Conventional wisdom is that the best time to purchase a vacation rental home on the Outer Banks is in the spring or summer. However there are other factors to consider when making a buying decision. Here are some pros and cons of purchasing in the different seasons.
Besides getting instant rental income purchasing in the spring also allows you to use it in good weather. Usually the Outer Banks has great weather in May and June. Also, you may be able to reserve it a week or two by purchasing it early in the year. Spring typically has the most new listings hit the market. This means there should be good choices in the spring as well.
A summer time purchase still provides a new buyer with some rental income. It also allows an owner to use the house during our fantastic fall season. Locals know the best time on the Outer Banks is the fall. You can have a beach to yourself and there are no lines at the restaurants. Vacation rental change over day may be the only day to see these houses so it may take more time to view properties in the summer.
This time of year is the best time of year to purchase homes that need work. It provides you with plenty of time to make renovations. Most years contractors get very busy once the rental season is on the horizon. Sellers are a little more negotiable this time of year as well because they know they will not receive rental income for a while.
This is a good time of year to find a bargain. Sellers are not in beach mode and often want to eliminate beach home expenses when the snow is flying. Rental income begins to arrive in late winter so carrying the property will not be as hard as the fall. One negative of purchasing at this time of year is that the inventory is at its lowest.
There is no perfect time to purchase a beach house for everyone. If you come across the right property, you may want to get it regardless of the time of year because good values don’t stay on the market long. Take some time to discuss the pros and cons of purchasing in different seasons with Scott Team Realty and formulate a plan that best meets your wants and needs.