Buying a coastal property can be exciting, but not knowing the basics can turn your experience sour. Follow these tips while buying your coastal property.
Many of us dream of retiring to a house by the beach. The good news is there are a lot of options available to you if you are considering buying a house on the coast. It’s fairly easy to find a beach house; the difficult part is finding the right one. You will be required to do quite a bit of hunting and research to find that perfect place. You will need to have a detailed knowledge of the risks that are caused by weather and financial aspects. You also will need to have a good understanding of your overall needs and your budget.
You can take advantage of the services of qualified realtors such as NextHome on the Coast as they have the required experience in the process of buying and selling real estate located in coastal areas. Their overall expertise in the whole real estate process will benefit you in making a smooth purchase. Furthermore, keep these below-mentioned considerations in mind while you begin your hunt for the perfect beach house.
HOA Fees and Property Management
Many people buy a beach property planning to stay only part of the year. If this is you, you will need the services of a property management company to take care of your home while you are gone. This kind of company can take care of your lease management, your pest control needs, landscaping, and other maintenance needs. If your house is located in an HOA community, the HOA can take care of these matters for you. But many HOAs charge high fees, so you should keep these factors in mind when setting the budget for your coastal property acquisition.
How Close Is It to the Water?
Many people prioritize the proximity of the house to the water as an important factor when choosing a beach house. There are many advantages as well as disadvantages to living on waterfront property. Living close to the water will increase the resale value of the property and is convenient for recreational purposes, but it also increases the risk of floods and insurance rates. But the whole investment will be worthwhile if you can afford the necessary maintenance and repairs and if the house was built with good quality building materials.
How Is the Living Area Outside?
One of the biggest attractions while buying a house on the beach is the chance to enjoy the great outdoors. This is why you must carefully assess the living space outside the house. Do you have an oceanfront view, is there a porch, and is the area crowded or peaceful? You also need to know if there is a pool and other options for recreational space. Check all these factors and whatever other aspects that might matter to you when assessing the property’s outdoor living options.
How Much Rent Can You Get?
It’s crucial for you to assess if you will be able to rent your property out for a good value if that is something you have in mind. If you have to pay too much on maintenance costs and monthly fees, then buying the beach house as a short-term investment might not be such a great idea. If renting the beach house is your goal, go for one that has more than one bedroom as they generally get rented out more easily and for more money.
If the property is located in an HOA then chances are that there are strict rules on renting out the property, hence you need to understand the rules of the HOA pretty well before you purchase the property.
How Are Your Neighbors
If you are looking for a peaceful home, the last thing you want is noisy and loud neighbours. Hence you need to do good research of the street and the neighbourhood before you buy. If there are loud and boisterous people living next door, that can be a sign for you to look elsewhere. Also, try to find out if the neighbours are friendly and helpful or not. Someone next door who is willing to keep an eye out and take care of your property while you are away is always a plus.
How Is the Foundation and Overall Construction?
You need to be confident that your property is as weatherproof as possible, as nor’easters or hurricanes always pose a threat to your coastal home. If you are not careful enough, your investment might be at risk due to severe weather conditions. Buying a house that is built on stilts is a wise idea if it is located in an area that has a high flood risk or a lot of storm surge potential.
The materials of the house should be strong enough to resist strong winds and torrential rain, as well as high temperatures. You should go for houses that have naturally durable wood and concrete as building materials as they can withstand heavy rain and high winds.
The roof is an important consideration when buying a beach house. You don’t want to get the nasty surprise of discovering that you need a new roof right after you move in. The roof of a beach house is bound to experience a lot more wear and tear than an average home in any other geographical location. You need to buy a beach house that has a relatively new roof that is made of materials that are better suited to withstand the effects of severe weather. A metal roof can actually be a wise choice as these are very well resistant to high winds.
These and a few other factors need to be checked before you buy a beach house. Buying any property is a considerable investment, so it is important that you make an informed decision. Take your time, visit a few properties, and make a careful and wise choice.