Look at you! You’re looking for buying beachfront property, and the advantages are numerous! You’ll have a getaway to call home year round if you want to! You’ll have a place you can rent out for a huge amount of money. You can even split it up: Have someone rent the house out in the fall and winter months while you live up the beach life in the spring and summer! Let’s talk about some tips and tricks (as well as the ups and downs) for buying your first beach house!
When someone hears the word “beachfront property” they think of the boardwalk in Monopoly. You know why? It’s the most expensive property in the whole game. And for good reason! If you have the money to actually buy it, you can put down a hotel and some sucker will owe you thousands in a few rolls of the dice! It’s a similar story in real life. Sure, beach front property is expensive, but if you have the means to purchase it, it’s a great investment of your money. A wise man once said “They’re not making any more real estate”. Not only is that a great statement overall, but if you turn on any climate news you’ll know they might even be making less beach front property, making it potentially even more lucrative. No matter which way the market turns, you can guarantee owning beachfront property is always a safe bet.
If you plan to rent out any property, you’re always making a bit of a gamble, with a bit of possible profit if all goes well. With beach property, the risks go up, but so do the rewards. Any renter knows that a tenant can always be a potential destroyer of property. Who knows what they might do while you’re away. That’s why many landlords like to lease a property to as few people for as long a time as possible. Unfortunately, having a property on the beach doesn’t allow for that very easily. You might have to rent your property out to multiple people within the same month, or even AirBNB to a bunch of parties in the same week. That’s the other thing about beachouses…parties. People come to the beach to have fun, but some can see that as an excuse to be loud to neighbors and damage property.
On the topic of property damage, you better be careful about the destruction caused by the elements, and there’s no place more notorious than the beach. So how do you curb this threat?
Get an Elevation Certificate for Flood Insurance
If you’re looking forward to getting your dream beach house, there’s one fear you’re probably very familiar with, at least you should be. You’ve probably seen it all over news reports every year or so. Some new beach town floods all the way underwater, or is hit by a Tsunami, or the houses are eroded away. Whatever the case may be, make sure you have a FEMA Elevation certificate to insure you if the worst ever becomes a reality.