Beach real estate is a prime investment for a multitude of reasons, but that doesn’t mean you should go into a purchase blind. Beach properties come in many shapes and sizes, but the tricky part is knowing how to choose the best investment.
Whether you’re looking for a home to rent out or a property to build on, here are a few important things you need to know before you invest in beach real estate.
Work with a Local Realtor
Working with a local realtor is an extremely smart step to take. Not only will they be familiar with the piece of property you’re looking at, they’ll be able to tell you about the surrounding area and the town that your property is located in. Approximately 98% of homebuyers said that their realtor was an excellent source of information. Having answers to all of your real estate questions is extremely important, and local realtors are one of your best resources.
Invest in a Home Inspection
If there’s already a house on the property you’re looking at, it’s absolutely essential to know what you’re getting yourself into. A home inspection will seek out any major flaws and give you a much more accurate idea of just how much work needs to be done before the house is ready to rent out. Skipping this step is definitely a mistake you don’t want to make.
Research the Rental Market
You could find the most beautiful piece of waterfront property in the world, but if the rental market is no good in that area then you’re not going to see any success with it. So before you decide to purchase a property, make sure you’re performing careful studies of the rental market in that general area.
Proper home insurance is vital, especially to waterfront and beach properties. Homes in these areas are prone to excessive water and wind damage, especially if the area is at a high risk for hurricanes. In these cases, more specific policies are going to keep you covered if the worst should happen to your beach property.
Investing in a beach property might not be as easy as it seems, but it’s certainly worth it as long as you take the proper steps to prepare.