Why Buying a Vacation Home Can Send You Running for Cover: And How to Overcome Those Fears

image description

Why Buying a Vacation Home Can Send You Running for Cover: And How to Overcome Those Fears

Thinking of buying a vacation home on the Crystal Coast of North Carolina but feeling a little apprehensive about a second investment? Many second home-buyers experience these common fears, but fortunately, with some careful planning and research, and the right real estate agent, your fears can be overcome!

Fear #1: I Can’t Afford a Vacation Home

calculating home affordabilityMany buyers fear they can’t, or will become unable to, afford a second home. Fortunately, shopping for a good loan, setting a definitive budget—and sticking to it—and having an emergency fund can help ensure that you get the best deal, buy a home you can afford, and have plenty of leeway if any complications arise in the future. Plus, with average home prices in the Morehead City Metro currently sitting at $289,000, you’d be surprised what you can afford!

Fear #2: I Won’t Like the House

carefully shopping for homesMany buyers fear that a vacation home, because they’ll likely be looking in a lower price range than their primary home, won’t meet their standards. That’s why it’s important to shop around and consider all of your options. Working with a local real estate agent who knows the area inside and out can help you find the right home in the right location that also fits comfortably into your price range.

Fear #3: The House Will Have a Lot of Problems

hiring a home inspector to locate problemsUnless you’re buying a brand-new home, you do face the potential of looming repairs in the near future. When shopping for homes, keep an eye out for homes that have had recent upgrades or replacements, or show signs of regular maintenance. Hire a good home inspector who can pinpoint any potential future problems.

Fear #4: I Won’t Make Money on Rentals

property for rent in the crystal coastIf you’re thinking of renting out your vacation home, it’s likely because you want to make a little extra pocket change, or at least help pay off some of the mortgage during times you won’t be visiting. Rentals can be very profitable investments, but they do require some planning and research. You will want to consider your monthly bills and potential maintenance costs against your potential rent money. Research the rental prices on other properties in the area, or better yet, hire an established local realtor or property manager who knows the area and has the ability to market to and reach the right clientele.

Fear #5: I Won’t Visit as Often as I Plan

home that's ready to be visitedCurrently, as a renter, you might head out to the Crystal Coast once or twice a year. Ideally, buying a vacation home makes it much easier for you to visit, and increases the likelihood that you actually will! Just think about it, no need to pack up all your beach gear or other belongings—just grab a toothbrush and everything will be waiting for you when you get here. Makes weekend trips pretty quick and convenient, much more so than finding and booking a hotel or rental house.

Fear #6: My Property Value Won’t Go Up

increasing vacation home property valuesAny home buyer fears that they’ll lose money when it comes time to sell their home, and that’s always a risk of any real estate investment. But looking at the local Morehead City metro area, property values are high, currently sitting at $244,000. And they’ve been on the rise, increasing over 7% in the last year! And there are some ways to safeguard your property’s value, like making sure you home is well-maintained throughout your ownership, even if it’s a rental. Also, pay attention to the area you buy in, like nearby amenities, crime rates in the neighborhood, local schools, and local property values. Don’t ever buy the most expensive house in the neighborhood!

Ready to Invest in Your Crystal Coast Vacation Home?

If you’re thinking of buying a home in the Crystal Coast, then it’s time to contact Linda Rike Real Estate. As your local real estate experts, we’ve got all the answers to your pressing investment questions. We’ll help you explore the area, discover the right neighborhood, and find the perfect vacation home.

Back to Blog

Connect With Us

Connect Us
overhead picture of ocean