July 8, 2020
Best Time to Buy a Beach Property
Warm temperatures are not the only thing that Summer brings. It also stirs up the need to bury your toes in the sand. While some may take this opportunity to book their favorite beach spot, others may be exploring for more long-term ideas. So, is now the time to start looking for that beach property getaway to purchase? Truth is potential buyers might find more inventory on the market during summer months, but that doesn’t necessarily mean it’s the best time to buy.
Timing your beach property purchase
Buying a beach property is not something to be done on a whim. Take the time to visit the destination during peak season to ensure that the home is somewhere your family would enjoy vacationing to. Get a feel for the local economy, study current market trends, monitor the rental market, and talk with a professional real estate for guidance.
The best deals on vacation homes tend to be at the very end of peak season. For beach homes this falls right around Labor Day. Many time sellers will be locking up their properties for months knowing there won’t be many renters and might be looking to get it off of their own hands. Another good time to buy might be right before peak season. Many sellers are eager to sell the property before the renters begin to flood in.
Tips to consider when buying your vacation home:
There is a lot that goes into buying a vacation home. Here are some tips to consider while buying your coastal getaway.
- Stick to budget. A beach property typically come with many repairs and maintenances that you will want to consider on top of your mortgage.
- Don’t count on rental income alone to offset costs. Many times the market will dip and the economy won’t stay consistent. If you don’t have a way to make those payments apart from rentals, you will be in trouble!
- Use a coastal inspector. Have an inspector that is an expert in coastal properties is important to make sure that they look for problems that only somebody with their expertise and experience would know to look for in beach front properties.
Buying a beach property can mean lots of fun for your family. You want to be sure you do your research to ensure that you buy when they are most affordable, and that you check all the boxes that need to be checked throughout the process.
If you need help or have questions about a mortgage or lending, give us a call today! We will be glad to help point you in the right direction!