A coastal home is coveted by many around the world. I mean, who wouldn’t want to wake up to a crescendo of waves or go swimming on the beach in the wee hours of the morning? To have a snobbish jog along the waters of the Hamptons, or better yet, traipse along the most sought after stretch of coastline in Italy, Costa Smeralda.
While a fantasy home by the sea can be a superb investment, there are some things to consider before buying a coastal home.
Let’s take a look, shall we?
Distance from the beach
If you have a limited budget for a house without much wiggle room, buying a house directly on the beach might not be ideal.
Coastal homes directly on the beach are very expensive and tend to sell remarkably fast. Let’s say you find a beachfront home and put an offer at the asking price. It’s more than likely that the house will get 6 or more offers above the asking price. It’s a cutthroat market and if you are on a tight budget, you might not have the fiscal power to compete.
A great alternative would be buying a house three or four blocks away from the beach. A two-bedroomed beachfront home might cost the same as a 4 bedroomed home with an ocean view. Ocean View homes are less expensive and owners generally get more property for their money.
Some homeowners might opt to buy a coastal home in the middle of nowhere because of better pricing. If it’s a vacation home then that’s a great idea. If you have to commute to work, a beachfront property might be ideal close to where you work with access to basic amenities.
When looking at an area; make sure you do some research on some key factors. If you have children look for an area located close to a school district. Make sure the area is close to grocery stores, hospitals, restaurants, and other facilities that suit your lifestyle.
During the summer, coastal homes with guest houses can double as staycation homes. You could run your Bed and Breakfast and create extra income during the spring and summer months.
The more accessible your home is, the more money you can make offering accommodation to staycationers. Speaking of accessibility, you might want to look at Truoba 2 bedroom tiny house plans to gain more insight on this.
The maintenance of a coastal home is different from other properties because of how they are affected by the elements.
The salinity of the coast lends to salt air corrosion and can lead to rusted metal and rotten wood. This causes structural damages to the house.
When looking at a coastal property, make sure to ask questions on what materials were used to construct the house as well as the age of the house. Look for rotten wooden panels and rusted metallic elements in the house.
If you are serious about the home and have placed a bid, negotiate with your realtor to ask the homeowners if you can bring in home inspection experts to look for damages inside and outside the house.
If salt air corrosion is present and the extent of the damage is unknown, you might want to pass on the house. It can be an expensive venture seeing as you would have to fix a house you’ve already paid for.
Alternatively, you could ask the current homeowners if they would take an offer well below the asking price to accommodate for structural damage and costs of repair.
Getting a land surveyor
Global warming has affected the world’s global landscape. Extreme weather has been known to decimate coastlines and seaside homes all over the world.
If you are serious about buying a home on the beach, you must hire a land surveyor. A land surveyor can give you critical information on the stability of the shoreline, reef protection, and improvements you can make to your land to protect you from extreme weather.
Getting a land surveyor is important to protect yourself and your home from extreme weather. Due to changes in environmental factors, buying a seaside home carries a greater risk. A land surveyor will either recommend simple house plans or more intricate construction.
Up and comers
For those that are looking to invest money in real estate, looking for up-and-coming areas might be a great long-term investment. Some coastal areas have smaller populations, less development, and cheaper property prices right now. However, with coastal homes becoming more popular this is likely to change.
In the future, these rural coastal areas could reach their peak and become tourist destination locations. With some research, buying a coastal home before towns like these reach their peak is a smart investment.
When the town reaches its peak, property prices will soar and you can opt to live in your home, rent it or sell it and make a killing. Buying a coastal home can be a bit of a challenge. If you follow these tips you’ll be sure to turn your dream coastal home into a reality.