Many of us dream of owning a property by the sea, but are put off by the price tag. Whilst many coastal properties are expensive, this isn’t a general rule and there are some bargains to be had out there. Here are a few tips for saving money on real estate by the sea.
Search off the beaten track
The popular resort towns and beach destinations are certain to have more expensive property. If you’re willing to live somewhere a little more remote or a little less trendy, you could save yourself a lot of money.
Some of these sleepier seaside settlements may actually be more enjoyable to live in as you don’t have to deal with the constant buzz of tourists. You might even be able to find a village that’s not too far from a city, giving you the option of a social scene.
Consider a new build
New builds are getting more affordable as the price of land is starting to plummet in many coastal areas. On top of this, they’re guaranteed to cost you less in the long run. Unlike old properties, you won’t have to deal with constant repairs due to wear and tear. Many new builds are also very green – good insulation and sustainable power sources such as solar panels could save you a lot of money on energy. Keep a look out for news of construction projects. There could be a new gated community worth looking at. There are also new apartment projects taking place all the time.
Or buy an ‘as is’ property
Alternatively, you could consider buying an ‘as is’ property and renovating it. These are properties in poor condition that are sold at a very cheap price, usually at auctions or on specialist realtor sites. Be careful with these properties as you don’t want to spend hundreds of thousands renovating.
Weigh up the cost of a sea view
A sea view can add thousands onto the value of a property. If you’ve got your heart set on living in a coastal town but aren’t worried about a sea view, you could save a lot of money.#
Consider environmental factors
Be careful of deceivingly cheap properties by the sea that may be prone to environmental damage. This could include a property in a high-risk flood zone or a property on a cliff that’s rapidly eroding. Many of these properties are difficult to insure, so you could end up paying for any repairs yourself. Agents may not warn you of these problems – it could be something you have to ask. Always do your research into the local area to avoid buying a nightmare property.
