Buying a Vacation Home in Corolla

Buying Real Estate In Corolla NC

Corolla, North Carolina has long stood as one of the finest resort communities along the Outer Banks.  Its secluded location as the Northernmost town of the Outer Banks, makes it home to some excellent real estate investment or vacation home ownership opportunities.

A new bridge connecting Corolla to mainland Currituck, will help continue this transformation.  Its growing status as an East Coast resort town has many homes in Corolla offering strong seasonal rental income.

Rental income for homes in Corolla are determined by a number of factors.

Some of the most important factors include amenities, location (oceanside – soundside), community (Where the home is located).  Some of the most requested amenities for Corolla vacation homes include private pools, hot tubs, pool tables, saunas, media rooms, and gourmet kitchens.

Location is also an important factor in determining how much rental income a home may generate.  Corolla oceanfront homes can often be included among the highest grossing rental homes.  Homes located on the semi-oceanfront or oceanside can also offer high rental returns.

In addition to location, the community in which a home is located can play a factor in the total number of yearly rental income.  Some of the most requested Corolla communities are Corolla Light, Buck Island, Pine Island, Whalehead Club, and the Villages at Ocean Hill.

Things To Consider When Buying A Home In Corolla

When looking to buy a home in Corolla or the 4wd beaches, there are several items to consider. Initially you need to determine your budget. Determining your budget allows you to not waste time on homes, that may not be in your price range.

If you prefer to use someone local, we have several local lenders that will be happy to give you interest rates, percentage for down payments, monthly payments and discuss your options of having a second home versus a rental home loan.

Once you determined your budget, you need to decide how you will want to use the home. Is this purchase strictly an investment or will you be taking a few weeks a year to vacation and enjoy the beauty of Corolla? Will this be a second home that you can escape to?

Will You Use Your Property As A Rental?

Often we find most people are looking to find a happy medium, renting the home out during some of the season, to defray some home ownership costs but still keeping the schedule open and flexible.

You want to think about location. Most people have a favorite community or part of Corolla, and will only want to search for property within that area. There is a big difference between Corolla soundside homes, those west of Highway 12 and oceanside or even oceanfront.

What Is Corolla Rental Income Like?

The rental income will usually be higher the closer you are to the ocean. (Rentals often tend to book from east to west.) Our team can show you the differences in homes and neighborhoods for these two sections of Corolla.

For any property that is for sale, we will walk through the steps of obtaining insurance costs, property taxes, utility costs, and any other relevant information, for each individual property so that you will know exactly what expenses you can project.

Our team will also show you net income from rentals versus the “advertised gross rents” that you will see posted on listings.

Finally, our team will go over the advantages of the inspection process from home and pest inspections to elevator or septic inspections which are becoming more important.

Corolla Communities

Buck Island

Buck Island is a beautiful Corolla community. Besides beautiful homes, its convenient location to local attractions and shopping, Buck Island also offers some great community amenities. The community amenities in Buck Island include outdoor pool and tennis courts.

For those looking for convenience to everything Corolla has to offer, Buck Island homes must be taken into consideration.

Carova Beach

Definitely one of Outer Banks most unique beach areas in North Carolina or perhaps the East Coast, to own a home is the 4wd beaches of Corolla. Once the pavement ends at the Villages at Ocean Hill, the next 10 plus miles to the Virginia border is populated with wild horses, some beautiful beach homes, and no roads. If you are looking to buy a home where you can truly getaway. The 4wd beaches of Corolla definitely fit that bill.

One of the highlights to owning a home in the 4wd beaches, is the lack of any shopping or restaurants. Other than your nearest neighbors, there is nothing to break the sounds of nature. Enjoy wild horses grazing, waves crashing, and the call of local birds.

The 4wd beaches of Carova are madeup of 3 main subdivisions or communitites: Carova Beach, Swan Beach, and North Swan Beach. In addition to the 3 main communities there are several smaller communities.

Corolla Light

If you are looking for an a community in the Outer Banks that has it all, you can look no further than Corolla Light. Corolla Light is a 250 acre community comprising of some 400 homes. The community runs from ocean to sound and packed with amenities for the whole family. Recently, Corolla Light was named, 2009 North Carolina Resort Community of the Year.

If location and beautifully built homes were not enough Corolla Light is home to plenty of amenities for the whole family. The oceanfront amenities include 2 swimming pools, oceanfront restaurant, playground, basketball courts, volleyball courts, shuffleboard courts, gameroom, poolside gazebo and snack bar, lighted oceanfront walkways, and more. The soundside amenities include an additional swimming pool, baby pool, soundfront gazebo, discovery trail, kayak rentals, fishing pond, and nature walk.

Perhaps the amenity the most sets Corolla Light apart from other communities in Corolla and along the Outer Banks, is the Richard A. Brindley Sports Center. This indoor sports facility is open to guests at Corolla Light and offers racquetball court, fitness room, aerobics room, game room, indoor tennis courts, weight room, indoor heated pool with lap lanes, walleyball court, 12 person spa, and pro shop.

