It is a great personal investment for someone interested in purchasing an oceanfront home in Florida, whether it is a permanent residency or a vacation home. There are basic missteps that can occur that home buyers can make when purchasing an ocean side home in Florida.
1. Ignoring Seasonal Care When Away
Homes in Florida, particularly oceanfront homes, are dependent upon cruel tempests and wild seasonal changes. Houses that are close to the ocean are exposed to seawater, which can be very damaging to the exterior of the home, known to rot wood over time and corrode certain metals. They should be kept up and minded regularly. If you don't live at your oceanfront home year-round, then making customary excursions to the habitation yourself would be in your best interest. If that is impossible, then procuring an upkeep team or individual who can get involved and deal with the residency in your absence is a great option.
2. Rental Mistakes
A wonderful means to balance the expenses of owning an oceanfront home for those who do not live there year-round is leasing the property out seasonally. But there can be issues that occur when leasing a property. Here are a few things to keep in mind when doing so:
-Counties in Florida require licensing and certain investigations.
-The location of your home is not advantageous.
-Costs of rent aren't always maintainable.
-Tenants can cause damage to the interior of the home.
Making such a large purchase like buying an oceanfront home is supposed to be a fun approach to escaping the everyday life of living in a city or being landlocked. Yet, it is essential to consider how much time and cash are needed to maintain the home, much less the complete period of owning the home.
3. Not Getting a Proper Inspection
Because oceanfront homes are more likely to be exposed to exterior damage due to their placement close to the elements, your home must be reviewed properly. Home inspectors who have experience assessing oceanfront homes are better at searching for indications of issues arising in your property that if left alone can be very expensive to fix. If there are explicit guidelines you have to follow in your county, assessors can give you full disclosures on such guidelines you have to follow.
4. Get to Know the Shoreline
Some records will show you if there have been changes in the shoreline, particularly if it is rising or not. If this is the case, depending on how close your home is to the ocean on the property line, you may not have a background in 10 years. If it is dropping on the other hand, the property can lose all of its appeal if the water retreats too far back from the beach. This in turn will allow you to know if there can be a future issue, giving you an idea if you have the correct insurance for expenses. Because of possible flooding in the area, insurance for an oceanfront property can be more expensive.
5. Check Over Additional Utility Costs
In addition to insurance costs, it can always be a huge surprise to find that oceanfront properties come with other unexpected expenses. Both water and sewer costs can be higher in cost. If you have a water well or septic tank if you don't operate off of city water, those expenses can catch you off guard. Before you start looking for a home, get a good idea of what your costs will look like.
6. Risks Involved
There are risks involved in buying an oceanfront property like any other investment. As we mentioned before, the main issue associated with purchasing an oceanfront property is that it can be affected by seasonal weather and other natural disasters. It is important to do your research on the area to determine if it is 1. safe, and 2. worth the investment. Here are some of the cons of buying an oceanfront property:
-Coastal erosion to your property.
-Risk of hurricane season or flooding.
-High maintenance costs.
-Restrictions to your property due to what county you live in.
For further information on purchasing an oceanfront property in Florida, check out our website.
