Beautiful beaches, rich history and outdoor recreation are just a few of the reasons vacationers come to the Outer Banks in droves during the summer months. Returning guests love the laid back coastal lifestyle where the beach, local attractions and dining are all within reach. If you don’t believe us, just take a look at the numbers. In 2018, the gross occupancy was 496,416,513 for our relatively small stretch of island! With these stats, it’s easy to see why owning a vacation rental home on the Outer Banks is an exciting investment opportunity.
If you’re considering purchasing an investment property on the Outer Banks there are a few things to consider first.
Location
We’ll go ahead and warn you, we are about to use the old real estate cliche “Location, location location.” Vacationers come to the Outer Banks for the beach and soundside activities, so the closer you are, the better!
If waterfront isn’t in your budget, considering a location that makes it convenient to get the beach without having to hunt for a parking spot at a public beach access. The town of Duck is the only Outer Banks town that doesn’t offer public beach accesses, so find a parking spot is much easier and the beaches are less crowded. Also consider communities that offer a trolley ride to the beach, like Corolla Light. Vacationers want to make the most out of their trip, so make sure your rental property is in close proximity to local attractions, restaurants and shopping.
Amenities & Views
Having all the bells and whistles vacationers are looking for will help you stand out among the competition and allow you to increase your rental rates. Pools, hot tubs and game rooms are big hits. If those features are not in your budget, consider a property that offers a relaxing screened porch or spacious deck areas to sit and unwind. Good views and relaxing spaces are easy to market and help attract guests to your home.
Vacationers are also looking for an open layout with comfortably sized bedrooms and bathrooms to accommodate multiple families. Choosing a home in a community that offers special amenities like a pool, gym and clubhouse are also factors to consider when purchasing a vacation rental property. Your Outer Banks Realtor can help you choose homes in these communities that are designed with the vacationers in mind.
Rental Research
Knowing a property’s rental history or rental income potential are important when making your final decision. If the property has been rented before, your Outer Banks Realtor can share the rental income stats with you and let you know the average yearly income of a home. If the property has never been rented, your Realtor can pull comps to give you a rental income projection. These numbers will give you an idea of what your ROI will be.
Home Materials & Features
Having to continuously maintain a property can cut into your bottom line, so it’s important to choose a home that is made with materials that can withstand the Outer Banks’ extreme weather conditions. Vinyl siding and composite decking are low maintenance features to look for. When it comes to flooring, carpets can easily get worn down, especially in high traffic areas. Look for flooring that is easy to clean and will hold up to heavy use.
Get Started
If you’re considering purchasing an investment property, having the right team on your side can make all the difference. Having an Outer Banks Realtor that understands the market can help you find the most profitable investment home for your budget. If you need help getting started or want to learn about the current market, give Mike or Stacy Siers a call. They can guide you through the process and answer any questions or concerns you have. Contact them to schedule a showing and start your investment home journey today.