Buying a property by the beach, whether it is a condo or a stand-alone beach house, is a dream of a lot of people. In the United States, we have grown so fond of the idea of owning a home away from home along the beach, as many people find the beach to be one of the most relaxing places that exists. Firstly, as realtors, we want to let you know that this dream can absolutely become a reality for you by taking a few of the necessary and proper steps to set yourself up for it! Owning a home along the water can really be an incredible experience. However, like every big purchase, there are some major factors that you should consider before signing on the dotted line of any lease or mortgage for a beach house. This post will aim to outline ten of the most important things to consider when buying a beach house or beach condo, and go into a little detail as to why they need to be considered and what you can do to make sure that you have checked each of those boxes.
1. Insurance Rates
One of the biggest things that you need to consider before buying a beach house is the fact that there are a lot of costs that extend beyond the sticker price of the home. Beach houses themselves are typically very expensive, but some of the costs that go along with them tend to be pretty high, too. One of the biggest of those costs is homeowners’ insurance. Insuring your beach house will usually cost you a pretty penny – especially if you are near the water – because the risk of natural disasters is just so much higher.
While flooding is rare anywhere you own a home, it is definitely more likely to occur at your beach house than it is somewhere further inland. As a result, insurance companies tend to raise their rates to offset any damages this increased risk may cost. In the end, you are the one taking the financial hit! While insurance should not be a barrier to you owning a beach house, it is definitely something you need to consider and investigate.
2. Proximity to the Water
When you think of your dream beach house, there is a good chance you imagine one right on the water. You are at the beach, after all! Having a beach house right on the water is a great idea for many reasons. The ease of access to the beach, the beautiful views overlooking the ocean, and the sounds of the ocean waves coming into your windows at night are just a few examples of the awesome benefits of owning a beachfront property.
However, all good things come with their drawbacks, and you really should consider the downsides of a waterfront property. Firstly, like we mentioned in the first point of this post about insurance, insurance rates will be higher along the water than they will further inland. Not only the insurance, but the actual risks of property damage increase largely too. On top of all of that, the sticker prices of home along the water are going to be higher than those of the homes that are just a mile or so inland. If you want to save a little money or avoid some property damage headaches, searching for a home more inland may be your best option.
3. Find a Good and Local Realtor
Okay, full disclaimer, we ourselves are realtors. But we promise you that this is not coming from any place of bias or self-promotion! Realtors really are one of the best assets you have when searching for a home to buy. We dedicate ourselves to this career path because we love helping people like you to find their perfect home! When looking for a beach house, having a realtor is even more important than it is when looking for your regular house, as you probably are less familiar with the housing market and local nuances in your new beachy community. Finding a realtor who is trustworthy and knowledgeable of the area can not only save you thousands of dollars, but also make sure you find the exact property that you want amid the hundreds on the market.
Now, if you ever consider moving to anywhere on the Grand Strand, that is the area all around Myrtle Beach, South Carolina, don’t hesitate to give us a call or shoot us an email. We have been helping people like you to buy properties in our area for over 25 years, and we are ready to help you find your dream home in South Carolina.
4. Budget Properly for Actual Expenses
This might sound like common sense, but you would be surprised how quickly the costs tend to rack up. Firstly, when you fall in love with a new home, there is a good chance you will be tempted to stretch your budget to try and swing it. This would be all fine and good, if it were not for the fact that beach houses come with a lot more bills than just the mortgage payment. Budgeting properly is about more than just keeping the home price within your range; it is about making sure that your range is truly what you can afford! You need to weigh all of the other bills that your beach house will rack up – utilities, maintenance, insurance – and make sure that you can pay all of them on time on top of your monthly mortgage payment.
If you are looking for more information on budgeting to buy a home, you’re in luck. We actually wrote a whole post about that a few weeks back! Building a thorough budget can be hard for someone who has never done it in detail before. Honestly, sometimes it can feel impossible to figure out where to even begin! Our post aims to help you navigate all of the different spending categories and expenditures you need to consider in order to effectively save up for a new home – in this case, a beach house! You can read our post on budgeting to buy a home here.
5. Calculate the Local Taxes
Ah, more costs. Do they ever stop? Yes, they will. Don’t worry – owning a beach house really is possible and can be affordable. Don’t let this post scare you away! We just think it is important that we help you understand what exactly you are getting in to when you embark on this homebuying journey. Another one of those lovely, higher than normal costs you need to consider when buying a beach house is the local taxes that you will need to pay.
Some states have property tax. Others do not. That is something that will all depend on where you are looking to buy property. However, what we recommend you do is ask your realtor what the expected property tax bill on each of the properties that you are interested in is. Often towns that are right in the same general area have drastically different property tax rates, which is something that can play a big role in your final decision. Imagine saving hundreds or thousands of dollars on property taxes each year! That money would offset a major chunk of your utility bills, for example, and free up more money for ice cream on the boardwalk and nice dinners out with friends and family. While property tax probably is not going to be the biggest determinant of which house you buy, it is definitely something you should consider before buying a beach house.
