If you’re looking for a sound investment in real estate, Topsail Island is a great option. This 26-mile-long island off the coast of North Carolina is a top vacation destination, and its popularity is only growing. Investing in Topsail real estate can be a wise decision for several reasons. The island’s popularity as a vacation destination means that there is always a high demand for rental properties. And, because Topsail is a barrier island, it is largely protected from storms and hurricanes, making it a relatively safe investment.
If you’re thinking of investing in Topsail real estate, there are a few things you should keep in mind. First, the island is divided into three main sections: Topsail Beach, Surf City, and North Topsail Beach. Each section has its unique amenities, so you’ll want to choose the area that best suits your needs.
The second thing to keep in mind is that Topsail real estate is subject to the same market forces as any other kind of real estate. That means that prices can fluctuate depending on economic conditions. However, because Topsail is such a desirable location, it is generally considered to be a sound investment. Lewis Realty Associates, Inc. can help you navigate the Topsail real estate market and find the perfect property for your needs.
Investors looking to purchase property on Topsail Island often have several questions about the investment process and what to expect.
Here are answers to five of the most frequently asked questions;
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What is the average price of a house on Topsail Island?
The average price for a house on the island is $368,000. This number will of course change depending on 6 factors, that’s the size, type, location, age, and condition of the house as well as the availability of comparable properties, but it gives you a general idea of what to expect.
- Size- the average house size on Topsail Island is 1,890 square feet. These are houses meant for families or groups of friends looking to enjoy a beach vacation.
- Type- There are three types of houses you will find on the island; beach cottages, condos, and duplexes. Beach cottages are the most popular type of rental property on Topsail Island. They offer privacy and the ability to be close to the beach without being right on the sand. Condos are also a popular choice for renters looking for easy beach access and amenities like pools and hot tubs. Duplexes are a good option for larger groups or families that want to rent both sides of the property and have more space.
- Location- The location of your house will also affect the price. Houses closer to the beach will be more expensive than those far off.
- Age and condition- Older houses will be less expensive than newer ones, but they may also require more upkeep.
- Availability of comparable properties- If there are a lot of houses like the one you are interested in on the market, the price will be lower. If there are few comparable properties, the price will be higher.
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What kind of return on investment can I expect?
The average return on investment for rental properties on Topsail Island is about 7%. This number will vary depending on the factors mentioned above, but it is a good estimate to use when considering an investment on the island.
Return is calculated by taking the annual rental income and subtracting the operating expenses, then dividing that number by the purchase price of the property. Lewis Realty Associates, Inc. can help you estimate the potential return on your investment.
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How easy is it to find renters for my investment property?
Finding renters for your investment property on Topsail Island should not be difficult. The island is a popular vacation destination, so there is always a high demand for rental properties. You can list your property on vacation rental websites or work with a local rental company to find renters.
These websites and companies will handle all of the marketing and bookings for you, so you don’t have to worry about it.
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What are the risks associated with investing in Topsail real estate?
There are always risks associated with any investment, but there are six specific to Topsail real estate.
- The island is prone to hurricanes. This can damage your property and make it unlivable for renters.
- Rental properties can become damaged over time from use. Things like carpets, furniture, and appliances will need to be replaced from time to time.
- There is always the potential for a vacancy. This affects both the income you can earn from renting and the value of your property.
- The cost of operating a rental property on Topsail Island can be high. Utilities, insurance, and taxes are all more expensive than they would be in a more rural area.
- There is always the possibility that your renters will damage your property.
- You will be responsible for all maintenance and repairs on the property.
Despite these risks, investing in Topsail real estate can be a great way to earn income and build wealth. If you do your research and choose a property wisely, the rewards can be great. Lewis Realty Associates, Inc. can help you find the perfect investment property on Topsail Island.
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How do I go about buying a property on Topsail Island?
Lewis Realty Associates, Inc. can assist you find and purchase the perfect investment property on Topsail Island. They have a wide selection of properties to choose from, and their experienced agents can help you find the one that best fits your needs. They will also be there to help you navigate the closing process and get the best deal on your new investment. For example, if you are interested in a particular duplex, its agents will be able to tell you how much it is worth and negotiate with the seller to get you the best price possible.
Conclusion.
Above are some answers to the questions you may have if you are considering investing in Topsail real estate. This island is a great place to invest, but there are some risks to consider before making your purchase. Lewis Realty Associates, Inc. can help you find the perfect property and get the best deal possible. Reach out today to learn more about investing in Topsail real estate.
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