Buying a Vacation Rental Home in North Carolina's Outer Banks

By
Real Estate Agent with Beach Realty & Construction

Unless you are building a new home, the Outer Banks home you purchase will more than likely be in a rental program. The Vacation Rental Act of North Carolina says that you must honor any rental agreements entered into by the previous owner for 180 days after you purchase the property.

Rental companies usually charge between 18%-25% of the gross rents to manage your property for the season. Each rental management company provides different services for its clients. Make sure you know what services are included in your management fee and what services your management company offers for an additional charge. Most rental agencies offer services additional to your contract al a carte.

If you are choosing a new rental company, it is important that you choose one that is active in your neighborhood and consistently rents the homes from your Outer Banks neighborhood already in its program. Ask for a rental projection for your home and then ask for the actual rental income from homes similar to yours in your community.

Great Escapes Realty recommends you get projections from several Outer Banks rental companies and evaluate your options.

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Topic:
Real Estate Market Trends
Location:
North Carolina Currituck County Corolla
Groups:
Active Rain Newbies
Posts to Localism
Tags:
outer banks real estate
outer banks realtors
outer banks vacation rentals
vacation rental act
north carolina vacation rental act

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