Beach houses can serve as vacation homes for travelers that visit the area every year or as a permanent residence for those who want the joys of oceanfront living everyday. Beach homes can offer either a great vacation spot with the perfect balance between a hotel and home or a great place to work, retire, and just enjoy life by the ocean.
Investing in a Beach home can be smart and profitable. But, as with any investment, there are some factors to consider before buying a beach house or vacation home.
Determine Your Reasons for Choosing a Beach Home
While some people merely desire the view or sound of the ocean near by, others may want a place to sunbath, fish, surf or snorkel. Your interests will play a large part in what type of beach home you are looking for as well as the location in which you should be looking.
Determine the Ideal Travel Distance
Whether your beach home is your primary residence or your permanent home, the distance from your work and the amount of time you are willing to travel to get to and from your beach property is something very important to consider. Ideal traveling time is a matter of personal preference and tolerance; however, it is something that deserves special attention when selecting a home as it can determine your future happiness
If your vacation home is too far away or too expensive to reach, then you will not use it enough to enjoy it, or to justify its cost, and if it takes more than an hour to get to your workplace then the time you actually spend in your beach house might not be worth the price of your home!
Before you buy a vacation home, rent in the area for a season and see how often you actually manage to get to your vacation home. As for a work commute, be reasonable and realize that while you may initially think the commute is worth the property, try to imagine how you will feel a year down the road commuting 2 hours to work a day!
Research Locations
You may like sunbathing, but can you really afford a home on a white sand beach? Will you enjoy the area around the home during the winter?
Select the desired location
Do you want your vacation home to be in a new, planned development? Do you want to be right on the beach or closer to the heart of the city? Do you want it in an inland or a beach community? If you enjoy beach communities, do you also want a golf community that's near the beach?
Consult locals
Visit the area and talk to people who live there. Small business owners are often a good source of community information and insight, as are library professionals and the local chamber of commerce. If you have a particular hobby that has you looking in this area, such as surfing or snorkeling, make sure to talk to people in the area who participate in these same activities.
Contact a real estate professional
A real estate agent can highlight areas of interest and/or areas to avoid. They often live in the area and know the various cultures of each neighborhood. Also, if your beach house is to be a vacation home, Resort real estate agents are very different from regular agents and can help you find the perfect vacation home for you.
Visit Destinations
You should try to visit a destination two or three times before you purchase a vacation home there and more if you are planning on living there permanently. Find out about the resources, the travel time, and the hobby opportunities in the area (golf, surfing, swimming, etc...).Also, if you have school age children and are looking to permanently relocate, make sure to look into the schools in the area.
Review Financing Options
Financing for a second/vacation home can be different than that for a first: you often have to pay more up-front and may have to pay an extra 1/2 point to 1 point. On the bright side, you can still write off the mortgage (up to certain limits depending upon how the property is used and its value). Consult your tax professional for more specific information.
Enjoy the Process
Remember that you are buying a new home that has the potential to greatly enhance your life, try to have some fun with it!