Buying a beach house is many people’s dream. After all, who wouldn’t want to own property with sublime ocean views? What many people don’t realize is that buying a beach home can be quite different than buying other types of properties. If you’re thinking about investing in an oceanfront house, these are some things to take into consideration.
Be Aware of the Costs
Beachfront properties are often much pricier than off-beach homes. Not only will you pay a premium for the location and views, but you may also have to pay more for insurance. This is because oceanfront homes tend to incur more damage than other homes. The saltwater in the air can wreak havoc, as can tropical storms and flooding.
If you’re planning on buying a beach house as a second home, your mortgage rates may be different from what you’re paying on your first home. Many lenders charge higher interest rates on a second home and you may have to pay a larger down payment. A mortgage calculator can help you determine how much home you can afford.
Get to Know the Neighborhood
If it’s your first time buying a beach home, you may have a number of communities in mind. Do some research into each area to narrow your choices down. Make a list of all the things you want in your beach town and choose locations that have those key characteristics. These could include ample shops and restaurants, great schools, or a gated community.
Once you have a good idea of where you want to buy your beach home, spend some time there so that you can get a feel for the place. Rent a vacation home and live like a local for a few days or more. Talk to your neighbors to get an insider’s opinion on the pros and cons of the area.
Work with a Local Real Estate Agent
Buying a home can be challenging, especially in the hot seller’s market we are currently in. A local real estate agent can help in a number of ways. First, they can give you access to a wide range of properties via the MLS listings and they may even have information on properties that haven’t been listed yet.
A local real estate agent will know the area intimately and be able to advise you on which neighborhoods and properties are right for you. For example, the Real Estate Collection specializes in Central and South Florida real estate. We have years of experience helping buyers and sellers in Florida, so we understand our client’s unique needs when it comes to beachfront homes.
Assess Vacation Rental Potential
If you plan on using your beach home as a vacation rental property to generate extra income, there are quite a few things to take into account. First, you want to make sure that you can actually use the home as a vacation rental. Some homeowner associations or zoning regulations may restrict you from doing so.
As the homeowner, you’ll be responsible for all maintenance including HVAC repairs, pest control, roof maintenance, and more. This can take up a great deal of your time and energy. Many vacation rental owners end up hiring a property management company to handle these responsibilities.
Do a Home Inspection
Every home buyer should insist on a home inspection, especially with a waterfront home. Heat and humidity can cause warping, as well as mold and mildew. Salt water can cause corrosion, and heavy storms may result in flooding. A home inspection can reveal any major issues.
A professional home inspector will assess your potential new beach home to make sure the structure and systems are in good shape. They will be able to tell you if anything is damaged or in need of repair. They can’t advise you on whether or not to buy, but they can let you know if the home is safe and fit to live in.
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