The beach is a wonderful place to own a second home. A beach home is a wonderful place to make memories with friends and family. It can also be a great investment if you intend to rent it out during the time you are not there. If you are considering this purchase, there are some steps you should follow. Here is what you should know.
Decide Between a House or a Condo
You have to make a choice when it comes to which type of beach home you want. You can choose either a house or a condo. There are some major differences between the two. The first consideration is who will manage the property. If you buy a condo, the HOA will have a crew who will maintain the outside of the property. If you buy a house, you have to either hire a property management firm to handle the home's needs or take care of it yourself.
You also need to think about the cost difference. A house will likely be more expensive, but you have the privacy that a condo does not always offer. However, condos come in a variety of price points and may be more widely available for purchase.
Use a Realtor Who Works in Vacation Homes
Real estate agents specialize in a variety of areas, including vacation homes. Be sure to work with one who mostly sells beach homes for both personal use as well as for investment purposes. Since this is a major transaction, you should carefully research the agent you intend to use.
Ask the Seller Questions
When you purchase a beach home, you should ask the seller some questions. For example, you should ask about the rental history of the property you want to purchase. This will give you an idea of how often the home was used and the potential shape of different elements of the house. You also should ask if there are any HOA assessments on the property. Additionally, you should find out if there are any HOA restrictions that stipulate how often you can rent the home. If you are considering the purchase of a beach home, be sure you also know about the added insurance expenses. Living on a major body of water always has risks from hurricanes and other weather events, so make sure you know what you are getting into. Ask your realtor how often the area typically sees major weather events.
For more information about beach house rentals, contact a real estate agent.Share