Whether as a long-term investment or for your own pleasure, buying a beachfront property involves a lot of intricate planning and preparation beforehand. Not all beachfront properties are created equal. Some will have better resale value while others will have higher demand and are therefore easier to unload on the market. Regardless, here are four things you should do when looking for waterfront property on a shoestring budget.
Come up with a Hard Number
How much you are willing to shell out for your beachfront property will serve as the main impetus to your final decision. Coming up with a hard number for your property should be something you sit on for at least a week. See how much you make per month minus the expenses you incur within the same time frame. There should be adequate space between the number you get and the property's monthly mortgage payments.
List Places that are Viable
Conduct a local search instead of going after general keywords like "top beachfront properties in the world." Have a list of states and cities you want to buy a beachfront property from. Afterwards, do further research of these places and how viable it is to buy such property from them based on your finances and preferences.
Use the Web
Property websites such as Re/Max River & Sea can narrow your search by filtering out factors that do not apply to your particular case. Use the company's website to search for available properties in a given ZIP code or address. The property type and price range can also be filtered to avoid displaying properties that are too pricey or are not the right design for your needs. You can input preferred amenities, such as a garage, pool, deck, and patio. What's great is that these tools are offered free of charge.
Be cautious when shopping for beachfront properties as the cost to insure them is usually higher than traditional, landlocked properties. Different types of policies and coverage features exist for waterfront properties, and reviewing them thoroughly is essential to getting the most affordable coverage. Flood insurance is an obvious must-have feature on your insurance plan if you intend to live near the coast.
Beachfront property cost more than regular housing, yet their current high market demand and resale value make them shrewd investments for the long-term. Budget-conscious shoppers can find several ways to lower the cost of their purchase using the four tips aforementioned.
About the Author: Lizzie Weakley is a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. In her free time, she enjoys the outdoors and long walks in the park with her 3-year-old husky Snowball. The information in this article is credited to Re/Max River & Sea.