It’s not a secret that once you vacation on the Outer Banks, you’ll want to find ways to come back often or eventually live here. So, if you purchase a home here, is it a vacation home or eventually a place to retire?
Is there a difference?
According to the National Association of REALTORS® latest market figures, vacation home sales were 29.7% higher in 2013 over 2012. Right now, 13% of all home sales are vacation homes. The median vacation home price increased 12.5% over 2012 to $168,700. Seasonal demands drive home prices – it is good to analyze home values over an entire year.
A short time vacationing is different than the day to day living.
Check out the extended expenses of living in an area. The ability to afford a vacation may be drastically different than actually residing there.
Does the area have the amenities and health care for the golden years? Is the health care have easy access and affordable? Are there healthy activities available? Are there senior centers close by?
One way to find out what an area actually offers is to step away from the “tourist” area and look at neighborhoods and what they offer. What is the traffic like year ‘round / access to stores and entertainment? What is going on off-season? Sometimes places have resident-only fees instead of vacation rates. Local city offices may be able to direct you in the right direction.
Financing a vacation home is different than financing a primary residence. Last year 38% vacation home buyers paid cash.
A lot goes into making this decision and you need answers you can depend on.
Contact me today.
I can make your home buying process easier with details about the Outer Banks housing market, vacationing on the Outer Banks and/or living on the Outer Banks.
