Are you dreaming of relaxing on the beach with your toes in the sand and the sun on your face? During the high season, visitors flock to the beach. Riding high on good vibes, some buyers consider purchasing a beachfront condo so they can ensure their own endless summer.
However, before you jump into buying a beachfront property, here’s what you need to know about investing in a home on the coast.
Buying at the Beach is Cheaper Than You Think
Florida’s Emerald Coast is a little bit of a secret. The communities of this area are smaller than other metropolitan beaches in Florida, which means property prices and property taxes are a little lower. Walton County, for example, is still considered a “rural” county with one of the lowest millage rates in the state. But it’s also home to county Hwy 30A, a stretch of Gulf-front highway that has become a very popular destination for vacationers and owners.
Finding the Perfect Location
Every realtor will tell you that location is important. You aren’t just buying a house; you’re getting a community too.
A House is an Investment
While beachfront property is always going to be popular, thus keeping purchase prices competitive, in the right circumstances a beach-side property can be used for short or long-term rentals. You could manage your vacation home rental on your own with a company like Airbnb or VRBO. A property management company can customize your rental pricing structure by using market research to competitively price your listing, manage reservations and property maintenance.
When evaluating opportunity, remember to include costs such as utility bill estimations, debt obligations, taxes, insurance premiums, maintenance and reserves.
Living on the Gulf of Mexico is not without its challenges. The Gulf has been hit hard by hurricanes and flooding in the past, so when looking into a beachfront condo or house, evaluate your risk for weather damages.
How much will wind and flood insurance cost? Should you purchase flood insurance even if your home isn’t in a flood plain? How old is the roof warranty?
Finding Someone You Can Trust
As illustrated here, there are a lot of considerations that go into purchasing a beach property. What’s the best thing you can do when investing in beachfront property? Find a real estate professional you can trust to help you along the way.
An experienced realtor familiar with the area can help you navigate your search and introduce you to properties that fit your desires and needs.