9 top tips for buying the beach house of your dreams
6 min read
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Do you fantasize about getting a place on the water? A lot of people do, whether it’s a bungalow, cottage or luxury home.
Transforming that dream into reality requires the same skills as buying any other home — along with some specialized knowledge.
If it’s going to be a second home or vacation home rather than your primary residence, you’ll need a solid credit rating — and enough cash flow to comfortably make 2 mortgages, along with a nice cash cushion.
You also need to keep an eye out for issues that are beach specific:
Is the home in a flood plain?
Will you need additional insurance?
Do coastal laws allow you to rebuild if the house is lost to the forces of Mother Nature?
You might even be able to make a little money by renting to other vacationers who dream of a summer place at the beach. But this income may be offset by new expenses, such as hiring someone local, perhaps a caretaker, to look in on your property from time to time.
If you want to stop dreaming and start planning, consider these factors as you plan for that beach house.
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