investing in property wisely

« Back to Home

Time To Get Away From It All? 3 Things To Consider When Buying An Island Home

Posted on

If you've decided to take the plunge, and buy an island home, get ready for a big change. If you've ever spent time on an island before, you know how different it is from living on the mainland. Living on an island requires some big adjustments, it also requires some careful planning. Before you buy your island home, here are three important steps you should take. These steps will help you avoid a bad case of buyers remorse later on.

Spend Some Time on the Island First

You may have vacationed on an island before, but if you haven't lived on one long-term, you might not know what you're in for. Each island has its own unique characteristics. Before you buy a home on an island, spend some time there first. Rent a home on the island for at least several months before you buy. This will give you the opportunity to get the lay of the land, and find out if you could imagine yourself living there permanently. Island hopping for a few months will let you find the place that's right for you.

Consider the Additional Costs

Owning an island home isn't quite the same as owning a home on the mainland. There are going to be some additional costs associated with it. If you're not prepared for those additional costs, you may find your budget severely over-stretched once you move. Some of the additional costs you should consider include HOA fees, transportation costs, and emergency-preparedness costs. When considering HOA fees, it's important to find out what those entail. Many islands include things like security costs into those fees. When considering your transportation costs, you'll need to determine whether owning a car as your only source of transportation will suffice, or whether you'll also need to purchase a boat for easier access to the mainland. Finally, when considering emergency-preparedness costs, consider the types of natural disasters, or weather patterns you might face while living on the island.

Know How You Plan on Using the Home

Now that you've decided to buy an island home, you need to make plans for how you intend to use it. The type of home you choose should depend on whether you'll be living there full-time, on the weekends, or only during the summer. You should also consider whether you'll be using it as rental property during the off-seasons. Making a clear plan on how you intend to use your home will help you choose the right property.

Buying island property is a big deal. Make sure you find the property that's right for you. For more information, contact a business such as Lowcountry Real Estate.