Despite the risk of flooding, many Americans love living along the country’s shores. While coastal areas only make up a tenth of the total landmass in the U.S., they host two-fifths of the entire population (according to NOAA). It’s hard to deny their reasons, from the ocean views being a stress reliever to the best way of beating the heat a short walk away.
As you’re reading this, you probably understand the appeal of coastal life and can’t wait to find beach homes for sale in Virginia Beach and other coastal areas. But if you’re making a beach house purchase for the first time, you should keep in mind a few things. These can mean the difference between living the dream and spending your hard-earned finances on nothing.
This tip may sound like a no-brainer, but intense love for a property can push people to squeeze every cent they can to afford it. Even if the buyer is financially stable enough to pay off the mortgage, the property management costs can run you ragged. Salt and storm surges are a beach home’s worst enemy, the latter being a common cause of FEMA buyouts.
As such, avoid being blindsided by the property’s asking price. There are as many reasons a beach home only costs four figures as reasons a different beach home costs five figures. Take time to explore these reasons in great detail and determine how much it’ll affect your decision whether to get this beach property or keep looking.
One expert advised formulating financial outlooks in the short, mid, and long term, based on how long you think you’ll hold on to the beach home. If you think you might not be able to hold on to it for at least ten years due to your financial situation, it’s a good idea to move on. Dismissing your dream beachfront home is hard, but running out of money later on is harder.
For some property seekers, the neighbors and community culture can be dealbreakers. Not all coastal communities consist of vacation rentals, and certainly not all beach towns are beach vacation getaways. As you’ll most likely check the property onsite, take time to learn about the locals and the dominating culture.
For example, Virginia Beach is a resort city, so you can expect a mix of local and foreign vacationers all the time. There are financial opportunities to be had when looking for a beachfront property here, often involving renting out the place.
Meanwhile, Calabash, North Carolina is more known for its seafood than swimming. It also attracts plenty of retirees into the town, not just for its low cost of living but also for its laid-back atmosphere away from the bustling beaches of the state. Beach house owners probably wouldn’t want to rent out the place to rowdy groups.
This tip also applies to buyers looking to make the home their primary residence. One good way to assess the community is to check out the neighboring homes. Are they well-kept? Are their owners welcoming to your presence? Do you feel at ease in the community? How these answers will affect your decision to buy the property is up to you.
Inspecting the house with a professional inspector is an unwritten but important rule for first-time buyers. Their presence becomes more important for inspecting beach houses due to all the salt and water the homes are regularly exposed to.
Where there’s salt and water, corrosion and decay follow. The process is slow and the signs aren’t always visible, but nothing can be more detrimental to your finances than having to spend on repairing hidden signs of corrosion and decay. More importantly, you can’t complain if you bought the house despite the seller informing you of the damage.
While you can bring a home inspector along, it’s better to bring someone who specializes in the inspection of coastal properties. A full inspection may cost hundreds of dollars (not including any add-ons), depending on factors like the property size and age, but it’s worth getting a full picture of the property’s state and preventing a buyer from jumping the gun.
Beach home buyers will most likely have to take out flood insurance, especially those whose homes are on high-risk coastlines. In fact, buying a beach home means you’re aware that the place will be flooded at times, and the property may suffer damage.
Flood insurance is unique from other types of insurance. Homeowners’ insurance usually doesn’t cover flood damage, instead left to the National Flood Insurance Program (NFIP). Private insurance companies provide this type of insurance but are subsidized by the NFIP to do so for homeowners.
The annual premium for flood insurance varies, but data from FEMA, which runs the NFIP, states that roughly 70% of claims have cost ranges between USD$0 and USD$2,000. Take this into account when in the market for beach homes, and ensure the community where the property is located is a participant in the NFIP.
Lastly, this tip applies to buyers looking to turn their beach house investment into a moneymaker. Real estate market experts often cite the mistake of buyers attempting to offset their costs by renting out their beachfront properties. While a good way to stuff your coffers for the rainy days, it isn’t ideal for offsetting the cost of purchasing the property.
For starters, Mother Nature isn’t picky about when and where to send a hurricane or even a downpour. If she decides to send one at the height of vacation season, you can’t count on someone to rent out your home. Suddenly, you’re cut off from this source of income, and fixing the damage caused by the storm has to come out of pocket, if not from your insurance.
Sometimes, Mother Nature doesn’t even have to lift a finger. Economic slumps and health emergencies are just as bad in cutting you off from precious rental income. There are too many unpredictable factors for owners to depend on such income reliably.
There’s no denying the benefits of living by the coast, but it also comes with its share of risks. These tips will help you traverse the choppy waters of buying a beach home for the first time. No one said it would be easy, but the rewards for doing it right would be worth it.
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