Owning or investing in a home on the beach is the ultimate goal for most people. Imagine waking up each day with the sun rising and the seagulls flying. It’s a dream come true for many families!
It doesn’t get much better than having the sand and the surf right in your backyard! Not to mention that tourists and visitors will pay some big bucks to stay at your property. However, you do have to keep in mind that while that all seems pretty perfect, there are some factors that you definitely need to consider before making the leap to buy or invest.
Location
Make sure you start out by researching your location. There may be certain people that like to be isolated, but chances are that your renters are going to want a place that is convenient to necessities. Is there a grocery store nearby? Restaurants? Convenient highways? Maybe an airport? It is nice to get away from it all, but maybe choosing a house on the beach in the middle of nowhere isn’t the best idea. Get to know the area and talk to the neighbors. Sometimes just a gorgeous view won’t cut it.
Insurance
You’ll also want to make sure that your property isn’t a liability. When buying or investing gin a beach property, being aware of potential beach erosion is a big deal. Nothing is worse than losing your home to a receding shoreline. Do some research on the local geological stats and have a better understanding of how the erosion can severely affect your property.
Natural Disasters
Two words: hurricanes and flooding. Depending on your property is, this is most likely something that you will encounter while you own your home. You’ll need to have insurance that covers both of these natural disasters, and even then, it can sometimes be hard for the adjusters to know if the wind or water caused the damage.
If you don’t the proper research for insurance policies, the damage may not be covered at all. It’s also very important, even more-so for homes on the beach that are susceptible to storm-surge, to ensure that you take proper precautions in preparing for a hurricane before it strikes.
Wear and Tear
Thanks to that beautiful ocean, you can definitely expect some serious saltwater erosion. It can affect your siding, any metal trim, railings, and even beach furniture. You will need to invest in year-round maintenance in order to keep everything in check. If you plan on using the house as your second residence or just renting during vacation season, it’s not enough to just have it serviced during that time. Your home needs to constantly be cared for and in livable condition.
Property Management
After reading all of the information above, also know that beach homes are a valuable investment as long as they are properly managed. That’s why beach home investors hire professional property management companies to look after their property year-round, even when not in use.
If you’re thinking of investing in a beach home, then choose The Realty Medics for your property management needs. The Realty Medics specialize as Orlando property managers, but we’re a full-service real estate company with the expertise to properly manage your beach home and keep it safe and maintained all year.
Sources:
USA Today. The Ultimate Guide to Buying a Beachfront Property. Retrieved from: http://classifieds.usatoday.com/blog/realestate/ultimate-guide-buying-beachfront-property/. May 3, 2019.
Freshome. What You Need to Know Before Buying a Beach House. Retrieved from: https://freshome.com/2013/08/23/what-you-need-to-know-before-buying-a-beach-house/. May 3, 2019.
U.S. Loans. Pros and Cons of Investing in a Vacation Home. Retrieved from: https://loans.usnews.com/the-pros-and-cons-of-investing-in-a-vacation-home. May 3, 2019.
