Five Questions to Ask Yourself Before Buying Your First OBX Home
The more you can identify your wants & needs for a property, the more efficiently your agent can help.
Here are a few questions I recommend you think about before diving into the buying process. Some of them are more general, and some of them are unique to the area - but all of them are important for us to get clear on at the start of your search!
No.1: What’s your “big why”?
What are your main goals for buying in the Outer Banks?
Do you have a dream of moving to the Outer Banks and buying a house will help make that happen?
Do you need more room for an expanding family?
Time for an upgrade? Tired of paying rent?
Want to build the foundations or expand an established portfolio to cultivate generational wealth?
Knowing your big picture goals will help me find the perfect property for you!
No.2: What’s your budget?
I know, kind of an obvious one. But if you’re feeling stuck - or even if you just want a second opinion - reach out to a financial advisor!
(If you need a recommendation for a financial advisor, get in touch! I have some great recommendations who I’d be more than happy to connect you with.)
No.3: Do you have a budget for remodeling, or does the property need to be entirely turn-key and move-in ready?
Planning for some remodeling in your budget can help increase the number of suitable property options in your search, but if you need something turn-key, then we can get super specific about what kind of properties we pursue for you.
No.4: What other needs do you have for your property?
Think number of beds/baths, type and size of kitchen, whether you want a pool or hot tub (or are open to installing one), whether you need a shed or attic storage or a garage, and what sort of closet space you require.
Reminder: Primary residences require significantly more storage to be comfortable than is needed for a second home or rental property - and many homes in our area are built with renting in mind. So you’ll want to pay extra attention to this here!
No.5: What does your timeframe for wanting to purchase a house look like?
Are there tight time constraints that need to be taken into account, like purchasing a house before a lease is up, or will you be purchasing a house as part of 1031 exchange?
Do you have another property that you need proceeds from in order to purchase your next property?
Are you trying to purchase the property in time to capitalize on the upcoming rental season? Would you like to do upgrades to the property before going into renting?
We can work with any scenario you’ve got. We just need to be clear on what we’re working with!
Getting clear on your answers to these questions is the first step of your search! And if you want someone to talk through them with, I’m always here!
