Many of us dream of one day living by the sea. However, due to the high demand, a home by the coast can often fetch a high price. Fortunately, there are a few ways to make a home by the sea more affordable. Below are just a few tips for making a coastal home affordable.
Avoid the touristy areas
Popular vacation spots are typically some of the most expensive places to live. It’s best to avoid these places if you’re looking for a coastal property on a budget (there are other reasons to avoid these destinations too, such as not having to deal with crowds of tourists on your doorstep every day).
The cheapest coastal property can be found in more sleepier towns. Living in one of these towns could mean making a trade-off such as living with fewer shopping or dining opportunities or more hostile weather. However, this is not always the case. This guide to cheap US beach towns offers a few examples of affordable places to consider.
Sacrifice the sea view
The idea of being able to wake up and look out one’s window at the sea is idyllic. However, a sea view can push up the price of a home considerably – sometimes by as much as 25%.
Opting for a property a few streets back could save you money. Such properties will still be within walking distance of the beach and you may even be able to still hear the sea at night.
Consider an apartment
A house may be a necessity for some people. However, if you don’t need a yard and don’t mind heights, why not consider an apartment?
Apartments can often be a great way to afford brilliant sea views or an achievable way of affording property in a popular beach town – just check out these Mystic Pointe condos as an example. You could choose to rent an apartment or buy a condo, depending on what is easier.
If you’re looking for somewhere to retire to, just bear in mind that an upper floor apartment may have its disadvantages – if your mobility becomes reduced and the elevator stops working, you could find yourself stranded. Meanwhile, if you’re a couple looking to one day have kids, consider whether you have the space to start a family.
Consider a cabin/mobile home
There may be other ways of sacrificing square footage to afford a coastal home. Properties like cabins and mobile homes can be very cheap to buy or rent and could allow you to afford a property in a more popular destination or a property with a sea view. If you currently live in a house, you’ll need to be prepared to downsize your life, however it could be worth it.
These properties are popular among retirees. Some people buy them up simply as a vacation home, while others live permanently in them. If you’re buying a cabin or mobile home on a vacation park, be wary that you may not be able to live there all year round – many of these parks close over winter.