Owning a beachfront property is a dream for many people. It is an ideal option for a vacation home, or a place to retire. Young families also see it as a safe, fun place to raise their children. And it absolutely can be. However, before you rush into anything, there are some things you should consider.
Houses don’t come cheap. You need to make sure yours will still be around when you finish paying for it. Beach houses are in danger of forces out of your control such as erosion, flooding, hurricanes and other natural weather events. Before buying your house, check the geographical surveys of the area, so you know what you should expect. Also, be sure to have a professional survey done on the house, so you can be sure it’s structurally sound. It’s worth knowing the risks so you can be better prepared.
The risks of a beachfront location mean you’ll need to take out flood and hurricane insurance, which are often separate from home owner’s insurance, and sometimes even from each other. Double check your policies and make sure you are covered for everything. Just in case.
Look at the current markets; is this the right time to buy? In some cases, you might be better renting for a while first. Seek professional advice and look at house prices, past and present, before making your decision. The Outer Banks offer a beautiful, value for money location for a beachfront property. Carolina Designs Realty can help you with some prices and advice.
Will You be Renting It Out?
If you’re looking to purchase a vacation home, what are you planning to do with it when you’re not there? This needs to be a factor when you’re deciding where to buy your home. Think about what the neighborhood is like, are there amenities and activities for renters? This might also influence how much you want to spend on your house.
All Year-Round Appeal
This isn’t somewhere you’re just going to visit in-season. Even if you don’t intend on living there permanently, you are paying a lot of money for this house and want to be able to visit all year round. When looking at locations, consider the weather. What are the winters like? Can you see yourself wanting to be there? Is there much to do in the winter? You don’t want to end up in a place which totally shuts down as soon as summer is over. You’ll end up not visiting for half the year, which isn’t good value for money at all. Equally, consider what tourist trade is like. Will your peaceful little beach be overrun by tourists for a few months every summer? Is this what you want? Or are you happy to be away for those weeks?
Think it through and look at all of your options. Get advice, from professionals as well as other beachfront owners and do your research. If you’re careful and plan things well, becoming a beachfront property owner, while not without its risks, could be the best thing you ever do.