Relax in Historic Beaufort
How to Purchase Property in Carteret County.
Diversity describes Carteret County, where you'll find everything from beach homes and condos to townhouses and single family homes ranging from $125,000 to more than $1 million. You'll also find historic homes, new subdivisions on golf courses and on the water and undeveloped land in small lots to large farms and timberland.
The climate is perfect for year-round activities. It can be 8 to 10 degrees cooler here than inland in summer and warmer in the winter as a result of our east-west orientation to the ocean. This gives us cooling sea breezes in the summer and warm air from the Gulf Stream in the winter.
It's Who You Know...If you've fallen under the spell of the Crystal Coast, Beaufort Realty makes it easy to purchase property here. Like any coastal region, Carteret County has some special considerations and we've highlighted some of them for your convenience.
Wetlands are a valuable resource and one of the area's unique features. We can help you determine how to best protect the wetlands on the property you're considering while maximizing its value and use. We have access to environmental consultants and agencies. Our agents are familiar with the building restrictions on waterfront property and processes for obtaining dock permits.
Building permits are required for all new construction and can be obtained from either the county or the municipality where the property is located. Setbacks and other requirements vary, and we are here to walk you through this process.
If you'd like to build on a lot that doesn't have public water and sewer, you'll need septic tank and well permits from the Environmental Health Division of the County Health Department. Beaufort Realty will help you obtain such permits. These are often a contingency on your offer to purchase. The permits are usually good for five years. Although deep water wells are fine for most properties, be sure to have the water laboratory-tested before using it. We're here to help you with that process, too.
If you're considering a home or a condominium, obtain all recorded maps, by-laws and restrictive covenants from any relevant associations for review. Beaufort Realty has most of these documents on file already, or can assist you in obtaining them.
Making Your Dream Come True...
Once Beaufort Realty has helped you find the perfect property, we'll continue our efforts on your behalf through the loan and purchase procedure. Consider how you want to use the property when deciding on a suitable loan program. Whether you use it as a primary or secondary home or as rental property will affect financing. Rental property is 70% financed; a second home can be 90% financed. We'll talk you through this to arrive at the most cost-effective solution.
When you take your offer to a lender, be prepared with two years' income history. Federal tax returns, along with profit/loss and balance sheets are a good source of information for those who are self-employed. Two years' history is also required for salaried or hourly employees. Commissions, bonuses and overtime can be considered with a two-year record.
Your down payment is an important part of the mortgage application. Money used in the transaction has to be from a verifiable source. Newly deposited money may be questioned and it's up to the borrower to prove the source. It's acceptable to obtain gift funds from a relative; the amount will depend on the loan program. You can also borrow the money, as long as the loan is secured.
An independent appraisal is needed to verify the market value of the property. Beaufort Realty can help you with this step, with a list of qualified appraisers on our staff and in the area.
Skilled mortgage professionals can recommend the type of mortgage that's right for you. Conventional mortgages for 15 to 30 years usually provide the best rates, but there are many loan products available in the market right now. Beaufort Realty has many contacts and can help you find the lender that has the terms you prefer.
The Right Offer, The Right Answer
Here are the basic steps to help your purchase go more smoothly:
1) Your Offer to Purchase - the agreement between buyer and seller - should identify the real estate, the price, financing, as well as other items - such as appliances - that are included. There is a standard contract available, especially for condos and residences - and Beaufort Realty can supply you with this.
2) A Survey is usually a requirement; always a good idea. It gives you an accurate legal and physical picture of the property.
3) A Title Examination reveals the legal history of the property, providing you with a record of ownership, liens, mortgages, taxes and other crucial information, including any defects in the title. This allows you to resolve any problems before you close on the property.
4) Title Insurance is usually required and protects you from monetary loss due to a problem with the title of the real estate. Rates for this insurance vary, but it is a one-time charge that covers you during your ownership of the property.
5) Closing: Beaufort Realty can take you into the closing fully prepared to complete the transaction. We'll coordinate with your lender, attorney and others to insure all the documents and funds are in hand and in order.
This is an outline of what you can expect in your pursuit of property. Beaufort Realty understands that each transaction is different and we have the experiences, contacts, knowledge and resources to make it as smooth as possible for you.
We Protect and Serve...
It's reassuring to know that insurance is available in Carteret County for personal and commercial property. Both primary and secondary dwellings can be covered by a homeowner's policy and rental dwellings by a standard fire policy. If you own rental property, it's always a good idea to encourage tenants to purchase renter's coverage.
Condos are covered by a master policy provided by the condo association. Individual unit owners can purchase policies to cover property and liability. Other policies provide coverage for the unit owner, such a loss of use and loss of rent. Beaufort Realty will review all this with you, to insure you have the coverage you want.
Flood insurance is available through the National Flood Insurance Program. An elevation certificate from your survey will provide needed information to calculate your premium. We have a licensed insurance agent in our office to assist you in these matters.
Then Relax and Enjoy...
With many of the most sought-after properties available today in Carteret County, the first step in making your dream of owning property here is to call Beaufort Realty. Our agents are nice people. They're committed to the highest standard of service and integrity. They understand the market, know what's available and can do what it takes to get you from wishing you had a place here to closing on the place of your dreams.
With the beauty of historic Beaufort, the fun of Atlantic Beach and Pine Knoll Shores, and the business and living opportunities of the Morehead City area, this is the place you've been looking for, your place in the sun. We're Beaufort Realty; call us today at (800) 548-2961 or (252) 728-5462.
This article compiled with information from Centura Bank, Kirkman and Whiford, P.A.; and Potter and Phillips Insurance Agency. This information is offered as a guideline; Beaufort Realty assumes no responsibility for completeness or accuracy.