vacation rental property Archives - Scott Team Realty, Inc.

Vacation Rental Homes on the Outer Banks

Not everyone looking to buy a home in the OBX is looking for their forever home. Many are looking for a rental property. When buyers decide to look for a rental property specifically, there are many additional aspects to consider. These aspects are different than a typical home buying process. The OBX vacation rental market is unique. Therefore, it is important for prospective vacation rental owners to understand the market and their options before making the investment. While Airbnb is … Continue reading...

Get OBX Market Exposure

Since 2020, we have seen the housing market explode. Some expected this to fizzle out in 2021, but three months into 2022 and the housing market, especially in the OBX is hot. More importantly, there is a lack of inventory, which is sending prices up. Inventory is down 34% between February 2021 and February 2022. Current inventory in the Outer Banks Association of Realtors’ MLS system is sitting near 700 properties whereas last year it was just over a thousand. Moreover, in March 2020, there … Continue reading...

Outer Banks Vacation Rental Income

Most Outer Banks buyers want to know about the vacation rental income available with a house. That income helps make homes here more affordable. Good rental income is a critical part of the information needed in most buying decisions. This article will help you better understand Outer Banks vacation rental income. Property Management Companies vs. Self management Most OBX vacation rental owners don’t want to be involved with the day to day management of the property. Local … Continue reading...

Sight Unseen OBX Purchase?

A sight unseen OBX purchase was as rare as purple sea glass just a few months ago. Our bridges to the Outer Banks have been closed since mid-March. Prior to the pandemic many out of town buyers were seriously looking at purchasing and collecting the summer rental income. Of course, those plans are over or delayed for most folks since they can not get here to see the houses. Not everyone has stopped shopping here though. In fact, we’ve had three different buyers who have been comfortable … Continue reading...

Solution to OBX Rental Income Dilemma

I think there is a solution to the OBX rental income dilemma. This article will explain this problem and provide a solution so that, hopefully, people don’t have to be in this position in the future. The problem As of this moment no visitors are allowed on the Outer Banks. Local government is concerned that our limited health care facilities could quickly become overwhelmed by the pandemic. There is no set date when vacationers will be allowed back in. This could become a real problem for … Continue reading...

Outer Banks Insurance Primer

Questions about Outer Banks insurance are often the first thing buyers ask me when they start their home search here. Yes, homes can be insured for just about all types of events. It can be expensive and it can be fairly reasonable depending upon the property. This blog will provide you with some of the basics of insuring a home here. It’s likely we’ll go into more detail about each of these types of policies in the near future. Different Environment Different Insurance This coastal area has … Continue reading...

My Experiences with Outer Banks Hurricanes

Since moving to the Outer Banks in 1989 we have been threatened by hurricanes almost every year. Dealing with these storms is no fun but is worth it to live in such a great place. Years ago when we were looking for a spot to raise our boys Lori and I decided the most important thing was to be in a spot where the risk of flooding would be minimal and where it would be less likely to have wind damage from Outer Banks hurricanes. Yes, there are many places like that on the Outer Banks. We found … Continue reading...

Five Inexpensive Improvements to Sell a Vacation Home

Selling vacation homes can be challenging. Today’s buyers watch HGTV where home updates are the norm instead of the exception. Often times OBX vacation homes don’t have those updates. If you are preparing to sell or not getting activity on your home then here are five items that will encourage buyers to look and make offers. By doing some of these simple updates you may make your home stand out among all the ones for sale. Tidy yard and exterior: Pruning trees and/or bushes can often be … Continue reading...

Why should I use an Outer Banks Lender?

Getting a loan today usually requires a little more time and effort. If you have refinanced or purchased property elsewhere over the last few years then you are familiar with this process. You may want to use your home town lender because they already have your paperwork or they are a friend. The unique aspects of getting a loan on OBX property may be worth reconsidering your decision. Here are some reasons why you should use an Outer Banks lender. Flood Zones Outer Banks lenders are … Continue reading...