It’s no surprise to many that remote work is on the rise, leaving people looking for a getaway that is safe for the whole family. With the lingering effects of the COVID-19 pandemic, many companies allowing teleworking to continue, and schools offering digital learning, the desire to shelter away from others while enjoying amenities you might find while on vacation is high.
These all offer compelling reasons to finally pull the trigger on buying a beach home if that is something you have considered.
And to quantify your reasoning even further, mortgage interest rates have hit record lows. In July, the average rate for a 30-year fixed-rate mortgage sat at 2.98%, the first time this rate has fallen below 3% since the government-backed mortgage finance firm, Freddie Mac, began publishing mortgage rate data in 1971. So with that said, here are 6 reasons to buy a beach home in Florida right now:
1. Cash in on perfect timing.
We’ve already mentioned it, but with mortgage-interest rates sitting at all-time lows, purchasing a beach home in Florida right now will actually save you money in the long run.
2. Make money and build equity.
When buying a vacation home, you join the company of other savvy investors who understand and appreciate the value of real estate. Your beach home is not only a place to visit or call your second home but an investment or even a legacy you leave for your family down the road. When buying in a great market, like the one you can find in Melbourne Beach, Florida, and working with a Realtor® who can help you prioritize a good cap rate (the rate of return on a real estate investment, also known as capitalization rate) you can ensure your investment is not only an exciting one but a solid one, too.
3. Plan for your future.
While retirement may still be quite a few years down the road for you, purchasing a beach home in Florida can provide for the future in ways you may not even realize. One option for the future is turning your vacation home, the place you love to visit more than anywhere else, into your everyday home. Or, do you want to continue to visit this home for special occasions or hosting family throughout the year? That’s okay too, and what’s even better—what you owe on your beach home at retirement could be next to nothing, which is a true win at that stage in life.
4. Live like a local without any of the hassle.
When you own a beach home, it takes the guesswork, a lot of planning, and even added costs out of organizing your next vacation. Having this “home away from home” also allows you to become part of the local fabric that makes up the area your beach home is located. When you return to the same place year after year, you become comfortable with the community, build relationships and friendships with other residents, and really be yourself.
5. Improve your mental and physical wellbeing.
You’ve probably heard beach homeowners say how relaxed and laid back it feels to be at the beach or on the water. The combination of sunshine and the sound of the ocean can directly affect your mood and wellbeing. Couple that with taking daily walks along the shoreline and you are very likely to improve your mental and physical health as a result of purchasing a beach home.
6. Bring in additional income.
Deciding to rent out your vacation home when you’re not actually vacationing in it could be a great opportunity to bring in additional income. Remember to lean on experts to help you with navigating owning a rental property. Using a management company will allow you to step out of the day-to-day dealings, ensure your home is kept in top condition, and help you bring in the best possible earnings on your vacation property.
It’s important that you work with a real estate agent who is experienced in vacation rentals to help you find a home that works for you and your vacation home needs. Consider Harbor Island Beach Club Glasstone to help you begin your search now.