TOLL FREE 1.888.420.MOVE(6683)
Although the national economy is gaining momentum and the stock market hit new 3-year highs in April, mortgage interest rates remain at historically low levels and home prices are still a bargain in most places around the USA. So those considering the purchase of a vacation property at the beach have plenty of sound reasons to pick one up this summer, and there are many wonderful opportunities to buy a fabulous getaway in a great LGBT enclave located within walking distance of a fun-filled and naturally gorgeous beach..
But purchasing property, especially where the unique and sometimes quirky dynamics of vacation destination market forces come into play, is always a major decision and big financial commitment. So here are three expert tips and guidelines that can help to make the whole process easier, more informed, and more successful for LGBT buyers in 2011..
#1 Perform Due Diligence with the Help of Professionals.
When performing due diligent research in preparation for buying beach property, there may be some considerations that LGBT property owners have not encountered while shopping for other kinds of real estate. .
Salty ocean breezes can, for instance, corrode plumbing pipes, central air conditioning equipment, and the hardware that holds docks, decks, and homes together. