Living by the beach is everyone’s dream. The relaxing sound of waves crashing on the shore, the beautiful scenery of the seemingly infinite ocean, quaint simple living; the list goes on and on. There are countless positive aspects of owning a beach home. Before you make the commitment, there are several factors to consider. Here are the top 5:
1. Location, Location, Location
What are you looking for in the neighborhood? Is it a seasonal resort that comes alive only in the summer? Is it a retirement destination? What amenities are your priority? Several communities have HOA fees to consider. Do your research about the area carefully.
2. Weather Impact
Yes, the luxury of proximity to the beach is convenient (and great for resale value), BUT there are some other details to look at beyond a nice view. How does weather affect the structure of the home? Is the foundation durable? Is the area prone to flooding, hurricanes or nor’easters? Don’t forget to potential costs for repairs from such weather-related issues.
3. Insurance Rates
Of course, one of the biggest pros of living by the water is living by the water. Purchasing flood insurance is typically required for homes on or near the ocean or bay, which can come at a steep price. *Pro tip: Speak with your insurance provider & shop around for the best rates*
4. Return on Investment
Many people purchase a second home as an investment property. A beach house has potential to bring in a nice chunk of change from rental income! Although it can be a profitable and steady, make sure to consider some additional expenses: a second mortgage, taxes & utilities, and several initial purchasing details – such as furniture and décor.
5. Talk to a Local Pro
Coastal towns have specific issues that aren’t typical concerns in other areas. That’s why you should always consult a professional in the area who is familiar with the ins-and-outs of the region’s day-to-day issues. Find someone who is honest, and able to provide you with all the knowledge and services!