Whether it's a vacation home or a permanent residence, the beach is where many people want to be. While living on the beach does have its perks, such as being able to enjoy the surf and sand at any time, it comes at a price. Waterfront homes for sale, whether they are at the beach or on a lake, cost more than double the value of average homes. Oceanfront property in areas such as Hawaii, California, and the Long Island Sound are some of the most expensive in the US. Being able to afford that dream beach house can be a challenge. Here are three tips.
Location Counts
When it comes to getting a beach bargain, it may be a good idea to avoid some of the popular and expensive locales. Florida has plenty of coastline to choose from and while properties in places like Miami can go for a premium, there are plenty of smaller towns where beach front living is more affordable. Port Richey has a median home price of only 78,000 making it a great choice for those looking for affordable beachfront homes for sale. Potential homeowners can also check out the Mississippi coastline for beachfront properties at more affordable prices.
Go Back A Row Or Two
One question that potential homeowners should ask themselves is do they really want to be right on the beach? While beachfront properties do offer amazing views, they can also be prone to flooding and storm damage. This means that insurance doesn't come cheap. Comprehensive insurance that covers storms such as hurricanes can cost thousands of dollars. The good news is that properties further inland are usually less expensive and often have cheaper insurance premiums. For those who are not attached to being beach front, it may be worth getting a beach house that is near the beach but not right on it.
Rental Potential
For those who are set on getting a beach house in a pricey area, rental income can help make the purchase affordable. The downside to renting is that the beach house cannot be enjoyed year round by the owners. A beach home with high rental income potential can be a great investment and even net a profit for the owners. For those who spend less than 15 days a year in their beach home, their property is considered a rental-only income property and is eligible for tax breaks.
Being able to afford a beach home is something that many people dream of. For those looking to save on a beach property it may be a good idea to check out places that are off the beaten path. Going back a row or two and getting a home that is near the beach but not beach front can also make this purchase more affordable. Finally, renting out the space is a great way to make a beach home investment affordable.
