8 tips to buying coastal property
As summer heats up, and the summer buying frenzy kicking off, here’s how you can pick the perfect coastal property.
Jarrod Rendell, project director for Atlantis Beach Estate in Two Rocks and Capricorn Beach Estate in Yanchep, says coastal developments experience double their winter sales in the summer months as buyers and investors are reminded of sun and sand.
When it comes to purchasing a coastal lot, not only do you have to take into consideration all the factors you do when buying a home, there are also some other points you should keep in mind.
Here are Mr Rendell’s 8 tips for purchasing coastal property:
1. Check how long it takes to walk to the beach from the lot you plan to buy; this can be a key determinant of stronger future house value growth and a great selling point if you ever decide to sell.
2. Compare the lot you want to purchase with similar sized lots in other estates to determine if you are getting value for money. Keep in mind factors like distance to the beach and established amenities when making those comparisons.
3. Social infrastructure is also important in determining the resale value of your coastal property. Check if there are any nearby shopping and community facilities and if there is any new infrastructure planned for the development, such as private schools or local shops and community centres.
4. If the estate is in an outer coastal area, check if there are plans for new roads or rail lines to the area. For example, the extension of the southern freeway combined to with the new rail link to Mandurah had a positive impact on property values along the coastal strip from Rockingham to Mandurah because they reduced the commute time to Perth.
5. Check if your lot has the potential to offer ocean views through building a second story; this will increase the overall value of the property.
6. The specific location of a lot in a new housing development is very important because blocks that are located on a quiet street or opposite/close to parks or schools will generally appreciate in value at a greater rate.
7. The quality of the coastal estate is also important. Home buyers now want to live in estates which are planned to a very high standard with parks for children, public art features and established landscaping. The maintenance and presentation of the estate is very important to protect the value of your new home.
8. If you are a first home buyer, consider buying a lot in a well-located estate, offering additional benefits such as fencing and landscaping packages. These benefits can prove important if your financial situation changes during the construction of the home.
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