Wife want to buy beach house Outer Banks (1 Viewer)

[DanFouts]

Wife starting watching house prices drop in Outer Banks...beachhouses in Nag's Head for example.

Any things I should be cautious about? For example, I just learned erosion in some areas are 2-3 feet a year! meaning some of those houses wont be here in 7-10 years!

Edit to add more info...

She wants a house that we can use 2-3 weeks a year, and a few 3-4 day weekends.

Would be an additional mortgage as we already own one house.

Would be 5-6 hour drive from DC

I was really asking for input on such things as....

1. Management companies for rental houses, costs, issues ( do they let you "use" your own house during high season)

2. Insurance issues (hurricanes, erosion, flooding)

3. Tax issues

4. General issues (people like having vacation homes or is the pain of upkeep not worth it, etc)

Thanks !

 

[beer 30]

LOOK AT ME!!!!1!!1!!

 

[DanFouts]

LOOK AT ME!!!!1!!1!!

Thanks for the input....

 

[WVU Alum]

LOOK AT ME!!!!1!!1!!

Couldn't last til post 10+. Blew your wad early.

 

[raisydaisy]

If you do not know the pro and cons of buying a beach house on the outer banks then I must suggest you don't buy one.

 

[CrossEyed]

For what reason, primarily?

 

[Exit 1]

Where do you live now? Are you paying straight cash money for this beach house or are you taking out a mortgage on it? Do you plan on renting it out or just leaving it vacant when you aren't enjoying it?

You really don't give much information to give you a good pros/cons list.

 

[DanFouts]

For what reason, primarily?

She wants a house that we can use 2-3 weeks a year, and a few 3-4 day weekends.Would be an additional mortgage as we already own one house.Would be 5-6 hour drive from DCI was really asking for input on such things as....1. Management companies for rental houses, costs, issues ( do they let you "use" your own house during high season)2. Insurance issues (hurricanes, erosion, flooding)3. Tax issues4. General issues (people like having vacation homes or is the pain of upkeep not worth it, etc)Thanks !

 

[TLEF316]

Don't have anything to add in terms of ownership issues, but I will say that the area itself is pretty mediocre. You have to basically get on the highway in order to get anywhere. I stayed there 2 summers ago and you couldn't walk to anything.

IMO, there are better beaches to commit yourself to that don't require a 6 hour drive. If I were you, I'd look in delaware.

 

[Da Guru]

For what reason, primarily?

She wants a house that we can use 2-3 weeks a year, and a few 3-4 day weekends.Would be an additional mortgage as we already own one house.Would be 5-6 hour drive from DCI was really asking for input on such things as....1. Management companies for rental houses, costs, issues ( do they let you "use" your own house during high season)2. Insurance issues (hurricanes, erosion, flooding)3. Tax issues4. General issues (people like having vacation homes or is the pain of upkeep not worth it, etc)Thanks !

Fo the little that you plan on using the home..why not just rent when you feel like going? Owners are cutting deals like never before. I stayed in a 3BR, 3 bath luxury beach front condo in Clearwater that was listed for 1800.00 a week for 900.00 in April. VRBO.com

 

[george]

Don't think you are ready. And a beach house you planning on using multiple times a year, should be 2-3 hours away. Maybe 4 at most. When you have to deal with "vacation" traffic that 5-6 hour drive will become 7-8 which will make it much less appealing to go down for a weekend.

Long weekend =

Leave Friday after work, Curse traffic, get there at 2am.

Enjoy Saturday.

Enjoy most of Sunday but dread the Monday drive back.

Get up Monday pack.

Clean the fn house (will take MUCH longer than you plan. think 2-3 hours). Many owners try to save the cleaing fee & do it themselves.

Go to the beach for 3-4 hours.

Leave Monday at 3pm.

Curse at traffic.

Get home at 11pm.

 

[Exit 1]

Personally, I'd always be paranoid about having a vacant house that far away. Besides storms, you have the run the risk of burglars and then all of the costs of maintaining it (lawn care, RE taxes, insurance, etc.)

Have you looked into maybe a condo or townhome closer to you?

 

[DanFouts]

Don't think you are ready. And a beach house you planning on using multiple times a year, should be 2-3 hours away. Maybe 4 at most. When you have to deal with "vacation" traffic that 5-6 hour drive will become 7-8 which will make it much less appealing to go down for a weekend.

Long weekend =

Leave Friday after work, Curse traffic, get there at 2am.

Enjoy Saturday.

Enjoy most of Sunday but dread the Monday drive back.

Get up Monday pack.

Clean the fn house (will take MUCH longer than you plan. think 2-3 hours). Many owners try to save the cleaing fee & do it themselves.

Go to the beach for 3-4 hours.

Leave Monday at 3pm.

Curse at traffic.

Get home at 11pm.

lol....I know...I am leaning towards just renting 2 times a year and be done with it, but she likes the concept of "owning" your own vacation home for spur of the moment trips especially in the off season. So it's really more of a "help me talk her out of it thread...!"

