Owning a beach home seems to be a dream of many, especially when that home lies in a place as desirable as Miami. While owning a beach home comes with many different perks, there are also a few things that you should keep in mind when choosing to call a beach home, home.
Budget – First and foremost, when buying a beach home, do not forget to stay within your budget. The most common real estate sales to go over budget are generally beach homes or waterfront properties. Getting swept up in the location and features can often overshadow the budget you wanted to stick to and thus cause financial stress for the longevity of your mortgage loan.
Elements – When choosing to purchase a beach home you want to do your research on a few different items regarding the elements your home will be faced with. Look into the direction the wind blows to create a breeze, potential storm damages, directional advantages, etc. For example, if you want to see a sunset from the master bedroom, look into the direction that the window faces.
Rental Income – While rental income is indeed a nice added bonus when it comes to purchasing a beach home, you should never count on this to help offset the cost of the home. While one year you may be able to rent your home during the off season or weekends and bring in enough to cover your costs and then some, other years may be slower and by counting on that income you may find yourself in quite a pickle.
Location – What could be better than owning a beach home?! Well, despite your home seeming perfect, you need to remember to do your research on the surrounding neighborhood and areas. If your home is in the middle of a neighborhood known for summer rentals you may find yourself surrounded by loud summer vacationers. Understanding the neighborhood, demographics, school zones, etc. all play a huge role when deciding to purchase any home. Despite the “perfect” house, you should always make sure to do the proper research on the location the home is in. A bad location can ruin a good home.
Keep these few common mistakes in mind when you begin the search for your next beach home! With the right buyer’s agent by your side, you are sure to find a home within your budget, and in a location that you will love for years to come.
If you’re ready to find your next beach home, are looking for a qualified buyer’s agent, or have any questions regarding the buying or selling process, please feel free to contact our office at any time.