The idea to purchase an oceanfront home for vacation use is an exciting prospect for those in a position to purchase a second home. However, when these prospective owners realize that they might only be able to visit their seaside property for a few weeks each year, the potential costs of ownership may begin to overshadow the amount of enjoyment they might expect to receive.
Luckily, there are some buying and ownership tips that can help to turn an oceanfront vacation property into a lucrative investment in rental real estate. If you are considering the purchase of oceanfront real estate, this information can help you make a good choice for both pleasure and profit.
Purchase in areas that are still affordable, yet growing in popularity with tourists
Purchasing in the right area is the first tip in making sure that the home will be affordable to both buy and own. Instead of looking in very developed areas where property values are at the very top of the market, look in less developed areas that are just beginning to attract tourism and where property values have room to grow. In addition to being able to purchase at a lower rate, oceanfront property buyers who take this approach will likely enjoy lower costs of ownership, such as utilities and maintenance, as well as being able to have more opportunities to resell at a profit as the area becomes more popular.
Purchase a property that will be convenient to vacation property tenants
Renting your oceanfront property out by the day or week to vacationing families and groups is an excellent way to maximize profit from an oceanfront property. But attracting the attention of well-paying rental tenants means meeting their needs for comfort and convenience.
Purchasing a property that will meet or exceed these needs will help to ensure that vacancies are few and that your rental income profit will continue to grow as the area becomes more popular with vacationers. Some examples of the features that will make your home more popular with vacationing families and groups include:
- convenient parking
- convenient access to the beach
- comfortable, attractive furnishings, including linens and cookware
- comfortable outdoor seating and features like hot tubs, pools, or fire pits
To learn even more great tips about purchasing a potentially profitable oceanfront property, contact a reputable real estate broker or agent who specializes in this type of vacation property. By working closely with an experienced real estate agent, you will be better positioned to avoid mistakes and benefit from coming real estate trends.