One of the most sought-after investments in the world of luxury real estate is the beachfront properties. Who would not want to own a house with the beach just a few steps outside? Living in a home fronting the beach opens the opportunity to enjoy living in paradise, so to speak, virtually every single day. You can choose to go surfing in the morning, sunbathing before noon, and snorkeling in the afternoon. If you have the money to invest in one, then by all means, go! But do take note of these important aspects that you should look for in a beachfront property.
- Seawalls and bulkheads – One of the first things you need to see are the seawalls and bulkheads of the property. These structures are very important, as the work by separating water and keeping it from reaching your property. Make sure to give them a thorough inspection to see their current condition.
- How is the tide? – Another important thing you need to be aware of is how far the water can go during high tide. This directly affects the safety of your family, as well as your properties that may be in danger of being reached by water. Don’t hesitate to ask your neighbors for their opinions on the matter.
- How much is the insurance? – With the unique location of the property, you should expect that the cost of insurance premiums will be much higher. This is because a home that is facing the beach is more exposed to different kinds of elements that could cause extensive damages. Do your research on how much insurance will likely cost you and set aside some money for it.
- Study the rental market – If you are purchasing a beachfront home for the purpose of making more money and generating passive income, then better do your research and due diligence on the rental market in the area. Generally, beachfront homes command very high rental rates, making them excellent investments for passive income. Just make sure not to offer rentals that are way too high and above the market rates.
- Know the restrictions – Another key aspect you should immerse yourself in is the restrictions in the area. This is crucial, especially if you are looking to have the house rented out by tenants. Educate yourself on the local laws and restrictions that are currently in effect in the area and educate your future tenants about them.
- Surrounding developments – Lastly, you need to be aware of the developments that are taking place or about to take place in the area. Key establishments nearby will likely increase the overall value of your home, giving you the chance to command a higher price for the property.