 

[CrossEyed]

Seems like more hassle and expense than it is worth.

I'd rather just rent a place for the times I want to head to the beach.

 

[The_Hunchback]

I know...I am leaning towards just renting 2 times a year and be done with it, but she likes the concept of "owning" your own vacation home for spur of the moment trips especially in the off season. So it's really more of a "help me talk her out of it thread...!"

You'll be paying how much for a "home" that you'll visit a few times a year? How much per visit is it going to cost you? You'll stay there how many days? Take the money you'll pay for the mortgage and get the house you live in year round paid off first. The two houses will end up "owning" you instead of you owning them.

 

[Early_10]

Monthly phone, satellite, utilities on something you only use for maybe a month tops all year is a PITA. The earlier poster had it right. We only drive for an hour to get to our cottage, spend an hour first packing up the car, then another out there unpacking. An hour cleaning up after unpacking. Another 3 hours when we leave to come home...pack up, clean up, drive home, unpack, do the weeks laundry. It's a big ordeal to the point where I'd hardly be bothered going.

 

[bakes]

Seriously - look at Virginia Beach or somewhere closer. Why drive the extra 3 hours when you want a spur of the moment weekend getaway?

 

[Mopap]

Seriously - look at Virginia Beach or somewhere closer. Why drive the extra 3 hours when you want a spur of the moment weekend getaway?

Or Fenwick Island, DE. Just across the border from Ocean City MD and pretty easy to get to from D.C. Was there a few months ago. Very nice area. Rent a place for the weekend after Labor Day and check it out. Or just drive over for a day trip, it's close enough.

 

[shake zula]

I was just there two weeks ago. Very mediocre in terms of going to the beach. Earlier poster mentioned you can't walk anywhere. I also drove from DC and the drive is horrific. I also can't imagine not getting bored of going to the same blah beach 3-4 times a year. Now, if you are into fishing and you can convince the wife to let you buy a boat then maybe it might make a little more sense. Overall, I doubt I'd ever go back since I didn't think the actual beach was any good.

 

[jamny]

With so many great places to visit I never understand the need to tie yourself down to one location. Except for Vegas and Chicago, we rarely ever go back to the same place again.

 

[Sweet Love]

I agree with TLEF...OBX was definitely underwhelming. I have lived in NC and go to the beaches a couple of time/year, but went there for the first time (town next to Duck), for the first time in the 11 years I have lived in NC. The local joke/saying is that people that live in NC do not go to the OBX. Obviously this is exagerrated, but I find places like Sunset Beach and Ocean Isle Beach to be a ton less crowded, have bigger beaches with less traffic, warmer water, cheaper food, etc. The home prices are also a lot cheaper..maybe add an hour or so, but would definitely be less on the wallet overall.

The other thing I was going to mention is that renting is really the way to go. We rented in the OBX in July and confirmed it at a rate of 40% normal the night before we left...regardless of how "desperate" you are to get away, the renting owner is 10x more desperate than you and you can get a last minute cut-rate deal without any of the ownership headaches.

 

[Arizona Ron]

With so many great places to visit I never understand the need to tie yourself down to one location. Except for Vegas and Chicago, we rarely ever go back to the same place again.

Also, you'll be looking to sell the place in 2 years at a loss. I don't drive anywhere when I'm vacation, cab from my house to the airport and off to my vacation spot. Nags Head is boring as hell btw.

 

[shake zula]

With so many great places to visit I never understand the need to tie yourself down to one location. Except for Vegas and Chicago, we rarely ever go back to the same place again.

Outside of Vegas, Boston, NYC, Chicago, Miami, etc. I don't tend to go back to the same places.Well I lied a bit I've been to Tahoe twice.

 

[DanFouts]

Thanks for the replies...some good ideas in there.

 

[Exit 1]

Would you consider her a nag?

 

[Snotbubbles]

Don't think you are ready. And a beach house you planning on using multiple times a year, should be 2-3 hours away. Maybe 4 at most. When you have to deal with "vacation" traffic that 5-6 hour drive will become 7-8 which will make it much less appealing to go down for a weekend.

Long weekend =

Leave Friday after work, Curse traffic, get there at 2am.

Enjoy Saturday.

Enjoy most of Sunday but dread the Monday drive back.

Get up Monday pack.

Clean the fn house (will take MUCH longer than you plan. think 2-3 hours). Many owners try to save the cleaing fee & do it themselves.

Go to the beach for 3-4 hours.

Leave Monday at 3pm.

Curse at traffic.

Get home at 11pm.

lol....I know...I am leaning towards just renting 2 times a year and be done with it, but she likes the concept of "owning" your own vacation home for spur of the moment trips especially in the off season. So it's really more of a "help me talk her out of it thread...!"

Ocean City, Maryland is your friend.

 

[glumpy]

Don't have anything to add in terms of ownership issues, but I will say that the area itself is pretty mediocre. You have to basically get on the highway in order to get anywhere. I stayed there 2 summers ago and you couldn't walk to anything. IMO, there are better beaches to commit yourself to that don't require a 6 hour drive. If I were you, I'd look in delaware.