An additional benefit of home ownership in the Corolla Light Trolley service. Several trolleys run throughout the day stopping at over 19 points in the resort. Enjoy your trips back and forth from everything in the open-air trolley. The trolley will also allow you to stop at all the daily activities held by the staff at Corolla Light.

From spending a day on the beautiful beach to enjoying lunch or dinner in the oceanfront restaurant, Corolla Light is one of the premier places to own a home in the Outer Banks. If you would like to learn more about owning a home in Corolla Light, contact our Corolla Light Specialist, for more information on this amazing community.

Corolla Village

Corolla Village is one of Corolla’s communities that is a throwback to a simpler time. With its unpaved streets and seemingly slower pace, Corolla Village is like taking a step back into history. Unique shops highlight shopping in the Village.

Crown Point

In addition to beautiful homes, the community pool at Crown Point offers access to some beautiful amenities. A community pool and tennis court highlight the amenities.

Besides some beautiful amenities homes in Crown Point are located in close proximity to some of Corolla’s finest shopping, including Tim Buc II and the Corolla Food Lion Plaza.

Monteray Shores

A beautiful community set on the soundside of Route 12 North in Corolla, Monteray Shores is a home owner and vacationers paradise. Monteray Shores is centrally located within the town of Corolla and offers close access to local shopping areas such as the Corolla Food Lion Plaza, TimBuc II and Harris Teeter. Besides excellent access to local shopping and restaurants, homes in Monteray Shores have access to some excellent community amenities.

The amenities at Monteray Shores include: playground, outdoor pool, clubhouse, weight room, soundfront gazebo, basketball court, personal watercraft launch and bike paths. The clubhouse at Monteray Shores also offers daily activities during the summer. Owning a home with community amenities can work to ensure strong rentals.

Ocean Sands

One of the largest communities in Corolla, Ocean Sands is home to a variety of architectural types and styles.

Pine Island

Pine Island is your home, it is your ability to watch the sunrise over the Atlantic and at day’s end enjoy the sunset over the Currituck Sound, all without leaving your beautiful home. The homes at Pine Island stretch for three and a half miles along the shore, providing you great opporutunities on the Atlantic.

The western border of Pine Island is a 5,000 acre wildlife refuge, ensuring great views to the west from your home. In addition to magnificent views, homes in Pine Island offer access to some of the top amenities on the Outer Banks.

The amenities at Pine Island include: two staffed swimming pools, playground, community grills, picnic tables, bike & jogging path, outdoor tennis courts, basketball court, and more.

Pine Island continues to stand for luxury homes on the Outer Banks. If you are looking for luxury on the Outer Banks, consider owning a home in prestigeous Pine Island. Looking for the ultimate in convenience, enjoy flying into the Pine Island airport. This makes traveling to and from Corolla quick and simple.

The Currituck Club

One of the Outer Banks top courses is paired with beautiful homes at The Currituck Club. Besides offering the best golf in Corolla, The Currituck Club is home to many amazing home and some world class community amenities. The Currituck Club is a soundside golf course and community.

The Currituck Club is a link style, Rees Jones designed golf course. The beautiful golf course highlights the community at TCC. In addition to the golf course their is a clubhouse, fitness center, indoor gaming area, bocce ball courts, tennis courts, volleyball courts, horseshoe pits, 3 outdoor swimming pools, community trolleys, beachfront surf shack serving sandwiches with full line of rental equipment, community events and more.

One of the highlights of owning a home in The Currituck Club is the proximity to all of Corolla’s attractions. The Currituck Club is located within minutes of Tim Buc II, the Corolla movie theatre, The Shoppes at The Currituck Club, Corolla Food Lion Plaza, and more.

The Shoppes at The Currituck Club include: The Fudgery, Maui Wowie, Harris Teeter, Corolla Surf Shop and many additional stores. For those unfamiliar Harris Teeter is one of the 2 grocery stores in Corolla. The Harris Teeter is located near the entrance to The Currituck Club.

Villages at Ocean Hill

The Villages at Ocean Hill is one of Corolla’s beautiful communities and is the last Corolla community on the paved roads. Its location at the end of NC-12 gives homes an additional feeling of solitude during the summer months. It is this pristine location that helps keep the Villages at Ocean Hill so special.

In addition to its location the homes in the Villages at Ocean Hill also have access to some excellent community amenities. The amenities include 2 outdoor swimming pools, basketball court, tennis courts, nature walk, and more.

Whalehead Club

The Whalehead Club is a beautiful oceanside Corolla community. Three main streets run north to south in the Whalehead Club, Lighthouse Drive, Whalehead Drive, and Corolla Drive.

Homes in the Whalehead Club are located to the Corolla Food Lion Plaza, Timbuc II, and the Harris Teeter – Currituck Club Shopping Plaza.