September 7, 2009
Getting a Beach House
A beach house is one fine place to relax or retire. Prices of oceanfront lots are increasing steadily, making it a good investment today. You can cover the initial expenses through rental income for a couple of years, and then use it for retirement later.
When getting yourself a beach house, you need to first obtain financial advice. Your financial planner can help you assess the necessary expenditures. You should determine your budget by considering down payment, mortgage costs, insurance, furnishings, maintenance, and other stuff. Yes, you need to buy insurance, but know that coastal property insurance can fluctuate variably over time.
Next, pick a location for your beach house. Speak with local realtors, those with solid knowledge and credible background on local businesses. See your lawyer for legal guidance, especially about drafting contracts and governing laws. Do not buy the first property that catches your attention. A beach-front lot that looks fine today could be underwater tomorrow. A cliff-side home with a beautiful view could be washed into the sea due to erosion. If you are going to be renting, choose one that has many rental properties. That way, you are sure it is a popular rental destination, providing you with stable residency and rental income. Your real estate agent can help you get good rentals. Decide how to manage your rental beach property. You may either let a property manager handle it or manage the property yourself.
If you are going to be retiring, consider building a one-story house with a universal design, where the doors and hallways can accommodate a wheelchair or walker. Finding a beach house is a great adventure, you should be able to find a suitable one for you.
Filed under Moalboal Community by Sarlyn