A Few Things To Consider When Buying A Second Home On The Beach
Posted on: 28 April 2017
If you usually head to the beach for your family vacations, you may dream of buying a house there someday. Under the right circumstances, a beach house makes for an excellent investment, and it makes a nice getaway place for you, your family, and your friends. Here are some tips to consider before you buy your dream house on the beach.
Rent At Various Locations First
If the house will be for quick getaways and the occasional long vacation, then choosing a place in a touristy area might be a good idea. You'll have plenty of things to do with all the attractions and restaurants nearby. However, if you're looking to the future and think you might live in the house full-time after the kids are gone or after you retire, then you may want to move to a more secluded location so you can avoid the tourist crowds and all the traffic on a daily basis. One way you'll know if you prefer the crowded areas or the more secluded beaches is to rent homes or condos in those areas during different seasons of the year. You may find a busy tourist spot is such quieter in the off-seasons. By staying on different beaches at varying distances from your primary home, you'll get an excellent feel for where you want to focus your energy on house hunting. To find beach houses to rent, contact a company like Ocean Beach Cottages.
Think About Buying A House A Block Or Two Inland
One downside of buying a beachfront home is the cost associated with insurance and making repairs from storm damage. If you buy a house that is a block or two inland on a barrier island, you'll still be able to walk to the beach or bay quite easily, but your expenses will be much lower. For one, the cost of the house will be drastically lower if you're not right on the beach. Your insurance payment will be lower, and the other homes will act as a windbreak and protect your home from damage during a storm. The trade off is that you won't have a breathtaking water view from your windows. However, it could mean you can move into your dream home on the beach years sooner, since an inland home is less expensive.
Consider Renting It When You're Away
One way you can get back some of the money you spend on a beach house is to put it on the vacation rental market so the home is being used when you're not there. This could mean you need to give up staying at the home during peak times, since you'll get more rental income if you rent over holiday weekends and the summer months. Plus, being on the rental market means the house will have additional expenses such as cleaning and property management fees, but you may be able to pass those on to your renters. The best thing besides the income from renting your beach home to vacationers is that the home won't have to sit vacant for long periods of time. When the home is occupied, there is less chance it will be vandalized. Plus, when people are frequently there, you at least know the place isn't flooded or storm damaged, or you would hear complaints. Drawing renters takes some marketing work unless you let a property management company handle all the details for you, so putting your home up for rent may not interest you at all. However, beach houses can bring in quite a bit of money per week or month, and the extra cash could help pay for your insurance and upkeep on the home.
If you're a beach lover and you have the money to invest, then buying a second home on the beach is probably a great idea. You can't put a price on the enjoyment you'll feel when you stay at your beach house and relax on the sand and soak up the sun just a few steps from your back door.
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