Beach homes are one of the more popular kinds of vacation homes — who doesn’t love the idea of walking outside and taking in an ocean view? With that said, there are a few things to consider when purchasing beach real estate, especially if it is your second home.
Decide What’s Most Important
What do you want more from your property, a beautiful ocean view or a profit? There’s nothing to say that you can’t have both, but if you had to choose, which would you prefer? Properties that are right along the beach and have those enviable views often have a higher initial investment, so it might take you a little longer to start seeing a return on your investment. Homes that are a little farther from the beach (but still just as nice!) tend to come with a lower price tag, which might allow you to recoup your investment sooner.
Find a Realtor Who Specializes in Beach and/or Vacation Rentals
Realtors often have a niche or a type of property that they enjoy dealing with the most. When you find a realtor who specializes in the sort of home you’re looking to buy, they can provide you with more in-depth information and alert you to things of which other realtors may be unaware. For example, houses by the beach are subjected to salty air on a regular basis. A realtor who specializes in beach properties might know to ask whether the house’s HVAC system is designed for coastal living or if the buyer will need to replace the AC unit in a year or two.
Make a Budget and Stick with It
It’s easy to get caught up in the home buying process and forget about a budget when you see your dream second home. However, if you overextend yourself, you may have to sell your new jewel when unexpected expenses crop up. Beach homes, in particular, are subject to the elements in a way that other homes are not.
Try Not to Rely on Steady Rental Income
Yes, beach properties are in-demand vacation rentals. However, they’re usually most in demand at the same time that you and your family would be interested in using them. The winter months will see a significant decline in rental interest, so factor that into your budgeting as well.
Evaluate the Community
Just like with buying any kind of house, it’s important to take a look at the community and determine whether or not this seems like a place that aligns with your visions for your new home. With beach property, this becomes even more critical. When you visit the neighborhood, try to see what sort of people live and vacation there. Is it a hotspot for college spring breakers? Retirees? Young professionals?
A neighborhood’s community can change over time, but the further away its current state is from where you would like it to be, the longer you’ll have to wait. Plus, renters will be looking for a community that has similar interests as they do; a neighborhood attracts based on the image it puts out.
Are you thinking about purchasing beach real estate for your first or second home? Feel free to get in touch with one of our knowledgeable Seabrook Island real estate agents or browse the properties we have available.