Many people dream of waking up to a sea view. Unfortunately, vistas like this are expensive – a good sea view can boost the price of a property by as much as 40% in some cases. Here are some tips to prevent you from splashing out too much money when buying such a property.
Avoid popular areas
The most popular strips of coastline are often the most expensive. However, if you’re willing to venture out of the cities and major towns, you may be able to find a property on the coast that’s much cheaper, although this could mean not having facilities or social opportunities on your doorstep. That said, some shores are still cheap with enough local amenities and things to do that are a little more affordable simply because they’re less well known.
Use local estate agents that specialise in coastal properties – these companies can give you good local knowledge of facilities in the area so that you’re buying somewhere with a sea view that isn’t too remote. Staying away from tourist beaches and popular ports could also save you money.
Don’t buy on the beach front
You can also save money on a sea view by not buying directly on the beachfront. You may be able to get a property a few blocks in that still have a sea view – other houses may partially distort this, but at least you’ll still get a glimmer of the sea to wake up to. Generally, properties become less expensive once you go 100m inland, but a dramatic view from a clifftop far away may still push up pricing.
Consider a fixer-upper
Fixer-uppers can be much cheaper due to being in poor condition. So whilst you will have to spend money to renovate them to a liveable standard, you could still spend much less overall than you would buy a property in good condition with a sea view.
It would be best if you tried visiting auctions selling foreclosures, as well as shopping with agencies that focus on selling fixer-uppers. Articles such as this one from Business Insider, show that you can get these types of properties by the sea – you may need some persistence.
Consider a new build
Many people consider new builds to be expensive, but as this Telegraph article shows they’re not always the most expensive option.
On top of this, you haven’t got the high maintenance costs that older properties may have. New builds near the sea are better built to withstand damage from the sea whilst also not having the general wear and tear of older properties.
Many new builds are also better designed to maximise sea views with large windows and glass patio doors. Whilst you can sometimes renovate older properties to improve their sea views, you may spend more overall than opting for a new build that already has these views.
Hire a surveyor
When it comes to preventing costs in the long run, it’s also worth always hiring a surveyor when buying a property near the sea. Many properties near the sea are more prone to flooding or could be at risk of erosion, which is something a land surveyor can look into and warn you about.
Older properties near the sea may have also suffered previous damage from salt in the air or flooding, which could have weakened the structure of the building – a surveyor may also be able to warn you if this damage is likely to need serious repairs in the future. There are surveyors out there that specialise in coastal properties. You will have to pay to get a property surveyed, but this cost could prevent you from buying the wrong property, potentially saving you thousands in the long run.
Turn your seaside home into an investment
The great advantage of coastal properties is that they’re easy to make money out of. You could buy one as a holiday home that you rent out to guests throughout the year, or you could rent out a single space to a lodger.
If there’s a shortage of parking nearby, you could even rent out your driveway to those looking for parking near the coast. Using these methods to make a profit could make mortgage payments on a property with a sea view more manageable.
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