Last Updated on October 26, 2020 by teamobn
The cool breezes, long shores, the walk on sand, the beautiful sunrise and sunset can be relaxing. The best place to find it all, will of course be the beaches.
So instead of visiting this place often, why not live here permanently or at least have your second home here?
A lot of people think beach condos are expensive because they are built on tourist attraction places. But that is sometimes not true. In a lot of places, oceanfront houses are relatively cheaper than your average home. Even the condos can come at a low price. Take Myrtle Beach in South Carolina for example.
You can get both fantastic views and condos at the right price if you choose the right location.
Here are seven tips for buying the best beach condo-
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1. Select The Right Location
There are a few things to consider when deciding to buy a condo. You might have dreamed about the perfect condo and already decided where you want to buy it.
If not, then first decide where you would want it. Would you like it close to the shore, the restaurant, or the bar? Check if the place offers the tranquility you are searching for and if those areas’ properties have appreciation rates.
2. Hire A Home Inspector
You will need a highly qualified beach home inspector to help you decide which condo you should buy.
There are plenty of Myrtle Beach oceanfront condos for sale, but not all of them may be worth buying. The same goes for other beach condos.
3. Consult With A Property Manager
Your beach condo is likely going to be a vacation home or a second home. That means you can use it to increase income by renting it out.
Rent your condo for the months you are sure that you will not be visiting. Over time the rent alone can pay off the mortgage or the cost of the property.
Besides, even when you are not at the Condo, you still have to pay for maintenance, so it is a good idea to rent out the place.
For that, you will need an excellent property management company. The best companies will map out a revenue plan for you so that you can maximize your gains.
4. Decorations You Might Need
You do not have to go overboard, but it is usually good to invest a little in decor since it is a vacation house. If you are renting it, then a little expense on decorations can increase the price a bit.
And, a little home automation can go a long way in increasing rent.
Go with a beach theme, add rustic furniture, some wooden showpieces, and a blue and green color palette. Keep it simple but match the beach vibe.
5. Possible Upgrades You May Need
Upgrades can also increase the price. High-end kitchen and appliances or outdoor kitchens can make the place feel more luxurious. If you plan on accommodating larger families, you will need to put in sleeper sofas and bunk beds.
The amount of upgrade and decoration depends on the area and popularity. If there are a lot of condos there, then the competition might be stiff.
Meaning you will have to invest in attracting customers, but some simple remodeling should be good enough if there are not many tourists.
6. Look For The Right Insurance
Your beach condo needs to be insured. First, consult with your existing insurance company to see whether they provide any coverage because bundles are usually more beneficial.
If not, then look for the insurance company in the area you are buying your condo at. Check if they provide wind and flood insurance.
Always compare the benefits and premiums of different insurance companies.
7. Stay There Before Buying
Often, the Condo you are willing to buy will be available in the market. If you’re lucky enough, it might also be available for rent.
If that is the case, then you should try it before you buy it. If you stay there for a few days, you will know the location, environment, and necessary upgrades the condo requires when you buy it.
Best Beaches To Buy Condos
1. Myrtle Beach, South Carolina
Myrtle Beach is a perfect place for the people in the southeast. A blend of natural beauty, rich culture, and memorable activities to pass the days.
There are houses with boat docks so that people can take full advantage of the great blue ocean.
You will also find plenty of golf courses. The most amazing part is the low tax and the low cost of real estate of Myrtle Beach.
2. Panama City Beach
Panama City Beach, located near Northwest Florida, is a popular tourist destination throughout the year. It becomes even livelier during the spring break.
Travel+Leisure even recommends it as the top 5 go-to places for relaxing the fantastic ocean breeze.
3. Virginia Beach
The median house values are about $300k, but the place has low appreciation rates. Despite that, it still is a good bargain for potential buyers.
4. Jacksonville
This one is known for its real estate potential. It has had increased appreciation for the last three years but remains affordable. Homeowners usually have to put away 9% of their monthly income for a mortgage -whereas the national average is close to 16%. This makes the houses and condos in Jacksonville more affordable than the rest.
5. Ocean City
Famous for its amazing beaches near the Atlantic, the place is renowned for its 3-mile boardwalk. You also have amusement parks, restaurants, bars, and arcades. The price of condos is a bit high, but Ocean City attracts tourists all year round.
Final Thoughts
Buying a beach condo is one more step into private ownership. It might feel a bit troublesome at the beginning since you have to manage the agents and then visit the place and also finance it. Whether you want to stay or just flip a condo, it is a worthy investment.