6. Consider Property Management and HOA Costs
Whether you are buying a beach house to retire in or a beach house to visit at various points throughout the year, you will probably need to consider paying some sort of property management fees. This can come in two different forms, and there is a good chance you will need to worry about one, if not both, of them. Firstly, if you are planning on buying a home away from home that you visit occasionally throughout the year, you will probably want to hire a property manager. This person oversees your property just to make sure that nothing bad happens to it. From occasionally walking through to make sure everything inside is good, to cutting the grass, to managing deliveries while you’re away, this person is a real asset – and usually necessity – to you as a homeowner from a distance.
The other form of property management fees you’re likely to have to pay is a Homeowners’ association, or HOA. Homeowners’ associations are groups that exist to ensure the tidiness, safety, and order of a living community. HOA’s typically charge preset fees that must be agreed to before buying a property, and the money is used to guarantee the upkeep of the neighborhood. Many coastal communities have an HOA, and their membership is usually mandatory. If you are interested in more general information on homeowners’ associations, check out our post on HOA’s here.
7. Check the Health of the Foundation, Structure, and Roof
This is something you should be doing regardless of where you buy a house, but the negative implications of failing to do it are usually a bit higher at a beach house than they are at your regular house. Due to the makeup of the ground in coastal areas, along with the high risk for water damage, having a sound structure and a healthy foundation is absolutely crucial for a beach house, and you’ll want to make sure that you verify the quality of those things before buying your beach house.
On top of that, there is one part of the house that you really need to double check before buying, and that is the roof. Due to the more extreme weather that tends to occur one the coasts, rooves in coastal areas tend to take much more of a beating than rooves further inland. Between strong rains and strong winds, there’s a good chance that the roof of the house you’re looking at has seen better days. Replacing a roof is a cost you really don’t want to have to worry about, and if it looks like you’re going to have to do it, you can try negotiating the price down to cover those costs. If you can find a house with a metal roof, you’re in luck – those tend to hold up much better against the crazy weather!
8. Find the Amenities You Care About
This one just boils down to personal preference, but if you are buying a beach house, odds are you want it to be your little piece of paradise! One great way to ensure that is to find a home that comes with access to several amenities that you are interested in. Do you like to golf? Look for houses on a golf course that offer free or discounted greens fees. Do you like to alternate between the ocean and the pool? You should probably find a house with access to a pool! Do you like to go to the gym? This is arguably even more important to consider, as gym memberships often require an annual commitment. If you find a house with access to a community gym, you’ll never need to worry about that!
Regardless of what you like, it’s a good idea to see if you can find a home that gives you access to pursuing your hobbies or sources of relaxation. This is one of those things that you will probably thank yourself for later. It’s a good idea to sit down now and decide what it is you want out of this beach house, that way you can take those ideas into discussions with your realtor to help you find the perfect beach home.
9. Check out the Area
Circling back to the idea of being near the water or off of the water, you also want to make sure you’re near other things that you care about, too! It’s always a good idea to take several drives around the surrounding area at different points throughout the day to make sure everything you want and need is within reachable distance. If you like a certain kind of food, it might be nice to make sure there is a place nearby that sells it! Do you like going to a certain grocery store? Maybe you should double check that there is one of those nearby the house you’re looking to buy.
While this all comes down to personal preference, just like the amenities, doing your homework on this one can make a world of difference when deciding between your final options. Imagine this: you have found three dream houses, all within your budget, offering your favorite amenities, and in great shape. How can you possibly decide between them? I like to think that the area or neighborhood can really be a deciding factor in cases like this, as proximity to stores, venues, and restaurants that you like can really make the difference.
10. Beach House Maintenance Costs
This one is closely linked to point number 7 about making sure the house is structurally sound and not in need of repairs. Even if it’s all good to go when you buy it, you will still inevitably be faced with other maintenance costs over the lifespan of the house. These costs can obviously add up very quickly, and making sure you account for them before making the decision to buy is really a necessary step in the process. Also, there are different factors to consider about cleaning a beach house, like cleaning up sand that gets tracked into the house, that aren’t going to break the bank but should definitely be something you think about!
Thanks for reading our post about the 10 things to consider before buying a beach house! We hope that this information is valuable to you as you look to buy your dream home by the beach. While some of the things in today’s post may have seemed scary, we aim to always provide you with the most accurate information possible. It’s very important to consider these things before you buy! They don’t need to be scary, and by checking off each of these boxes, you’ll be saved from some scary surprises down the line. If you have considered each of these things and think you’re ready to make the jump, please don’t hesitate to reach out!
If you visit Myrtle Beach or any other place in South Carolina and fall in love, we’re here to help. We at The Boyd Team are committed to helping you find the right property for your needs and dreams. Any question that you have about moving to the area and finding your dream home by the beach is our pleasure to answer. Feel free to send us an email at eddie@boydteam.com or text or call us at (843) 222-8566, and we will get back to you as soon as we can. Being true natives of the Grand Strand and Horry County and with over 25 years of experience in the local real estate market, whether buying or selling, we can help you make your dreams a reality.
No One Knows The Grand Strand Better! Trust, Knowledge, Experience, Professionalism, You Can Count On!
Written by Greg
