Buying a beach house can be a serious undertaking. These homes are usually located in high-value areas and charge a high price. Because of this, you must take your time and consider all options before making your final decision. It would be a shame to find out later that there were other elements that you should have considered.
Are you looking into buying a property on the beach? Lewis Realty Associates, Inc. has put together this quick guide to give tips on what to look out for in front beach property.
What To Look For in Beachfront Properties According To Lewis Realty Associates, Inc.
Lewis Realty Associates, Inc. says that location is one of the most important factors when buying beachfront property. It can make or break your investment, so you must know precisely where you’re buying and why. The location determines the price of your home, and it can seriously affect your rental income.
The first thing to consider is how close you are to the ocean. If you want to live on a beach, you should ensure that your property is within walking distance of it. You don’t want to drive whenever you want to go for a walk at the beach.
Also, a beachfront property in a good location will help you attract more tenants and keep them around longer. If your location isn’t great, you may find yourself competing with other properties in the area for tenants and have trouble keeping them happy enough to stay long-term.
2. Distance From Water
You want to ensure that you’re far enough away from the water so you don’t have to worry about floods or other natural disasters. If you’re too close to it, there’s a higher chance that your home will be affected by hurricanes and tsunamis. This can result in higher HOA fees and insurance premiums, costing you more money in the long run.
3. Flood Insurance
Floods can destroy your possessions and investments overnight if you are not prepared. All that damage will result in high repair and maintenance costs. Flood insurance is designed to protect homeowners from the financial consequences of flooding. It does this by reimbursing homeowners for damage caused by water, including:
- Structural damage to your home and its contents
- Damage caused by mudslides or landslides
- Water damage to your property’s foundation
Flood insurance isn’t free—you’ll pay an annual premium. But if your home gets damaged by water during a flood event, the money spent on dividends will be more than made up for by the money you receive in reimbursement.
An apartment that includes amenities is more likely to be resold or rented for more money. Amenities can be anything from fast Wi-Fi to a heated pool or outdoor space with an ocean view. Amenities can make your stay at the beach more enjoyable and relaxing. If you stay in a beach house during winter, it’s nice to have a heating system or fire pit to keep warm. If you have kids, having a TV with streaming services will keep them occupied while waiting for good weather. Also, a garage and outdoor shower are necessary amenities for your house.
5. HOA Fees
find out if there is an HOA fee. An HOA fee is a fee that owners of property in the neighborhood pay to maintain services like lawn care and street cleaning. If there is an HOA fee, check how much it is before deciding whether you want to buy the property.
6. Maintenance Expense
Beachfront properties require more maintenance than other homes because they are often exposed to wind and rain. This can lead to problems like erosion, which can damage the foundation or walls of your home. Additionally, sand can damage roof shingles when it blows off the beach into your yard during high winds. You should also consider how much it will cost to maintain the landscaping around your home if you plan on keeping it well-maintained throughout the year.
What Are The Advantages Of Beachfront Property?
A beach is a place where you can relax, enjoy nature and get away from the hustle and bustle of everyday life. The sea is also an essential part of our culture and lifestyle, which is why many people dream of owning a piece of beachfront property.
1. It Is a Second Home
If you live in a city, you may not get to go to the beach often. Having your piece of beachfront property will allow you to escape daily life’s hustle and bustle. You can enjoy the sun, sand, and water without paying for accommodation.
2. For Investment Purposes
If you are looking for an investment that will give you good returns over time, the beachfront property could be a good choice. The demand for such properties is always high, and they appreciate it over time. If you plan on selling your beachfront property after a few years, it will fetch a higher price than what you initially paid.
3. Get a Feel of Nature
If you don’t have enough time to go on vacations but still want to enjoy nature, why not consider purchasing a beachfront property? This way, you get the best of both worlds since you can enjoy nature without having to leave town!
4. Renting out
The freedom to cook for oneself is one of the reasons renters choose houses instead of hotels. If you don’t want to live at the beach, you can rent it and make money from your investment. The rental market is usually very competitive and high-priced.
5. Spending Time With Family
There’s nothing like waking up to the sound of waves crashing on the shore, sitting on your porch watching the sunset over the ocean with your family and friends, or taking them swimming during their summer vacation break from school.
The ocean and the sand provide the backdrop for several events in our lives, from birthdays and family reunions. Also, renting out your beachfront property can earn you additional income. Look into these six factors before laying down your money. Then you’re almost guaranteed to find yourself with a beautiful beachfront property.