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Maybe you’re one of the lucky people, couples or family that can afford to run more than one home. And you have decided that you are ready to branch out. You want something out of the city but aren’t sure that countryside is for you.
You are toying with the idea of buying something with a sea view. Great idea! But before you start putting offers in , let’s talk about some of the things that you need to be aware of before you put your money where your sandy dreams are. (oh and if you are seriously considering buying somewhere with sea and sand, then find a 30a beach house).
Are you going to be rent the house out when you aren’t there?
This might sound like a real money making option. But the chances are most people only have the same amount of time to go on vacation as you do. And there are peak times when families like to head off out of the city (and these will probably match your availability too).
So it might not be the wisest thing to look on this as a money-making scheme, but rather hope for the occasional rental outside of peak season. If you manage to get something more frequent than that, brilliant.
Think about your insurance and get as many quotes as you can for the property in question.
Why? Well, because you will be spending very little time there. So it makes the home a prime candidate for theft or severe damage. Most beach properties tend to go hand in hand with either flood or hurricane-prone areas.
Beach houses are relatively cheap. And they aren’t expected to dip any further from this point. Making it a great time to consider investing your money in some real estate if you are planning on holding on to it for a while.
Property can be a very volatile market and as such no solid predictions can be made when it comes to the value of your property plummeting somewhere in the next year. So this shouldn’t be looked upon as a short-term investment, or somewhere you are planning on ‘flipping’.
The beach house should be purchased because it is somewhere you can picture yourself sitting, sipping tea and watching the sunrise. Or alternatively, sipping wine and watching it set – whichever takes your fancy.
Have you visited in the off-season? While the summer is likely to be filled with interesting people and a lot of activities in the local area. In down-season you might find that there is very little for you, or the kids (if you have them) to do for miles around.
Tourist season might bring all of the good stuff. If you are using it as a getaway, or somewhere you plan on retiring to. Make sure that you have realistic expectations of how often you will really visit. The first few times might be exciting. But after that, the journey might become monotonous.