6 Mistakes to Avoid When Buying Your First Outer Banks Home
Buying in the Outer Banks can present some unique challenges. Here are some pitfalls you’ll want to avoid in the process:
Mistake No.1: Using an out-of-town-lender.
There are lots of considerations specific to coastal areas - and the Outer Banks in particular! - that your lender needs to be knowledgeable in, particularly when it comes to insurance. (For example, have you ever heard of wind & hail insurance? Well, you’re going to need it here!)
Mistake No.2: Relying on computer-generated estimates of a home’s value.
Computer generated values of properties are often significantly off-base. Someone with knowledge and expertise in the local market will be able to take things into account that computer generated values do not.
Mistake #3: Using an out-of-town agent.
Just like you need your lender to be knowledgeable about homes in the area, you need your agent to know all about the common quirks & challenges Outer Banks homes can have, so that they can advise you accordingly and make sure your bases are covered.
Mistake #4: Ignoring available storage space.
Many OBX homes are built with vacation rentals in mind, and can be surprisingly low on storage & closet space. If you’re looking at a home to be your primary residence, make sure to keep available storage space in mind as you search for a home that suits your day-to-day needs.
Mistake #5: Foregoing a pest inspection.
Termites love our sandy soil here, so make sure to get an inspection during your due diligence period, and plan to get one every year after you buy your OBX home to make sure you stay a step ahead of any potential issues.
Mistake #6: Assuming you couldn’t possibly afford a beach house in this market.
Depending on what you’re looking for, it may be more affordable than you think! There are still cool pockets of certain Outer Banks towns that are just a little off the beaten path, and priced much lower than properties close to the ocean. Talk to a lender and see what’s possible - especially if you’re looking at an investment property, as you may be able to leverage projected rental income to help you qualify for a loan.
