Owning a home at the beach is one of life’s greatest pleasures. The slow pace, the calming affect of the sea, and the mild climate are inviting, and the prospect of being a permanent part of this area is intriguing. A visit to our region often leads to questions about home ownership. The following are answers to some frequently asked questions about home ownership on the Outer Banks:

• How much does real estate cost? Within this relatively small region, the prices vary considerably. Oceanfront properties are continually rising in price and now start at over a million dollars. Property that is on or close to the ocean and in desirable rental areas is most valuable. Property located further from the ocean, but still within close range, is also very much in demand, and the prices reflect that strong demand. Current prices for any given area are available through local Realtors and on the Internet.

• Are property values still rising? Yes, appreciation continues in our area. Fueled by the popularity of our area, continuing low interest rates, and the demographic influences of the baby boomer generation, prices continue to rise. This is true not only for the beaches, but also for outlying areas of Currituck mainland, Tyrell County and beyond. The need for affordable housing and the desire for more spacious surroundings have pushed many to the outlying communities within driving distance to the beach. Demand and values have steadily increased.

• When is the best time to buy beach property? The property sales market has been very brisk over the past several years, so if there is a property that you’ve identified as a good one that fits your needs and budget, then right now is the time to purchase it. With many of the homes for sale on weekly rental programs, the busy summer season can make it difficult to view properties while they have occupants or during changeover days. Many make plans for one or two long weekends in the spring or fall to view homes when they are more accessible.

• How long does it take to close? From the time of the offer to the time that the property actually closes can be as short as four weeks or can take up to a few months. The amount of time to finalize a purchase depends on how quickly you and your Realtor can move through the process, which generally includes inspections, financing approval, appraisals, attorney title work, deed preparation, and other variables, such as repairs, that might be required. North Carolina attorneys handle Real Estate closings in North Carolina.  It is always advisable to work with an experienced Realtor, representing you as your agent; their expertise and assistance is invaluable, especially if you are working from out of town.

• Can I get insurance? The North Carolina Underwriters Association underwrites insurance in this area, and it is obtained through any number of reputable agents in our area. This insurance protects from damage done by wind. Separate flood insurance can be purchased for any property and is a requirement if the property is in a flood zone.

• Are rentals still strong? The rental market for weekly vacation rentals has steadily increased each year. There are more people renting homes, and the popularity of family vacation rentals in a destination easy to get to by car is poised to remain strong. This year, the rental market seemed somewhat saturated by an abundance of rental homes, yet as the demand continues to increase, homeowners should be able to enjoy solid rental seasons. In addition to the routine expenses, such as mortgage and utilities, homeowners need to factor in the cost of maintaining homes. Deep cleaning, touch up painting, carpet care and an annual assessment of the condition of the home and supplies is essential to keeping homes in great shape and in high demand on the rental market. Homes that are well maintained are generally more respected by their guests; upkeep will help preserve your investment.

These are just a few of the questions you might have as you explore the possibility of home ownership in this area.  An agent will be able to give you much more information and help find the home that is just right for you.