With all the homes I've owned, I've never owned a property on the beach or near the sea. Are there any extra costs that go into such properties? A few years ago, I rented a condo on an island and it was heaven. But everyday my car would be covered with some kind of white particle. I think it was sand dust. Now, I'm wondering what extra measures do beach-home owners have to take to keep up their property?
Well, you do have to deal with many weather elements. Windows have to handle higher sustained winds along with the structure. Your car's body will rust up from the salt spray which will also coat your house. I'm sure insurance is much more expensive than elsewhere.
I live pretty close to the Gulf of Mexico. After several hurricanes hit our area a few years back, insurance companies jacked up rates, and building codes within a certain distance of the coast also changed - new homes built / rebuilt have to be elevated a certain amount above the ground, etc. Some companies also stopped writing policies within a certain distance to the gulf as well.
I have a friend/business partner that has properties on the gulf coast of Florida. He tells me that they jacked up the insurance costs way up from when he originally invested in the homes. Homes on water will always be in demand, but there is indeed a price to be paid depending on the location.
Due to the risk of natural disasters and natural destruction that happens with the time, like the constant salt spray, strong winds and such, insurance is more expensive as the risks are bigger too. You might face bad storms and have your home flooded depending on how close and low it is in comparison to the water level. After all I think it's only the insurance and maintenance required that'll be more expensive.
