Buying a beach home is a big investment, and there are several ways to approach the process. However, some methods can save you time and money. Glenn Phillips, CEO of Beach Homes Realty, discusses best practices when buying a beach home.
- Investor or “I Want What I Want”: Two ways of approaching beach real estate include investors and discretionary buyers. Investors concern themselves with the ROI of their purchase. They consider all of the money put into the house and whether they can return the profit. Alternatively, discretionary buyers aren’t necessarily concerned with profit. They will buy what they want, regardless of price or potential gains.
- Know Your “Number”: Similar to an investor or entrepreneur, you need to know what number you’ll take. Consider what your maximum price is for the house and stick to it. You should also be realistic with your price. Look for homes below that price to account for extra or unexpected expenses.
- Use a Beach Expert Agent: Beach real estate comes with several challenges unique to typical real estate. Some unusual factors include HOA requirements, erosion, the water and sand environment, and more. Beach expert agents understand these challenges and more.
- Do the Due Diligence: Don’t get caught up in the excitement of finding your dream home. Taking the time to do a survey, look at the HOA, title insurance, and more will save you money and headaches. Problems usually arise from a lack of due diligence.
- Keep Options Open: Don’t become too fixated on one property. Even if you think it’s perfect for you, deals can fall through. Oftentimes, however, you end up with an even better deal or property. Keeping your options open also allows for better negotiations.
It’s exciting to buy a beach home, but it’s important to take the process seriously. With these tips, you can get your dream home quicker and save money. Visit beach-homes.com to connect with expert beach agents ready to help you through the entire process.