After having a difficult time financially for quite some time, I realized that part of my problem was my personal housing costs. I really began evaluating what I wanted out of a home, and I realized that I needed to shop for a place that would work better for what I needed. I started paying more and more attention to real estate risks, and it occurred to me that I hadn't invested in a smart property. After talking with my real estate agent, I started focusing on changing my ways, and it was incredible to see how much brighter my future became.
If you're in the process of purchasing oceanfront property, you'll want to spend some extra time making sure you choose the right location. Purchasing oceanfront property takes some extra time and attention. If you're not careful, you could end up owning a big headache. Here are four steps you should take before you sign a contract.
Start With a Budget
Now that you're looking for oceanfront property, the first thing you need to do is set a budget. Looking for property on the beach before you have a solid budget in mind could create a situation where you say yes to a home that you can't quite afford. Unfortunately, that can get you in trouble in the long run. Before you sit down with a Realtor, create a solid budget. That way, you can tell your Realtor exactly how much home you can afford. Once you start touring homes, avoid those that don't fit into your price range.
Don't Count on Rental Income
When you purchase an oceanfront, don't count on potential rental income from the property. While renting out your oceanfront home can be a good way to earn some extra cash during the off-season, you can't always depend on it. After all, you never know when a storm will come through and shut down tourist season, or damage your home. If your home suffers storm damage, you won't be able to rent it out during the repairs.
Have the Home Inspected
Whenever you purchase oceanfront property, you need to have the home inspected. The last thing you want to do is purchase a home that has existing damage from storms that have passed through the area. If the home you choose is elevated, make sure the inspector pays close attention to the foundation. You'll want to know if the home is built with stilts, piers or pilings. You'll also want to know the condition of those materials.
Spend Some Time on the Beach
If you're going to purchase an oceanfront home, you want to spend some time at the beach. You can't gauge the livability of an oceanfront home without spending time near it. First, you'll want to talk to the neighbors to get their perspective on the living conditions. Second, you'll want to watch the tourist activity in front of the home you have in mind. If tourists routinely use the patio as additional seating, you may want to choose another home. Finally, watch the direction of the wind. You'll want to know if the wind will blow sand onto your patio each day.