You’re considering purchasing an investment oceanfront property, and you couldn’t be more excited about this future revenue-generation method.
The question is, how exactly can you find the right location for your property?
Before you start hunting for the perfect investment property location, it’s critical that you understand the unique risks and challenges that come with ocean properties. These risks range from financial ones to weather-related ones.
Here’s a rundown on three unique considerations for ocean property investments to factor into your search.
Let’s get started!
1. Construction and Foundation of Your Ocean Property
Depending on where your future investment property is located, a nor’easter or a hurricane may threaten it. For this reason, it is critical that your future property is weatherproof.
If you don’t make weatherproofing your number-one priority, your investment could end up being destroyed in a severe weather situation.
In light of this, it is wise to consider buying a property that has been erected on stilts, or building a home on stilts. In addition, to protect your home against a storm surge, its materials should be flood and wind resistant.
The home should also be robust enough to withstand high temperatures and heavy rain.
Based on the Federal Emergency Management Agency, the best materials to use in building a coastal home are wood that is naturally durable, and concrete.
2. Risk of Floods
Unfortunately, both flooding and wind damage can stem from storms and hurricanes. As a result, it might behoove you to purchase flood insurance for your future property if it is located in a high-risk area for floods.
Even if your home isn’t actually in a flood zone, purchasing flood insurance might still be a smart move just in case you need it down the road.
Also, pay attention to how your future property is situated. For instance, it may be best to have a home situated on a hill or on a slope that is slightly elevated. This can protect you against flooding when heavy rains occur.
3. Property Management
If you are planning to use your ocean property as an investment property, consider hiring a property manager to care for your home when you’re away. This manager can coordinate your lease agreements, maintenance needs, landscaping, and pest control.
Now if your home is in a homeowners association community, the association could handle these tasks on your behalf. Just be sure to factor into your budget the fees for these services.
How We Can Help
We offer top-of-the-line construction services for anyone interested in building a custom ocean property.
We specialize in building homes on Long Island, in New York City, and in the Hamptons. However, we can also build homes in other areas of New York, ranging from Queens to Brooklyn.
We stand out in our dedication to providing first-rate customer service, combined with our high-quality work. We are also proud of our fair pricing as well as our timeliness in completing projects.
Get in touch with us today to learn more about how we can help you to build the investment property of your dreams.