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Frequently Asked Questions

  1. How much down payment is required by mortgage companies for a second or investment property?

    The typical down payment is 20%, but many lenders are able to offer 10% down payment on 2nd homes. Condo purchases normally require 20 to 30% down payments in todays market.

  2. What type of insurance is needed on the beach and mainland areas. How does this differ?

    There are typically 3 insurance policies that apply to Island property. Regular homeowners insurance covers normal perils such as fire and theft. They typically exclude wind/hail and flood. Wind and Hail are usually provided by the North Carolina State Flood Insurance (NCIUA) is regulated by FEMA and they provide most of the Flood Policy options.

  3. Do properties on the island come furnished?

    Most island properties are sold furnished and equipped right down to pots, pans and dishes. Sellers normally have a minor exclusion list of personal pictures, wall hangings etc. Each property varies in the amount of personal items or furniture exclusions.

  4. Should I use by bank back home or a local mortgage company?

    It is normally better to deal with a lender that is very familiar with Coastal Mortgages. There are underwriting guidelines specific to coastal exposures and dealing with coastal lenders normally eliminates delays and last minute surprises.

  5. 5. How does a rental investment work?

    There are many advantages to rental the obvious income potential. Investment/rental properties also provide many tax advantages that can make a beach purchase more affordable than you think.

  6. Do I really need a real estate agent?

    Buyers searching for beach property need a professional an knowledgeable agent more than any buyer. Coastal agents provide valuable info on an ever changing market with respect to prices and locations. Insurance regulations as well as Local, state and Federal zoning and building requirements are vital to understand in our market.

  7. What is usually included in condo fees (association fees)?

    Most Condo fees include all insurance on the building structure. Fire, theft, wind and hail as well as flood insurance are normally provided for in the master association policies which are paid for by the association. Normal maintenance is also paid for such as building maintenance, exterior ground maintenance and amenity maintenance such as pools or tennis courts. Pest service/extermination is usually provided as well. Normally the only thing the individual owner is responsible for is the interior of the unit form the walls in.

  8. Will rental income cover my costs?

    This varies by property. There are many properties which provide a tremendous amount of cash flow to offset mortgages and other ancillary cost of ownership. Consult with your agent on the best rental investments.

  9. Is it hard to get a mortgage in today's economic client?

    Contrary to popular belief, there are plenty of sources for mortgages on Beach Property. With good credit scores and income, we are able to secure financing with very competitive interest rates and terms. Interest rates are the lowest they have ever been in history and qualifying is not that much different than qualifying for a primary residence.

  10. What is the typical amount of time it takes to close on a property?

    30-40 days is a normal time to close a transaction.

  11. Please feel free to contact one of our professional agents with additional questions and further explanation. We can walk you through each step of the process and guide you along the way.