Property investment allows a person to own property amid serene beauty of nature. Thus, the maximum number of home buyers prefers to invest in beachside properties. But, not having an idea about the property market of the coastal area and the life near beachside make the prospects think twice before investing. Hence, we in this blog post, let the homebuyers know everything about investing in a beachside property:
1. Coastal Region Zone Law
The CRZ norms are framed to tackle real estate development in the coastal regions. According to the Environmental Protection Act [EPA] 1986, marshy land measuring upto 500 meters from the HTL i.e. the High Tide Line and a stage of 100 meters on the banks of creeks, rivers, backwaters and estuaries that are subject to tidal fluctuations fall under this law.
These rules differ from city to city as the construction in the coastal areas is subjected to prohibition by the State Governments. Also, the amendments to these rules make the guidelines different from one another.
2. Understand City
Being a local we all know the city well but this is not the case with buying a property outstation. Hence, you must research about the housing projects, RERA, property market and architecture. Also, you must consider the frequency of natural calamities like flood and hurricanes before finalizing a beachside property.
3. Conduct Home Inspection
This is the second important thing to consider as being an outsider is a big disadvantage. So, hire a professional experienced in the property business to know which projects to invest in. The idea behind getting a home inspection is to know how old the property is and whether it is being developed as per the rules framed by the Government or not. Also, you can check if there is any problem like leakage and more.
4. How fair it is to Invest
The next big thing a prospect should know about how fair it is to invest in a beachside property. Like said earlier, you don’t have any idea about the city and hence it is important to know which location will is suitable to invest in as you can either spend vacation time here or can also rent it as a holiday home. Also, you can yield regular rental income by putting the same on rent and thus it is essential to know about the return on investment. So, assessing a property value here is important as property investment also indulge a handsome sum of money.
5. Check for Insurance
The insurance companies do not pay for damage caused due to high winds and sea salt. But, owning a beachside property means that you should be ready to incur the cost of such damages. So, check for home insurance with all the clauses that are mentioned in the offer document as an investment in a beachside property must be a happy thing and not a big-time loss.
As per a recent survey, 68 percent property investors prefer the beachside location to buy a second home as the serene beauty of nature, recreational amenities, smart infrastructure and breathtaking view of the sunset and sunrise are the things to look for.