A beach house can be a great investment: Beachfront property usually is one of the stronger real estate investments, and spending your vacation time near the water can improve your quality of life. Purchasing a beach house can be a long process, but finding the perfect property is worth the time spent researching.
Tips for Buying a Beach Vacation House
1 Narrow your Choices. If you already know the area where you hope to spend vacations, you are a step ahead, but if you’re looking at locations, remember to consider the following: Proximity to the water, number of rental homes or properties in the area, popularity among tourists, proximity to major highways and roads, and of course price range.
2 Figure Out your budget. Beachfront or near-beachfront property is often expensive. Financing and mortgages on beach properties can be pricey as well, because of environmental standards, to which many of these properties must adhere (for example, dune protection). First decide on a price range, which will help your real estate broker narrow down some options for you. Also, remember to check your credit score, to make sure you will be a favourable risk to potential lenders.
3 Find a Real Estate Agent. The best plan of action is to get involved in the communities where you hope to purchase property: Ask business and property owners for recommendations. With beachfront property, it is best to deal with a local real estate agency, whose brokers will intimately know the market, the properties available, and insider tips on the market.
4 Begin Deciding on particular characteristics of a beach home. If you plan to use the home for rentals, consider investing in low-cost furniture and appliances; there will be wear and tear to take into account . Other considerations include number of rooms and bathrooms, type of flooring, energy efficiency, and car access (garages, driveway, carports). You’ll also want to consider the tides; if the property is quite close to the water, it might be prone to flooding.
5 Contact your Tax Adviser before going through with the deal, and be sure of the obligation you would take on by purchasing a beach property. Hire a property inspector, who is an expert in beach construction, to confirm the soundness of the building and its foundation; the broker may require this.