Dealmakers
Do you dream of owning a vacation home in a super desirable place like the Hamptons but find that the prices are beyond your means? Well, you might be able to afforf your own little piece of heaven if you’re willing to make a few trade-offs. For example, my house is located on a quiet street that’s a short drive from the beach. If the same house were on the water, it would probably sell for two or three times as much.
Here’s a breakdown of things you might have to consider if you want to get closer to the place of your dreams. With just a few concessions, you could be able to get the area you want for less than you expected.
CONDO ASSOCIATION
Consider a condo: They’re almost always less expensive than private homes, even when you figure in the monthly maintenance costs.
THE BOTTOM LINE
Check out first floor units, which are usually less expensive than top-floor apartments simply because you’re likely going to be exposed to more noise and have less privacy and not as-ideal views
NOTHING TO SEE HERE
Homes without views are less expensive. You might land steps from the water by buying a place that is behind a property in a prime location.
DON’T FENCE ME IN
Nongated communities are cheaper than gated ones; however, security could be an issue, and there may be fewer amenities, such as pools and tennis courts.
TAKE A RIDE
A five-minute drive to the water can make the difference between a $1 million cottage and a $500,000 one.
THINK SMALL
How low can you go in terms of square footage? The smaller vacation home, the cheaper it will most likely be.
STRETCH YOUR BOUNDARIES
Communities with limited amenities are less expensive than those with trendy shops and restaurants. Consider moving just outside of your target area – you might be able to get water front property in a less developed or up-and-coming community.
GET DOWN WITH IT
Resort communities usually have downtowns where homes can be cheaper than those in more private areas. The upside is you are close to shopping and food – the downside is congestion and noise.
DON’T LIVE ON THE EDGE
The cost of insurance increases the nearer a piece of property is to the water. If you are within 1,000 feet, you’ll be paying big bucks.
SPLIT DECISION
Share the cost: This doesn’t work for everyone, but consider buying with a friend or family member. Consult with an attorney to make sure the terms of the purchase make everyone happy.
If I can do it, so can you!
