Owning a home at the beach is an exciting endeavor, one that many people only dream of. Have you been wondering if buying a beach home is right for you and your family? Keep reading. Below, I've listed several questions you should answer as you begin your search for coastal real estate. To be sure, many more questions need to be addressed but, for now, the following will suffice to prepare you for the adventure that lies ahead. So grab a pen and paper! You'll want to write down your answers and send them to me at Denis@CrystalCoastRealtyGroup.com.
Do I Have the Time to Allocate to Owning a Beach or Second Home?
This is a crucial question and one that has many elements to think about. Whether you plan to buy a beach house as a vacation home or as your primary home, you will need to invest time. It takes time to find the "right" house in the "right" beach town. It takes time to close the transaction. It takes time to make updates to the property you purchase. It takes time to maintain a home at the beach. It takes time to purchase the proper insurance. If the home is to be a vacation rental, it takes time to identify the proper management company.
Good news! I have the experience and knowledge to collapse the "Time" frame. Call me at 919-308-2292 and become well-informed about this special niche of real estate.
How well do I know the location?
Before buying any home, you want to get well acquainted with the area. This is especially true when buying a beach house. Spend time vacationing there. Get to know all the seasons firsthand so you know what to expect throughout the year. Get to know the weather and crowd patterns during the on- and off-seasons of the beach locale. If this is a vacation home for you and your family, is it easily accessible to everyone? Can you get there when you need to if an issue arises? Or get there often enough to enjoy it? Get to know the community and build connections from the get-go. Spend enough time in the location to really get to know the area on a more intimate level. Are there enough activities and things to do for everyone? Are there any concerns about the area that you have?
Hard questions. to be sure. Good news! Call me at 919-308-2292 to learn the local landscape of living here in Emerald Isle, NC and the Crystal Coast.
Is My beach house a vacation home, investment property, or both?
What are your goals here? Are you looking solely for a vacation home you and your family can escape to whenever you desire or are you looking to make money off of it as an investment property that you rent out? Every scenario has its own set of considerations. If you are going to rent out the property, you will need to keep the property in tip-top shape. You will probably invest more money in maintaining and improving this vacation rental than you invest on your primary home. As a vacation rental, there are tax implications best discussed with your CPA. If this is exclusively a vacation home, who will look at it when you are not here? Will you give friends acces to the house? Always remember to be realistic about your expectations, whether it involves the time you plan to spend at the beach house or the income you expect to generate from the investment, and call me to help you prepare a plan of action to help guide you along the way.
Am I able to manage a beach home?
You'll have to decide if you'll be managing the coastal property yourself or hiring a property management company to do it for you. Even if you're not using it as an investment property, you still need to be realistic about how you will manage the home and the property while you're not there. Can you get there if need be? Will you take care of the landscaping or hire someone? Do you have the time and flexibility in your day-to-day life to drop everything and get to the house if the need arises? Do you welcome more responsibilities? These are serious considerations. A beach house is a joy, but not one that comes without time and effort.
Will I be there enough to enjoy it?
Think about how much time you realistically will spend there. Think about how things may change when your kids get older. Will other commitments keep you tied to home? Will your kids have the time and desire to continue vacationing in the beach home as time goes on? Busy weekends, sports, friends, church and school activities can make it difficult to get away. Be sure the money you spend is worth the amount of time you'll be able to spend there, if this is a vacation home. If you're only getting there a couple weeks out of the year, then renting may be the best option for you and your family. You definitely want to get your money's worth and you can't do that if you're not even there to enjoy it.
How much do you know about buying coastal real estate?
Buying and owning coastal property is a special niche and comes with a set of considerations all its own. So how much do you know about buying coastal real estate and what it entails? Here are some frequently asked questions: Do I need flood insurance?Is there insurance for wind damage?
What about erosion and/or storm damage?
How much will I have to pay in taxes?
What building enhancements do I need to make my home beach ready?
Where is the best place to build on my beachfront lot?
I recommend you visit my website, www.EIHomesforSale.com where you can find answers to the most common questions and gives you the information you need to make informed decisions when buying a beach home. You can also call me at 919-308-2292 to get answers to all your questions. In the meanwhile, subscribe to my youtube channel, Emerald Isle vacation Home Specialist.
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