Did you know that in 2014, about 33% of home buyers were first time home buyers? If you are looking at beach real estate and planning your first big home purchase, you may have a lot of questions. Buying a home is an entirely different world from renting a home or apartment, and there are a lot of facts you need to keep in mind. If you?ve been looking at Outer Banks condos in particular, this is especially true considering these homes often have a higher value — and selling price — than a typical home.
What should you know about buying a home? Here are a few important points.
1. Make Sure You Can Afford Beach Property Before Getting a Mortgage
It?s easy to want more than what you can realistically have. If you need to constantly scrimp, save, and eat potatoes in order to afford your new home, it?s probably not going to end well. Why? If something goes wrong — say an illness, or you are laid off and temporarily out of work for several months — you?re going to quickly end up with bills you can?t pay, and the threat of the bank repossessing your home. Make sure that your budget allows you to not only cover the closing costs (which can be thousands of dollars), but if something happens you won?t have immediate issues paying your mortgage.
2. How to Evaluate the Worth of Beach Properties
Not all properties are made equal, so what should you be looking for in great beach property? For one thing, you should look up the recent selling prices of various homes in the area, as well as their square footage, bedrooms, etc. — this will give you a ballpark idea of what to expect. It?s also a good idea to have a home inspector check out a house you?re seriously interested in before placing a bid. Otherwise, you may end up paying a premium price for a beach real estate that has moldy floorboards.
3. Know the Surrounding Area
When you find the perfect home, it?s easy to get carried away and to commit to something before you?re ready. If you?re buying an Outer Banks home, though, check first — how close is the nearest grocery store? The closest school? What about gas stations? Make sure you?re comfortable with how isolated (or busy) your home?s location is. If this is a vacation home and you plan on renting it out, make sure that is acceptable under local ordinances, especially if you live in a condo that is part of a larger managed community.
Are you interested in purchasing beach real estate? Let us know.