According to Park Service reports, each year several million people visit the Cape Hatteras National Seashore! Quite a few choose to spend some of their well-deserved vacation time talking with us about real estate in Hatteras Island's seven villages. While each person's needs and interests are different, a number of surprisingly similar questions arise during these conversations. Some of the most frequently asked questions are presented below.

Q. We are just starting to consider buying property. Do you have any recommendations for a game plan?

A. Hatteras Island is a very special place, and each of its villages has its own novel charm.

Our advice is to visit each of the villages, drive around, and let your feelings be your guide. Usually, one or two areas will appeal to you more than the others. Once you find the location that feels right for you, then start to clarify affordable price ranges and zero-in on the "perfect" property.

Q. What does real estate cost on Hatteras Island?

A. There are properties to meet just about every need and every budget. Be aware that prices may vary among the villages.

• Oceanfront homes are priced from $335,000 to almost $3.0 million.
• Current asking prices for oceanfront lots begin around $510,000 and peak at $1.4 million.
• Oceanside and soundside lots start around $80,000, and cottages range from $179,500 to $2.35 million.
• Soundfront homes, which are relatively scarce, cost $379,000 to $2.3 million.
• Soundfront lots are available for about $190,000 to $2.25 million.
• Depending upon location and size, condominiums range in price from $165,000 to $579,000.

Q. Is it better to buy an existing cottage or to purchase a lot and build?

A. There is no one answer to this question that is right for everyone. Some feel more comfortable with the construction process than others. Our general advice is that if you find an existing home that you really like, go ahead and purchase it. If none of the homes you see are truly what you want, then buy a lot and build a home that reflects your personal tastes. In today's market the cost should be about the same.

Q. If I should decide to build a new home, what can I expect it to cost?

A. Construction prices for new homes currently range from $150/sq. ft. A complex design, large square footage, and upgraded features can raise the cost of construction even higher. The cost of the lot and furniture would be added to reach the total price. We have well-qualified builders, and the North Carolina building code for coastal properties is considered to be quite strict.

Q. Is it hard to obtain financing for real estate purchases on Hatteras Island?

A. For qualified buyers, financing is readily available through a wide selection of lenders. At the beginning of the year, 30 year fixed rate mortgages were available in the 5.625% range with the payment of one point or less. 20-year mortgages were being offered at 5.0%.

Q. How has the Hatteras Island real estate market performed over the past few years?

Q. How does it work if we want to rent our cottage when we are not using it?

Q. How difficult is it to get flood insurance on Hatteras Island?

Q. What is the current situation concerning the availability of  water service?

Q. It is my impression that Hatteras Island experiences severe weather. What can you tell me about weather conditions?

Q. Is now a good time to buy?

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For a more detailed discussion of these questions and a broader range of issues, you may wish to consider the Free Special Reports which we offer.