The Ideal Time to Buy a Beach Property
Buying During the Fall Season
The best time to buy a property on the beach is during those cozy fall months. The reason behind this recommendation is that there is still a good number of houses available on the market but there won’t be as much competition. Having less competition allows for price adjustments and a greater opportunity to negotiate a better deal. The housing market is the slowest during the late fall to winter seasons, which is why you should consider it the best time to look for a beach property. Fall and winter times are considered “off-season” for vacation house renting and you’ll be able to look at a wider range of properties.
Why should I buy a beach property?
There are many pros to buying a beach property: it’s a very good investment, its values rise over time, it’s beneficial to your health, and it makes great rental properties. While beach homes are usually expensive to purchase, they do increase in value over time. The longer you keep the property, the higher your return on investment. Access to oceanfront and beachfront properties is limited by the overall access to the coastline. Purchasing one of these homes secures you lifetime access to the waterfront and many advantages that go with owning a beach property.
Living near a beach helps improve sleep and keeps depression and anxiety at bay. It also encourages a more active lifestyle. And if you choose not to live in your beach home full-time, they make amazing rental properties. Owning a rental beach property allows you to obtain a passive income with very little effort. It’s one of the many benefits and options this type of real estate offers.
How much does it cost to purchase a beach property?
Depending on the area, size, and condition, the average cost for a beach house is $300,000 to several million dollars. Buying a beach property is an investment, but it is a smart one that can make you plenty of money down the road. While considering a beach property, keep in mind additional costs for buying a house on the beach which include: property taxes, insurance, maintenance fees, repairs, and utilities.
What are the tax benefits of buying a rental beach property?
There are many tax benefits to renting out your beach property. One of these benefits is that your mortgage interest will be tax deductible. As a rental owner, you can also deduct your property taxes. No property is prone to wear and tear as the years go on, which is why the IRS will allow you annually to take into account your property’s depreciation. Some other allowed deductions include repairs, cleaning costs, supplies, utilities that the owner pays for maintenance, advertising, landscaping/property upkeep costs, and property management fees. Finally, if you invest in owning and operating a rental beach property, you will have to travel to make repairs or to manage your property. You can claim the expenses used in your travels which can include gas costs, car rental, airfare, hotel accommodations, and others. Just make sure to keep your receipts and keep track of your expenses.
Wealth For Years to Come
Buying a beach home is an investment but it will last, possibly, for many generations. Knowing that access to the oceanfront listings will continuously become more limited, the longer you hold on to your property, potentially, the more money you will make when you or your children decide to sell it.
There is always a good time to purchase an oceanfront home but remember that making this decision off-season will give you more access and freedom to easily tour more listings. In addition, when the visitors leave beach towns, and as the colder months arrive, the interest in oceanfront properties tends to slow down.
There is a wide range of benefits to buying a beach property, regardless of whether you choose to rent it out to the public or not. Aside from the beautiful sunrises and sunsets, beach properties are great investments that can boost your income for years to come. Jimmy Buffett said, “If there’s a heaven for me, I’m sure it has a beach attached.” We cannot help but agree with his outlook on living by the ocean.