SECOND OR VACATION HOME BUYERS

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Affordable Getaway Communities

We're blessed with living in an area that has so much to offer for purchasing a second or vacation home in one of the premiere getaway destinations in the nation. North Carolina's Outer Banks and Virginia Beach's oceanfront are experiencing record-breaking vacation season rental occupancy rates. Coastal North Carolina is also unique with its inner-sound and river waterways and serene countryside living that also offer great destinations for getting away from it all.

The lands surrounding Hertford and Edenton, North Carolina offer ideal waterfront, canal front, water access and countryside homes and lots within a 90 minute drive of Hampton Roads. Close enough to get to quickly and far enough to get away from population and traffic. The communities of Snug Harbor in Hertford on the Yeopim River and Arrowhead Beach just north of Edenton on the Chowan River are two ideal getaway communities within mainly agricultural and low employment counties offering affordable waterfront living. Both communities are hidden gems for purchasing a second home. I'm very familiar with the "ins-and-outs" of both of these neighborhoods as well as a couple of other similar waterfront communities.

Income Producing Potential

You might want to take into consideration generating short-term rental income to help realize your dream. These days, websites like VRBO and AirBnb make a second or investment home a year-round viable option for producing income for times when you aren't using it yourself. These sites are an excellent means to advertise your home for short-term vacation rentals to help offset its expenses.

Obviously, these points also fall under the realm of purchasing an investment property to produce additional income. However, when considering a second or vacation home for yourself, I'd be remiss to not mention the opportunities available when considering the viability of a buying a second home. See my information on purchasing investment properties for details about this.

Your Second Home Can Be Tax Deductible

There are a number of different tax breaks available for homeowners with more than one property. Interest on the mortgage is deductible within the same limits as the interest on your first home if you decide against also offering it out as a rental. There are also options for utilizing the equity in your existing home towards purchasing a second.

Financing Considerations

However, you should know that financing for a second home are different than for a primary. Depending on the lender and market conditions, a few may only require a 10% down payment.  However, expect a 20-25% and even up to 35% down payment for a second home. Some lenders will finance with a minimum credit score of 680, but most will really want to see 750 or higher. A debt-to-income ratio below 43% is what most lenders also want to see as an additional factor. It should go without saying that a solid cash reserve helps greatly to ensure payments will continue to be made if there is an unexpected interruption in your income.

2023 Market Outlook

As we go into 2023, it's obvious that home and property prices are exceptionally high and rising interest rates will undoubtedly start to cool the market. Available oceanfront, oceanside, soundfront, soundside and canalfront properties in Corolla and Carova Beach are plentiful. Home inventories in Hampton Roads and inner Northeast North Carolina are currently low, but expect this to change in the near future. Due to rural economic conditions, there are still some pretty good deals that come up for inner coastal properties on the water and/or countryside in North Carolina.

Contact me to discuss your second home plans and ideas. I'll be honest about what the market conditions at that time are, and connect you with a few mortgage loan officers that specialize in second home financing to help you determine if it's in your best interest to act now or in the future.

2nd or Vacation Home Resources

Disclaimer: The vendors below are either entities we trust and have done business with and some listed are strictly by reputation. AllVaHomes is not compensated by or benefits in any way by listing any of these entity and does not guarantee the quality of your service experience.

Mortgage Lenders
Movement Mortgage - Leanne Crist
AnnieMac Home Mortgage - Becky Amos

Home Inspectors
HouseMasters Home Inspectors - Hampton Roads, VA

Surveyors
Alphatec Surveyors - Chesapeake, VA
Coastal Engineering & Surveying - Kitty Hawk, NC

Landscapers & Lawn Care
Va Landscapes/Morris Lawn - Hampton, VA
Currituck Lawn Care - Currituck, NC
GroundsPros - Jarvisburg (Currituck), NC

Pressure Washing Services
Carolina ProClean - Harbinger (Currituck), NC
Premiere Exterior Services - Powell's Point (Currituck), NC

Pest & Termite Control
Mares Exterminating - Hampton Roads
Suffolk Pest Control - Southside
Four Seasons Pest Control - Northeast NC

Pool & Spa Services
Anchor Pools & Spas - Hampton, VA
Aqua Leisure Pools - Virginia Beach, VA
Big Blue Services - Corolla (Currituck), NC

Fencing Services
Hampton Fencing Company - Hampton, VA
Chesapeake Fence Builders - Chesapeake, VA
Albemarle Fence & Railing Co. - Elizabeth City, NC

House Cleaning Services
Dust Bunnies of Hampton Roads - Hampton, VA
DV Cleaning & Home Services - Barco (Currituck), NC
Cleaning Heavenly OBX - Kitty Hawk, NC

Window Cleaning Services
Carolina ProClean - Harbinger (Currituck), NC

Carpet Cleaning Services
Carolina ProClean - Harbinger (Currituck), NC