Things to Consider in a Beachfront Property
One of the hottest Hamptons real estate items that are favorites among investors is the beachfront properties. A home that is facing the beach opens a unique opportunity to experience the beauty of nature and the peace and serenity the waters bring. There are, however, some important aspects and factors you must first consider if you are looking to acquire a beachfront property. Let us take a closer look at each one of them, as you search for the property that is right for you.
1.The condition of the seawalls– one of the first things you need to inspect in beachfront properties is the current condition of the seawalls and bulkheads. These things work by protecting the property by separating the water. If the condition of these two is already compromised, then you may want to look at another property.
2.Water level during high tide– another important thing to consider is the level of water during high tide. What you can do is to ask the people living in the area about the matter. Keep in mind that if the water levels are too high, it may cost you some money in repairs and maintenance, let alone the soaring insurance premiums.
3.The cost of insurance– as we have mentioned above, you also need to consider how much the insurance premiums will cost you. Since the property is located close to the shoreline, rising water will be your biggest problem especially during severe cases of storms. Consult with the community or better yet, talk to different insurance providers to get an estimate on the insurance premiums.
4.How is the rental market?– if you happen to be an investor who is looking to make some money out of a beachfront property, then you need to get into the details of the rental market in the area. During peak season, no doubt your beachfront home will get you high returns coming from rent. Do your homework and find out how much these properties command, also during the lean months and search for available properties that command some of the highest rates in the area.
5.Nearby developments– you also need to research if there are upcoming developments near the property. Keep in mind that the more busy and active the area is, the higher the rate of appreciation of your property will be.
6.The rules and restrictions– though people living in beachfront properties have easy access to the beach, there are certain communities that still enforce some restrictions. Find out what the local laws are before deciding to purchase a property to avoid any headaches in the future, especially with future tenants. If you are looking for the perfect property near the beach contact a trusted Hamptons real estate agent today.