around 1587, where the first settlers are thought to have arrived in America. Blackbeard, the pirate, sailed these waters and sought safe harbor frequently in the inlets. In more modern times, the Wright Brothers' First Flight occurred in Kill Devil Hills and forever changed history. History buffs will continue to be fascinated with the stories and history of the unique barrier island that is filled with historical sites.
6. Tax Benefits – A vacation home is an investment. The expenses and operating costs are deductible on your taxes. While your personal use may be limited (14 days or 10% rule) to take full advantage of the tax benefits, the financial gains are significant. Consult your tax advisor regarding your full situation.
5. Multiply Your Tax Break - Vacation homeowners who want to retire to their second home for a while after selling their first home can get a double tax break. Make it your permanent residence for at least two of the five years before you sell and you qualify for up to $500,000 of tax-free profit ($250,000 if you're single) on the sale, just as you did on your first home.
4. ROI – Return on Investment – The Outer Banks has been ranked as one of the best places to buy a vacation home, including due to the potential return from renting the home.
3. Positive Cash Flow – Many Outer Banks investment properties return positive cash flow. This means the income from rentals, even seasonal rentals, covers all the expenses such as utilities, insurance, mortgage interest, and maintenance. Many vacation homeowners use Property Managers to manage reservations and maintenance for the property, and the income may also cover the fee charged by these companies.
2. Location – We love our sandbar and so do you! It is named one of the top beach destinations year over year.
1. Memories to last your lifetime, your children’s lifetime, and probably your grandchildren’s too! The experiences you share with your family and friends are the best reason to buy a vacation home in the Outer Banks.
Contact the Eillu Real Estate Team today to find out more about making your Outer Banks vacation homeownership dream come true. It is easier than you may imagine. For more information on buying Outer Banks Real Estate or to learn more about the Outer Banks in general, please check out our blog.