Have you had your eyes set on a beach property along the coast? Areas like the Outer Banks, Myrtle Beach, the Florida coastlines, and many other places are home to highly sought after beachfront real estate. If you’re thinking about purchasing a condo or home on the beach, here are some things that you should think about beforehand:
- Can you afford it? Remember that you’re likely not selling anything to make up for the price tag of one of these properties. Unless you’ve set aside a hefty amount of money to afford one of these properties, you should manage to dig yourself a pretty big financial hole. When you plan out your finances, lay out all of your options. Contact a financial advisor and see if there is anything you can do to help you. Of course, there are some more affordable homes — even ones close to the beach — so make sure you evaluate your options before you fix yourself on one property that’s out of your price range.
- Is it worth it to have year-round? Many vacation properties can be rented out in the months that they are not being used by the owner, which can help balance out or make a return on the investment. However, know that not all homes can be used as rental properties, so you should explore these rules before you make a decision based on that. If you know that the home cannot be used for rent, but you know you’ll only be there two months out of the year, weigh on if purchasing vacation real estate is truly worth it.
- Do you know all the costs? The price of the property is only a portion of the money you’ll need to come up with. Property taxes, utilities, condominium fees, and more could be included. On the beach, you may also want to invest in other amenities, like an outdoor shower, patio furniture, not to mention beach chairs, kayaks, surfboards, and the like.
- Is the home in a disaster area? Tropical storms, hurricanes, and other flooding catastrophes are more likely to hit beach towns. In this case, you’ll need to have an emergency plan for yourself and family when you are staying in the home, as well as aplan to take care of damages when you are away.
- How will you protect your vacant home? Empty homes are more likely to be robbed. Make sure that you have a security system installed, or have trustworthy neighbors that will look after the place for you. You may want to consider timed lights or ask your neighbors to park in your driveway sometimes to give the illusion that someone is home.
Beach real estate can be a worthwhile, fun investment that will be beneficial to the entire family. If all of these points check out and you have a solid game plan, congratulations and good luck with your beachfront adventure!