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Home Buying in Corolla : Real Estate Advice

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  • Home Buying9
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Activity 11
Sat Aug 15, 2015
annes6060 answered:
If you own the property outright, you are not required to buy flood insurance. For many of us on the oceanfront, it is VERY expensive to insure against flood damage. For example, I was quoted nearly $12,000 to insure my small home, and was able to get it down to $9,200. And even that had a very high deductible and excluded any damage on levels of the house that were less than 12 feet above sea level. So I cancelled after a few years and decided to self insure. It's a gamble, but I only really lose if the house is completely destroyed by a massive hurricane.

It can also be a bit tricky to prove flood damage (i.e., damage from water coming from below through high tides or storm surge) and other water-related damage (i.e., rain damage to your home from high winds that took off a portion of the roof or shatter a window or simply seep through the seams in your house).

The best advice I've seen in all the comments is to check with an insurance expert, and would add that you should talk to other owners near the property you are considering.
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Sat Aug 15, 2015
annes6060 answered:
Homes in the offroad beach area are on individual wells, as well as individual septic systems. We do have electricity through Dominion Power, and we can get phone/internet through CenturyLink and satellite TV through DirectTV. ... more
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Tue Mar 3, 2015
Tim Lancsek answered:
This is a very good question and one that needs to be discussed in detail. A short response is not going to be enough education to purchase a lot in this area. Please call me to chat about the complexity of the 4 wheel drive market.

Tim Lancsek
ReMax Surfside
252-619-6089
tim@obxconsulting.com
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Tue Mar 3, 2015
Tim Lancsek answered:
Everything is negotiable. However you will pay for what you get. The better rental companies command a premium and in the long run the additional 1-2% WILL pay for itself by getting into one of the better programs. The income level can and will be significantly more. ... more
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Tue Feb 24, 2015
Tim Lancsek answered:
Honestly, the best advice is to contact a broker that will assist you. Brokers are going to want to know that you are on "the same team" before you get too much out of them in the way of the process. This is the most simplistic and best advice that you can get.

Feel free to give me a call.
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Wed Jan 23, 2013
Bob Oakes answered:
Let's break it down into two questions:
Is all of Corolla in a flood zone, as defined by FEMA? Yes, the zones are AE, VE and X
Is additional insurance required? Not necessarily...

If you are paying cash, you are generally not required to get any flood insurance.
If you are in an X flood zone, your lender will probably not require you to purchase flood insurance.
If you are in an AE or VE, your lender will definitely require you to get flood insurance.

The good news is that flood insurance is generally very inexpensive. It is less than regular hazard insurance, and much less than wind and hail coverage that most coastal homes have to purchase.

Flood insurance is underwritten by the NC Beach Plan, so the premiums are the same no matter who you purchase the insurance from. I would suggest speaking to local insurance agent, or better yet find out what the current owner is paying for their insurance.
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Sat Jan 5, 2013
Mark Fleysher answered:
In a typical transaction, the property owner is taxed on any gain realized from the sale. However, through a Section 1031 Exchange, the tax on the gain is deferred until some future date (e.g., the future resale of the home you will purchase with the proceeds from the sale of a current property).

To learn more, check out this post:

http://sellstatedeluxe.com/2012/12/21/1031-tax-free-exchange-delay-capital-gains-tax/
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Thu Feb 4, 2010
John M. Cooper answered:
Hello Paul:

While our property does not lend itself to short term rentals, it represents one of the best long term investments in the area. See www.cooperqualityconstruction.com for more info and you will see what I am talking about. Best wishes. ... more
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Wed Feb 25, 2009
Bob Jakowinicz answered:
Real estate is so local it would be wise to sit down with a few very active real estate agents in the area and discuss your options fully. Compare what they are saying and use the information to make a good decision for yourself at that time. ... more
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Mon Dec 22, 2008
Bill Eckler answered:
Maude,

1031 is the route to go.....

Addtionally, beach front property is definitely becoming more affordable and a consideration for those that previously could not afford it. If there ever was a chance to own affordable beach property, it is now. Our recommendation is to join the hunt and begin exploring your options. ... more
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