Dreaming about waking up to the crash of waves and endless views of the ocean? Oceanfront property is a dream for many, yet it is very important to be aware of the unique risks that one faces with it. While owning beachfront real estate might sound like an absolute no-brainer, there are things that can turn your dream quickly into an expensive mistake if you're not careful.
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You can readily understand why oceanfront properties are so appealing. The views are out of this world, the access to the beach is literally unbeatable, and the lifestyle is so often associated with relaxation and luxury. From a vacation home to an investment property, even to a permanent residence, the allure of the sea can be pretty difficult to resist.
Still, like any major purchase, you have to weigh the risks with the rewards. If you’re someone who likes to take calculated risks in life, just as you might click here to place a bet, it's important to weigh the risks with the rewards when making such a major purchase.
Living by the ocean generally means dealing with more than the ethereal beauty of sunsets. Oceanfront homes are put in a position of higher risks regularly during powerful weather events such as hurricanes, tropical storms, and flooding on occasions. These natural calamities often give rise to extensive damages that are mostly expensive to fix.
It pays off to make sure your property is constructed with these conditions in mind. That might mean buying a house with reinforced construction or retrofitting an older home with hurricane shutters, stormproof windows, and other safety features. Also, you may seek local building codes and zoning laws to find out what's required in high-risk areas.
Must-do checklist:
Purchase a comprehensive insurance policy that covers damage from floods and storms.
Do your research on local weather patterns and the history of natural disasters.
Look for properties that sit higher than others or that have been built in a more flood-resistant style.
Where insurance is concerned, the greatest shock for many first-time oceanfront purchasers is how much it costs to insure these properties. Most standard homeowners' insurance policies won't cover damage due to flooding, which is common along coastlines. You will want separate flood insurance, which can be quite costly depending on where you live and the risk associated with the property.
Premiums for wind, storm, and hurricane coverage are also much higher for oceanfront properties. It is essential to plan these annual carrying costs in advance.
Pre-purchase:
Get quotes for flood and wind insurance to add to your budget.
Know the deductibles and exclusions of these policies.
Know if there are any local requirements for insurance.
Owning an oceanfront property is like being married: it's a vow of constant upkeep and care. Salty, muggy air fights buildings the hardest, accelerating wear and tear on its parts much sooner. Metals corrode, wood warps, and paint peels faster when exposed to the ocean's power.
You’ll likely need to invest more in maintaining your home compared to properties located inland. This might include frequent repainting, replacing rusted fixtures, or maintaining a protective sealant on exposed wood. Understanding these additional maintenance costs is crucial when budgeting for an oceanfront home.
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Sometimes, oceanfront properties are in areas far from town or even less developed places. While this could be appealing to others because of its privacy, it may create challenges with regard to access and infrastructure. Poor road conditions, unreliable utilities, and limited services might make living in or visiting your property more difficult.
Check the accessibility of the property before buying. Is there an all-weather road leading to it? Are utilities like water, electricity, and sewage available? Is there any medical facility or a place to buy food near the site? Some of the pragmatic issues that make life comfortable and easy.
Research and take your time, consult a professional, and budget extra costs for maintenance. If done wisely, an oceanfront property can grant you that peaceful life you have envisioned and without unwanted surprises.
