Once you start vacationing on the Outer Banks of North Carolina, the land becomes part of your soul and only grows year after year. The Outer Banks offers the perfect area to own a vacation home for making memories and/or making a smart investment. The Eillu Real Estate Team has many years of experience with Outer Banks vacation homes and can help you not only find the perfect home on the beach, but also guide you toward rental success. Not sure why you should be purchasing a vacation home? Here are some of the benefits!
Outer Banks vacation rental properties provide a window of opportunity for investors. The financial incentive of short-term vacation rentals is clear just by looking at the price difference compared to ordinary residential rents.
Offer single-night rentals. In general, the shorter a stay, the more you can charge per day. Most landlords tend to stay away from rental periods shorter than seven days to avoid frequent cleanings. However, in most cases, the income will more than offset the additional housekeeping fees. Plus, you can use the shorter stays to your advantage by the help they may provide to fill in holes in your booking schedule.
There are several ways to maximize your vacation home rental income. For example, plan to only use the property for yourself during fringe seasons and rent it during peak times. In our opinion, this is a win-win situation for you because believe it or not, fall is the most enjoyable season on the Outer Banks for many reasons. (But that’s another full list on its own!) There are also many ways you can increase your booking frequency, such as by providing unexpected beach perks like paddleboards, beach cruisers, or even a few beach chairs.
As for other things you must consider such as maintenance, you may have to spend a little cash upfront, but keeping up on maintenance will save you down the road. This also keeps you from having to worry about reimbursing renters for inconveniences they encounter while staying at your property.
Other things that will help with your rental traffic are modern amenities (think updated televisions or new appliances). Properties that lack these touches can’t command a high rental rate compared to similar properties that offer those.
Determine your desires and time frame: Are you looking for an oceanfront or soundfront home? Are you looking for a cottage or a large luxury home? Knowing this and your price range can help you find the homes that are within your range. This, along with determining the time frame, can help you find your perfect Outer Banks home. There are several opportunities across the Outer Banks for you to own a luxury home without having to pay the luxury price, even for a brand new house!
Buying a home can be extremely beneficial to your financial security, lifestyle, and family. Many potential buyers put off purchasing a home because they are unsure if purchasing a home is more productive than renting a home. Although buying a home can seem daunting, there are many benefits.
Here at Eillu, we are committed to proactively working together to bring the best results for every budget and finding the best fit for our clients. Contact us today to get started.