Things To Consider Before Purchasing a Condo

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Whether you plan to live in a beach house full-time or buy a property, there are a few aspects you need to know before purchasing it. So, let’s get started!

Before beginning your search, make sure you understand your budget and requirements carefully, and you are fully aware of financial and weather risks. 

You also need to hire a qualified real estate agent with extensive experience buying and selling coastal property. When you start looking for a beach house, always remember to put these ten things first when you buy a home.

If you are trying to find an oceanfront beach home, you should consider the Myrtle Beach Homes for Sale Oceanfront.

Construction and Foundation

Whether it is a hurricane or an Oriental threatening a coastal town, the number one priority is to make coastal homes as resistant to the weather as possible. 

If the risk of flooding in your area is high, and there are likely to be a large number of storm surges, consider purchasing a beach house on stilts. 

The component must also be heat and storm-tolerant and sturdy enough to survive heavy rain and extreme heat. 

Usually, the best construction materials for coastline residences are concrete and reasonably strong material. Concrete is commonly considered to be a safe and most reliable building material for condos

Compared to most wooden dwellings, these types of homes are more resistant to strong winds and heavy rain.

Property Management or HOA Fees

Suppose the oceanfront house is not your primary residence. In that case, you might want a property maintenance service to ensure taking care of the home when you are away.

It means that someone has to coordinate all pest control services, landscaping, maintenance needs, and rental agreements. These services’ costs can be high and should be considered when planning your budget for a beach house.

Roof

The last thing you would want is to purchase a home to discover later that the roof needs a replacement. 

Due to the harsh weather in many coastal areas, beach houses’ roofs will certainly have more wear and tear than regular homes. 

The cost of repairing the roof is about $25,000, so it is better to select a condo with a completely new top built of sturdy, weatherproof components.

Proximity to Water

For example, while living close to the water is certainly comfortable and the resale value is high, it will increase the flood risk and insurance factor. 

If your home is built with top-class building materials and you can afford any possible repair costs, living near water may be more suitable.

Outdoor Living Area

Another factor due to which you are renting a condo is to spend more time outside. 

Therefore, the outdoor living space of the beach house should be assessed. 

Do you have a terrace or a veranda? What about the sea view? Is the neighborhood calm or crowded? Does the home have a swimming pool or an outdoor recreation area? 

Flood Risk

Besides the damage due to the wind, the properties are also affected by hurricanes and storms. It would be best if you consider the risk of floods while purchasing a condo. 

The first thing to do is to make sure your home is built with flood protection materials. Then, investigate whether the house is in a high-risk zone. 

It is also worth considering whether the house is located on a higher elevation or on a slightly higher slope to prevent flooding during heavy rain.

Potential Rental Income

Are you planning to rent a beach house? If so, be sure to evaluate if the homes on the coast produce a good return on investment. Suppose the monthly rental charges, upkeep requirements, and initial costs are excessive. 

In this scenario, a house on the beach is not a reasonable short-term bet. Also, it is always cheaper to rent beach houses with more than one suite. So aim to resist owning a one-bedroom beach house if you intend to rent one. 

Make sure to consider all the HOA rules before you purchase. Also, we recommend that you research nearby rentals to find out about the competition.

Check out these Luxurious Condos you can rent by night!

Insurance Rates

It is not surprising that you can expect an increase in homeowner’s insurance when you buy a beach house. Also, people living near the coast may require flood insurance, which is an additional expense. 

When purchasing a beach house, talk to your insurance agent about insurance rates. Always shop around for the best price. 

You will be surprised that one insurance company’s rates differ significantly from others.

Neighbors

The last thing you have to do if you are searching for a peaceful holiday home is purchasing a property beside a vibrant household. Also, do surveys on the road and in the community while you buy a beach condo. 

It is also a vital question of whether the beach house has friendly neighbors willing to pay attention to your location when you leave.

Conclusion

Ultimately, whether it is a good idea to buy a waterfront property is up to you. For some, sand, fees, and tourists are a small price to pay for a slice of private paradise. 

For others, these very things can turn heaven into hell. Living in a condo has both benefits and drawbacks. Now it’s up to you what’s more important to you!

Check out the reasons why owning oceanfront properties is a great idea!

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