400,119
I'll try to answer my question to get things started. It is somewhat quite the same and quite a bit different in terms of considering to purchase a resort property ... in my case, a shore property on a barrier island in Ocean City, New Jersey (about a hour plus from the Philadelphia area).
#1 Find an agent who knows and understands the market where you are buying ... even better that the agent lives in this same market location.
#2 Ask the agent to review all of the factors that he personally has considering in the past and would want to explain to a perspective buyer interested in a shore property.
#3 What are the financial factors that are similar and different in buying a shore property?
#4 Talk about the rental aspects that might be considered by a potential buyer ... now or later.
#5 Outline all of the decision-making including a complete financial sheet outlining the potential costs to the perspective buyer.
-
Roy Kelley
Gaithersburg, MD
279,928
4,322,295
630,351
6,746,885
That is something that I would refer to someone like you who understands all the issues with ocean front properties.
3,074,716
400,119
Respnding to Nina Hollander and her comment "about hurricanes."
Yes, always a concern during "the June through November hurricane season" here in South Jersey. We've had some minor ones during the rental season ... but most of the bigger ones come in September, October, and November.
I've been here for three or four of them including Hurricane Sandy. That stat regarding the land height, and then how much higher the actual building, provides the insurance company with information to provide you with a flood insurance cost.
However, most real estate agents will also be able to give you some insights to the areas that are more likely to flood. That's part of the kind of information that a knowledgeable realtor will provide.
5,369,283
Dustin -- I don't have an answer for you except maybe concern about hurricanes. But I do know OC well--used to spend my summers there back in the 1960's and my brother still lives there.
8,215,577
Many retirees who are considering shore properties are concerned with the cost of flood insurance and the possible disruption of life by storms.