By almost anyone’s standards, living by the beach is the ultimate dream.
Waking up to the sound of waves lapping against the shore, witnessing innumerable sunsets and sunrises, observing the ocean as it changes hues through the day, throughout the seasons–all the way through the year. Indeed, living by the sea is a whimsical dream–an escapist’s sanctuary–the very essence of relaxation and an escape from the perpetually busy world we live in. Having a beach home is akin to having your very own special place in the world, a grand thing to possess.
Moreover, having a beach home of your own ensures that a stress-free and healthy lifestyle living by the calmness and stillness of the sea is always within your reach. At a time wherein there is heightened fear of living in congested areas owing to the nature of today’s current pandemic, possessing your very own beach lot away from the metro is quite the dream.
Unfortunately, as with any piece of real estate, buying a beachfront property as your vacation home does not exactly come in cheap. While buying a home is already a significant decision by itself, purchasing a vacation home (and a beach house at that) requires much contemplation and deliberation on your part before you arrive at a decision. Beach property is not cheap. Fortunately, enjoying the rewards and perks that come with living by the beach does not always mean you have to buy a beach house outright. Alternatively, you may choose to rent it in lieu of purchasing it if the former sounds more financially sound to you. Renting a beach home is an excellent way to dip your toes in beach homeownership before committing to it. To get a feel of what living by the beach is like, you may opt to get a membership from Hamilo Coast, where you can experience the pinnacle of living by the beach. From there, you can then decide whether beach homeownership is for you or not.
To help you make an informed choice, this article has listed some of the key pros and cons of renting a beach home and purchasing one below:
PROS AND CONS OF RENTING A BEACH HOME
1.) You get to save money
The main draw of renting a beach house is getting to save money. Buying your very own beach home is going to cost you a lot from the get-go, but the expenses do not stop there. Maintaining beach homes costs a lot, which is why if you are still trying to make up your mind on whether to buy one or not, renting is your best option.
2.) Beach homes are available in more places
Buying a vacation home outright means you get tied down to the location it is situated in, whereas renting one gives you a myriad of options. Today, with so many beach homes available for rent, you can choose to rent a beach home wherever you wish, whether that may be in Cebu, Boracay, Palawan, Bohol, Batangas, or wherever.
3.) You can live as the locals do
Beach home rentals are likely situated in areas away from tourist strips. Aside from affording you and your family a little bit of paradise all to yourselves (and the privacy that goes along with it), a beach home allows you to live more like the locals. The best among all is that you get to be in contact with the homeowners who are well-acquainted with the area themselves. By communicating with them, you get access to insider tips on the best spots in the area, such as homegrown restaurants, hidden points of interest, and the like.
1.) You clean up after yourself
A beach home rental rarely ever comes with a house and maintenance staff. Unlike staying in a resort or hotel, you have to clean up after yourself continuously.
2.) You are responsible for the furnishings
As you are only renting out the property, you will foot the bill for anything that you damage in the duration of your stay. With that, you need to be extra careful with the furnishings that come with the beach rental and ensure that nothing gets broken or damaged while you are there.
PROS AND CONS OF OWNING A BEACH HOME
1.) You earn extra income
Primarily, the biggest draw of owning your very own beach home is that you can use it to gain extra income. Apart from functioning as a means for passive income, you also get to use your beach home as a retreat whenever you need a getaway.
2.) Your property may increase in value
In real estate, buying a property often comes with the hope that it appreciates. In this way, you profit off it by the time you decide to sell. Beach homes are no different as they would hopefully increase in value over the years. To ensure that you invest in the right property, purchase a beach home in a high-demand area. However, take a look at past and current trends in the market before committing to a purchase.
3.) You have a vacation home to use whenever you want
One of the best-known perks in owning your very own vacation home is owning your very own slice of heaven. In this way, you have a vacation place at your disposal to use whenever you see fit. However, to maximize revenue, it is recommended that you use your vacation homes only during the off-seasons. Apart from functioning as your go-to holiday retreat, you may also consider your beach home as your retirement home, which may be the perfect place to retire once you are ready for it.
1.) Upkeep and maintenance can be time-consuming
Owning a beach home involves a lot of upkeep and maintenance. To preserve your beach home’s integrity, you need to keep up with regular maintenance and repairs. Incidentally, you also have to do these after each guest’s stay. Maintenance and upkeep include housekeeping, restocking, and answering the guest’s questions and concerns–all of which would fall on your shoulders unless you delegate it to a person you hire.
2.) There are unexpected expenses
As with any real estate purchase, beach home purchases come with unexpected expenses. Just like your home residence, things in a beach home can break and may stop working at any time. Things in your beach home are more likely to break if you regularly rent it out. As the owner, you are responsible for these. While it may be easy to plan for certain costs such as taxes, maintenance, restocking, and the like, the same cannot be said for an air-conditioning unit that has broken down or a pipe that has blown off. With that said, you need to set aside a certain amount of money each year to cover all of the unexpected maintenance and repairs.
If you are still undecided whether to buy or rent a beach home, weigh your options with the above pros and cons. Regardless of what you choose, however, be sure that you have thoroughly researched the area you will be purchasing or renting a beach home from.