Why Investing in Rental Property in the Outer Banks Makes Sense
If you’ve ever been to the Outer Banks, you know what a great vacation spot it is. The beaches are beautiful, the history is plentiful and the number of things to do is large. Tens of thousands of people flock to the area each year.
The chain of barrier islands that make up the Outer Banks offer something for just about everyone. History buffs can walk along the beaches where Orville and Wilbur Wright took their first flight, visit the site of the pirate Blackbeard’s demise or search for the site the lost colony of Roanoke. For those interested in nature, there’s the Currituck National Wildlife Refuge, with wetlands housing a variety of wildlife. The wild horses of Corolla are stunning to see. There are majestic lighthouses that offer exquisite views of the islands. And then, there’s always the option to relax on one of the beautiful beaches and watch the surf.
For those interested in real estate, the Outer Banks offers great opportunities for investing in rental property. You just can’t beat the beach property. North Carolina is considering building a new bridge in the area. They have budgeted funds to build the Currituck Bridge to Corolla. It will connect Highway 158 to Corolla and provide improved access to that beach community. Most tourists who visit the area rent a house or condo rather than stay in a hotel. In fact, many homes are booked up at least a year in advance so you know there is a high demand for rental housing. From Corolla to Kill Devil Hills and Kitty Hawk down to Hatteras and Ocracoke, the whole place is just teeming with vacationers in the summer.
Investing in rental property makes a lot of sense, especially in a place like the Outer Banks. The question then turns to choosing a real estate agent. Choosing a real estate agent can seem like a daunting task. According to the Association of Real Estate License Law Officials (AARELLO), two million people have active licenses in the United States alone. Selecting the correct agent can be critical — 98 percent of people who purchased with the help of an agent said that person provided valuable information and advice.
Remember, choosing a real estate agent is a decision to take seriously. A good agent will know how to determine a good rental property. There are expenses associated with rental property ownership such as maintenance, taxes, utilities and someone to watch over it. There are a number of good local real estate agents who know a lot about investing in rental property. Make sure the person is responsive, has experience working with rental properties, the correct credentials and some positive reviews. Ask the agent how many rental properties they have worked with, whether they work as an agent full or part time and if they have won any peer-given awards. Time spent researching the person and company who will represent you is time well spent.