When it comes to a beach home, there are few better places today than Virginia Beach, Virginia. Whether it is waking to the scenic ocean or long evening walks on the beach, this is the place to be, with its under-the-radar, and untapped real estate market.
That being said, there are a lot of intricacies and nuances that come with buying a beach home, and in this guide, we help you through a few essential steps to make this process as smooth as the pristine beach sand.
1. Pinpoint The Perfect Location
Location is everything in real estate, and this is more so in the case of coast or beachfront homes, given the wide range of additional factors to consider.
Whether you prefer the bustling oceanfront, which is perfect for those who like being in the thick of it all, or the more serene Sandbridge, which is better suited for privacy-seekers, there are plenty of options available, all you need is a clear idea of what you want.
When selecting a location, consider your lifestyle needs, whether lively social scenes or tranquil beachside mornings. Also, keep in mind the natural elements like potential erosion or flooding risks, which are crucial for long-term property value, enjoyment, and safety.
2. Dive Deep Into The Local Real Estate Market
Before making any investment, consider taking the time to better understand the property market in Virginia Beach, its various nuances and intricacies. Prices in the region swing widely depending on how close you are to the water, and the overall condition of the property.
Apart from this, there are other factors to consider, such as the potential for flooding, erosion, etc, which can impact your property’s long-term value.
Ideally, buyers should work with a reputed realtor to best guide and advise them, alongside their own research in local forums and message boards to get a proper lay of the land.
3. Secure Your Financing
Buying a beach home often comes with different financial considerations than other properties.
The fun part, that is splashing in the waves, is only possible after some serious financial planning.
- Mortgage Rates & Terms: Shop around for the best mortgage rates. Coastal properties might have higher insurance premiums and taxes, so factor these into your budget. Consider working with a region-specific mortgage calculator, such as this California loan estimator.
- Flood Insurance: This is a must. Check the FEMA flood maps for your chosen area and ensure you’re adequately covered. This insurance can be pricey, but it’s crucial for beachfront properties.
4. Compare & Contrast: Coastal Vs. Inland Expenses
Before making a final decision, consider how the costs of owning a beach home stack up against an inland property.
- Maintenance Costs: Coastal homes can face harsher conditions, from salt spray to high winds. Maintenance can be more frequent and costly.
- Property Values: Beachfront homes can be a great investment as they often retain or increase their value over time, especially in sought-after areas like Virginia Beach.With tourism continuing to boom in the region, and a limited supply of prime lands, there is a good possibility of you receiving remarkable value for your investment.
Conclusion
Owning a beach home in Virginia Beach could be your next great adventure or a peaceful retreat. By understanding these essential steps, from choosing the right location to securing the best financing you’re setting yourself up for success. So, dive in, the water’s just fine!
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