Inside: 5 Ways To Afford A Home By The Sea. Collaborative post.
Many people splash out a lot of cash to afford investment opportunities by the sea. However, not all coastal properties are equally expensive. If you love the idea of living by the sea and you’re living on a tight budget, there are other ways to afford your dream property. Below are just a few tips on affording a home by the sea.
Choose a non-touristy location
Tourist hotspots are typically the most expensive places to buy or rent property. You’re much better off buying a home somewhere by the sea that’s off the beaten track – ideally somewhere that’s up-and-coming.
Less touristy locations may not have the same buzz or range of local amenities, but you’ll save a lot of money in bills. You also won’t have to deal with the other issues that tourists can bring such as crowds, noise and greater traffic.
Consider looking into small towns and villages near popular coastal towns. Some of these are hidden gems, and may still be within convenient access of bigger towns. This site www.pearsonferrier.co.uk lists some of the cheapest coastal towns to live.
These could be worth scoping out if you’re looking for a cheap place by the sea.
Say no to a sea view
A sea view can push up the price of a coastal property quite considerably. In some places, you could end up paying as much as 40% more for a glimpse of the ocean.
While many of us dream of being able to throw back the curtains in the morning and take in sea views, you should consider whether it’s really a necessity. Being within walking distance of the sea may be all that’s needed for some people.
You can also still enjoy the sound of the sea at night and the ocean breeze from your property.
Rent an apartment
If you currently live in a house, moving to an apartment near the sea could mean downsizing and reducing some of your possessions. However, it could allow you to afford that property by the sea you’ve been dreaming of. Such properties can have fairly cheap rent and cheaper energy costs.
Upper storey apartments may also boast great sea views that you can’t get from a house. You may even be able to find that apartments that are not too close to the seafront still have sea views due to their height. It could be a means of affording a home by the sea without having to sacrifice a sea view.
Buy a static caravan
Another option for those that don’t need a lot of space is a static caravan. These are typically located in caravan parks or holiday parks. Some of these are in stunning locations overlooking the sea. Compared to regular property, they’re often very cheap to buy, making them a good option to consider.
Static caravans are not always practical full time living options. Some holiday parks will shut for a couple months in winter – you’ll still be able to access your caravan, but things like heating and electricity may not be running so you won’t be able to stay.
Static caravans tend to be much better as second homes that you can visit when you want and rent out when not there. Sites like www.parkholidays.com offer more information on buying a static caravan.
Buy a fixer-upper
Fixer-uppers are properties that are in disrepair and need work doing to them – they might need all new uPVC windows for example. Because of this, they’re priced a lot cheaper than properties in good condition.
By considering fixer-uppers the sea, you may be able to reduce the cost of buying a coastal property. Just make sure to take into account the cost of repairs – while you may be able to delay some work, other work may be urgent, and will add to the upfront costs.
It’s also important that any damage to a property isn’t due to the location. Some coastal properties are more prone to flooding, erosion or subsidence – you should check that the location isn’t a cause of recurring damage that you’ll constantly be paying to fix. This guide at www.today.com offers more information about buying a fixer-upper.
There are agencies that specialise in these types of properties. Auctions can also be a good place to pick up great deals on fixer-uppers. Always arrange a property survey before committing to a purchase so that you know exactly what the extent of the damage is.