Tips for saving money when purchasing a beach home include finding a real estate agent that specializes in waterfront homes, considering the property versus the house, considering if the home suites your lifestyle, and lining up a loan before beginning the search for a home, suggests HGTV. Other tips include considering the soundness of the structure in relation to the typical weather patterns and considering possible homeowner association fees.
Agents who specialize in waterfront homes know what questions to ask to determine if a deal is a good buy, such as if there are oyster beds that prevent the use of a boat, cautions HGTV. Instead of falling for a house that can be updated or remodeled, agents suggest making sure the property suits your needs. Things to look for on a waterfront property include a view, privacy, the water clarity of swimming holes and access to water. Lifestyle activities, such as water sports, can also determine if a location works for your needs. For example, beach homes close to, but not directly on, the water may require a drive to do activities, and this may decrease the amount of time you have for recreation.
To secure a deal when you find a beach home, Bankrate suggests offering an all-cash purchase and being prepared to sign when beach homes become available. HGTV also recommends securing financing before beginning a search for a beach home. Because of the historically higher prices of beach homes, mortgage lenders have strict requirements for buyers requesting large sums, and this may make the process more cumbersome. Insurance costs on beach homes can also add significant costs. For example, as of 2015, waterfront homes in Florida must have three policies: wind, flood and general hazard.