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What to Know Before You Buy a House on the Beach in Florida

Are sunny afternoons and early morning walks along the shore calling to you? Are you dreaming of buying a Florida beach home as a primary residence or second home?

Like many parts of the country, Florida’s real estate is trending upward, thanks to a steady influx of new residents, low interest rates and relative affordability of inventory.

If you’re interested in purchasing a Florida beach house, take time to weigh these considerations.

Understand the Risks Before Purchasing Insurance Products 

If you are already a homeowner, you are familiar with basic homeowner insurance products; however, a beach home often needs special considerations,

While a standard insurance policy may meet minimum requirements for financing, it may lack additional coverages that you may want in the event of a natural disaster, like a hurricane, tropical storm or even wildfire.

By assessing your location’s risk for various hazards, you can mitigate and prepare for disasters and make an informed decision about additional insurance products that may protect your asset.

Understand the Property Taxes

As all property taxes are assessed on a property’s value, the premium price of beach front real estate will naturally increase this expense. Taking into consideration the various expenses associated with owning a beach home – HOA dues, insurance, maintenance – you’ll want to understand the taxes assessed on your property.

Conduct due diligence to ensure the assessment is accurate compared to similarly situated properties and find exemptions where possible. Florida does participate in an incentive program for renewable energy and energy efficiency so if other exemptions aren’t applicable, this may be within reach.

Maintenance and Preparation

The Atlantic hurricane season, which includes the Atlantic Ocean, Caribbean Sea and Gulf of Mexico, officially lasts 6 months.  This means half the year beach homeowners need to be prepared for activity ranging in strength from tropical depression to major hurricane.

Not only does preparation mean shuttering in advance of a storm, it includes clean up and post-storm recovery. Absentee owners may wish to partner with a property management company to assist in such activities, which adds an expense, although it is a worthwhile expense for the peace of mind provided.

Get Your Dream House on the Beach

Buying your dream beach house is a major decision and while it can be incredibly rewarding, it also requires thoughtful consideration. Partner with a trusted advisor who knows the market, understands the trends and can help you make the right decision for your goals.