So, you've finally decided that you're fed up with urban sprawl and want to consider beach real estate as your next investment or probably, next home. Indeed, coastal living is one of the best decisions you can make for yourself. Whether you're a beach bum who enjoys being in the water, a water sports enthusiast, or simply a nature lover, coastal living will make you live one day after the other in serenity. Sorry to burst your bubble, but choosing a beach real estate is not as simple as choosing your spot in a junction of land and water. Rather, the closest you can get is to choose between choosing to live at the beach or within a driving distance. Here's a rundown of the things you need to think about before deciding:
Unless we're talking about Malibu, the Hamptons, Manhattan Beach, and other traditional summer hot spots, beachfront houses have become more affordable. In fact, there are beach towns today where you can buy homes below $250,000— a lot more affordable compared to the mentioned summer hotspots where you'll need at least $3 million upfront cost to buy a house. So, considering the buying costs, choosing between a beachfront house and a home within a quick drive to the beach isn't really an issue.
However, it is the operating costs that money issues would really matter. For one, homeowners insurance for your beach-front house will typically be more expensive compared to houses far from the coastal lines. Due to risks associated to natural disaster, almost all coastal states also require homeowners to purchase flood insurance. In Florida, for example, flood insurance would cost you $10,000 annually. HVAC cost also tends to be more expensive in the beach-front homes compared to non-coastal communities. Property management in beachfront houses is also tricky, making it more expensive. Overall, if you're certain that you want to live at the beach, you'll need to allocate more money than the amount you spend in your current home.
Proximity to Work and Other Necessities
You also know that if you want to live at the beach, you may need to sacrifice proximity to work and other necessities like shopping malls, banks, and restaurants. While most of the affordable beach towns also have business centers, they are usually compact with only the most basic necessities. Unless you work in the tech hub, Silicon Valley, working while living at the beach might also be a problem in terms of proximity. So, with this in mind, the best you can do is to choose a nearby town where you can drive to the beach whenever you want to feel its breeze.
Choosing between living at the beach and living within driving distance isn't really a problem. Either way, depending on the factors mentioned above, living near the beach is an opportunity you shouldn't miss. Contact a real estate agent for more help.