Depends on what you're looking for. When I get down there I've got no interest in 'getting anywhere', so the remoteness suits me just fine. That said--I wouldn't buy there at all, preferring the inland waterway myself. You're asking for trouble oceanside on a moving sandbar, and even depressed prices are likely high. (haven't looked them up but will, now--have been looking at land down that direction for years)

 

[Godsbrother]

We looked into it briefly a few years ago (also looked at Myrtle & Orlando). The cost of the initial investment + the hassle of maintaining & renting it out vs the flexibility of renting anywhere with less hassle and investment made it clear it wasn't worth it (to us).

 

[Tuco]

Don't think you are ready. And a beach house you planning on using multiple times a year, should be 2-3 hours away. Maybe 4 at most. When you have to deal with "vacation" traffic that 5-6 hour drive will become 7-8 which will make it much less appealing to go down for a weekend.

Long weekend =

Leave Friday after work, Curse traffic, get there at 2am.

Enjoy Saturday.

Enjoy most of Sunday but dread the Monday drive back.

Get up Monday pack.

Clean the fn house (will take MUCH longer than you plan. think 2-3 hours). Many owners try to save the cleaing fee & do it themselves.

Go to the beach for 3-4 hours.

Leave Monday at 3pm.

Curse at traffic.

Get home at 11pm.

lol....I know...I am leaning towards just renting 2 times a year and be done with it, but she likes the concept of "owning" your own vacation home for spur of the moment trips especially in the off season. So it's really more of a "help me talk her out of it thread...!"

Ocean City, Maryland is your friend.

I bought a place there 3 years ago. Very happy with my decision. We use it for a few weeks in the summer and rent it out to friends and friends of friends. I'd say I make 65% of the total expenses back in rent. Add the tax write off and eventual appreciation, and it's turning out to be a good investment.

We also just had our first kid. Wife wants more on the way soon. I wouldn't be traveling far with a larger family so this is working out perfect.

 

[Go DC Yourself]

Don't think you are ready. And a beach house you planning on using multiple times a year, should be 2-3 hours away. Maybe 4 at most. When you have to deal with "vacation" traffic that 5-6 hour drive will become 7-8 which will make it much less appealing to go down for a weekend.

Long weekend =

Leave Friday after work, Curse traffic, get there at 2am.

Enjoy Saturday.

Enjoy most of Sunday but dread the Monday drive back.

Get up Monday pack.

Clean the fn house (will take MUCH longer than you plan. think 2-3 hours). Many owners try to save the cleaing fee & do it themselves.

Go to the beach for 3-4 hours.

Leave Monday at 3pm.

Curse at traffic.

Get home at 11pm.

lol....I know...I am leaning towards just renting 2 times a year and be done with it, but she likes the concept of "owning" your own vacation home for spur of the moment trips especially in the off season. So it's really more of a "help me talk her out of it thread...!"

A beachhouse in the OBX is great in the offseason. Wish I had done it 15 years ago when the prices were better.

 

[BobbyLayne]

Some good replies, especially the impractical aspect of having a vacation home more than 2-3 hours away, rent vs. buy, the alternative of Ocean City, the banality of going back to the same area every year.

All good points.

That said, I am contemplating a similar decision. Perhaps its because I am getting older (late 40s) or because the age disparity of the children (10 years) makes trips more difficult to plan or maybe its because I have traveled to 30+ countries and the travel bug is finally satiated. Whatever the reason, I am thinking about buying a place on the east end.

It will be close enough we can use it every weekend if we so desire, which should tilt the rent vs. buy equation somewhat. Or we may use it a few weeks per year, and rent it out the remainder (which is where it really starts to make sense economically).

GL GB - it's not easy making these far-reaching decisions with your spouses. I wish you well.

 

[DanFouts]

Some good replies, especially the impractical aspect of having a vacation home more than 2-3 hours away, rent vs. buy, the alternative of Ocean City, the banality of going back to the same area every year. All good points.That said, I am contemplating a similar decision. Perhaps its because I am getting older (late 40s) or because the age disparity of the children (10 years) makes trips more difficult to plan or maybe its because I have traveled to 30+ countries and the travel bug is finally satiated. Whatever the reason, I am thinking about buying a place on the east end. It will be close enough we can use it every weekend if we so desire, which should tilt the rent vs. buy equation somewhat. Or we may use it a few weeks per year, and rent it out the remainder (which is where it really starts to make sense economically).GL GB - it's not easy making these far-reaching decisions with your spouses. I wish you well.

Thanks! Some good info posted so far.

 

[Apple Jack]

Wow, check out the new search function.

Yeah, so looks like the second span of the Wright Brothers Bridge might not be reopened in time for Mem Day Weekend. Let that sink in for a couple seconds.

 

[Doctor Detroit]

My cousin and his wife bought a house in Nags Head and their marriage is pretty much a sham at this point. HTH

Is that because of all the fat chicks she caught him with at the vacation house?

Please say yes.