Buying a beach home as an investment can bring both financial and personal rewards, with the opportunity to use it occasionally for family vacations, as a vacation rental to earn additional income, or perhaps both. Beach getaways are always a popular option among travelers, increasing the odds that you’ll earn a good profit. Investing in a beach home may allow you to diversify your income while building wealth and enjoying fun getaways without having to shell out money for accommodation.
Of course, the location of your beach house makes a difference too. Florida is an especially popular state among vacationers, and Fort Myers was ranked as one of the top 10 destinations in the state when it comes to the highest projected return on investment for rental property owners by Coastal Living in 2019. While you might want to browse through listings in several different areas, checking out the Fort Myers houses for sale is really a no-brainer when it comes to finding your ideal beach home.
If you’re still on the fence as to whether you should invest in a house at the beach, here’s why we say it’s time to go for it.
Affordable Vacations
When you’re in need of a getaway, you’ll have your very own beach house to escape to. Even if you rent it out to others as a vacation rental, you can obviously block out time to use it yourself, especially if you purchase a property within a relatively short drive, ideally less than a few hours away, making it doable for a weekend. If it’s a quick and easy jaunt you may never
want to vacation elsewhere.
Building Equity
When purchasing a beach home, you’ll be joining a community of smart investors who understand the value of holding real estate. It can be a legacy that you plan to leave for your family, or an investment. You don’t have to be a real estate tycoon in order to do so, as cash isn’t always necessary. In fact, most people who buy any type of vacation home do it through financing, although these loans usually require at least a 20 percent down payment. Still, by hosting vacation rental guests, the mortgage, home maintenance costs, property taxes, etc., will be offset while allowing you to build equity, and therefore wealth, which helps today and in the future.
Retirement Planning
Even if retirement is a long way off, investing in a beach home can open up a great option for the future. Maybe you’ll be able to live in it permanently when you retire, or simply host your adult children and grandchildren who are sure to enjoy building sandcastles and other beach activities with you during holidays and other visits.
If you invest earlier in life, you might have the mortgage paid on your beach home completely by the time you retire. Can you imagine owning two homes without any mortgage payments to worry about? Perhaps you’ll be able to sell your main home, pocket the cash and live out the rest of your years enjoying the peaceful sounds of the waves.
