When you’re buying a coastal property, you also need to become something of a meteorologist. And the beach is kind of the “ultimate” location, isn’t it? But having a fabulous oceanside home doesn’t mean you have it made in the shade. We all know location is one of the most important aspects to consider when buying a home. “Also, finding out the culture of the beach location is so important.” #4: Not using a compass “Buyers need to research public records carefully,” Warburton says. Is it a spring breaker’s paradise? Or a sleepy town for retirees? As with any other home purchase, you should look into who your neighbors are and the zoning laws.Īnd be sure to do your homework on the community. It’s easy to fall in love with beautiful beach vistas and forget about everything else, says Konnie Warburton, a real estate agent with Sereno Group in Santa Cruz, CA.īut before you buy, make sure you look beyond the stunning views. Plus, don’t forget that any rental income you do have will be slashed by the cost of upkeep: think electricity, water, garbage, taxes, local licenses to rent (required in some cases), property management fees, and maintenance. “We see buyers who are confident they can keep a beach home ‘full’ only to realize they can’t, leaving them short on funds when it comes time to make the mortgage payment,” Walten says. From hurricanes to dips in the economy and other unforeseen circumstances that affect the flow of renters, you can’t count on that income.
People often mortgage their primary residence to finance a beach home, assuming that renting out the latter will cover the mortgage payments, says Kay Walten, CEO/owner of Loco Gringo, a Houston-based company that specializes in real estate in Mexico’s Riviera Maya.īut those assumptions can land you in hot water. #2: Counting on rental income to offset your costs He suggests that buyers look ahead and prepare financial outlooks for years 1, 5, and 10 of owning the property. “Beach town properties are exposed to a constant bombardment of the elements, such as salty sea air and hurricane-force winds that properties inland are not required to withstand,” Harris says. There are also the inevitable repairs and renovations that can come with owning any home, and particularly an oceanside property. It’s not just the cost of the mortgage you have to consider, either.
“Oftentimes buyers get caught up in the glitz and glam of living on the beach, overextending their lines of credit and purchasing more house than they can actually afford,” says Evan Harris, co-founder and CEO of SD Equity Partners, in San Diego, CA. Here’s the all-too-common mistakes to avoid. So whether you’re planning to live in your beach home full-time or buying one as an investment property, the more prepared you are before diving in, the sweeter the sound of those waves will be. Heck, even if you prefer the shade, a beach home can sound quite dreamy.īut all too often, people get swept away by the idea of buying oceanside property, then find out that owning one is no walk in the sand.įor all the bliss, beachfront property comes with some potential problems that are wildly different from those of inland properties. Overall a good experience.The sand, the surf, the sound of crashing waves-all available 24/7, right outside your door. Beach homes are the stuff of sun lovers’ dreams. The bathroom was lovely, my favorite is the tile in the doorways! The tub was definitely small but fit my hubby just fine. Great kitchen space, lacking in counters but totally functional & the sink is beautiful. I got excited about a tiny house with a tub & went for it! That might have been my fault for assuming & not checking specifically when booking our stay. We also didn't realize there wouldn't be a TV. We ended up using it as a place to eat dessert & store our stuff. We did find we could move the table & make a sort of extra bed space and found a fold-up cushion to go there but it was a little awkward. We would have liked more cushy places to hang out downstairs. The mattress was fantastic & we hung out up there most of the time. We did determine that tiny living isn't for us but that wasn't a surprise, I just wanted to try it because I'm fascinated by them! We had a great time overall, the house was beautiful & I'm glad we chose to stay there.
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