Owning a property along the coast may seem like a dream: You’d have breathtaking views, great weather and, for many, a much-needed change of pace from your daily life.
But it may have additional considerations, too, and you’ll want to weigh them carefully before investing in a beachside home yourself.
Here are some potential benefits & considerations of purchasing (and living in) a coastal property.
Benefits:
- Dedicated Getaway: You’ll always have a spot to visit when you need some rest and relaxation or want to get some time in the water.
- Rental Property Potential: If you’re not using the home as a primary residence year-round, you may want to rent it out to create an additional revenue stream. (Just make sure you know how it will affect your taxes.)
- High-Value Property: Coastal properties tend to be in high demand and are likely to fetch a good price once it’s time to sell or rent.
Considerations:
- Higher Insurance Costs: Because of the higher chance of certain natural disasters, insurers typically charge more for coastal properties. In some high-risk markets, it may be hard to find an insurance company that will issue you a policy at all.
- Weather Damage: The moist, salty air that’s typically found in coastal areas can be rough on wood, metal and other building materials. This could require a lot of maintenance to keep the home in good condition.
- Limited Availability: Since coastal homes are typically in high demand, it can often be challenging to find a property that suits your needs.
Are you thinking of investing in a coastal property? Get in touch today for help.
