Buyers Information from
Shoreline OBX, LLC—
 Your First Steps to Becoming an Outer
Banks Homeowner:
Rest assured you do not need to feel
like you spending a “Kings Ransom” in
order to purchase a vacation home on the
Outer Banks of North Carolina. Whether
you are a first time home buyer or are
considering buying a vacation home, the
Outer Banks Real Estate market offers a
wonderful range of opportunities in
terms of location, views, pricing, and
rental income. Many of the properties
for sale are offered fully furnished,
ready for your use or for your rentals.
Contact a Realtor: You may be
represented in your search by a buyer’s
agent. Your agent can assist in locating
a lot or property that fits you needs
and price range. He or she can also help
negotiate the deal with the listing
agent on your behalf. You pay nothing to
be represented by the buyer’s agent. If
you opt to not have a Realtor represent
you and handle a property transaction
yourself, keep in mind that the listing
agent will receive a bigger percentage
of the selling price and will act on
both the seller’s and buyer’s (you)
behalf. They are bound by ethics to
fairly represent both parties.
Locate a Lot: We are familiar
with all Outer Banks subdivisions and
are well-versed in the strict covenants
that homeowner associations may impose.
It’s a good idea to sit down with us
before purchasing the lot and discuss
these details before making your
purchase. We want to help you avoid
disappointments and hurdles during the
building process.
Select an Architect: There are
many excellent architects on the Outer
Banks, and we can refer you to one who
fits your needs. It is advantageous to
establish a good working relationship
with an architect who is qualified and
experienced.
Develop a Budget: Many customers
prefer to establish a working budget
before the buying and building process
begins. And although we are happy to
help you establish guidelines to manage
costs of building on the Outer Banks, it
is often premature to create a detailed
budget until you’ve completed the three
steps above.
Developing Rental Projections for
Your Outer Banks Vacation Home: Your
vacation home’s rental projections are
based on the gross rental revenue
generated by other homes of comparable
size, features, and location.
Specifically, Annual gross rental
income, number of weeks rented, expected
management fees, and operating expenses
are then factored in for the income. A
qualified Rental Agent can help you
identify potential revenue and expenses
for your home.
Your Real Estate professional can also
help advise you on the way in which you
can use rental projections to your
advantage when applying for a mortgage.
Many Outer Banks brokers and banks will
ask you for projected rental income and
expense statements to help qualify you
for a mortgage loan if you meet
predetermined criteria (ask your
mortgage lender for pre-ownership
requirements).
The exception is if you qualify for a
“jumbo mortgage” (over $417,000).
Personal income or rental projections
may not be required by the lending
institution for this type of loan. We
think it is beneficial for all
prospective vacation home owners to
engage in this exercise, regardless of
you loan arrangement. |
Contact us toll free: (800) 449-2036
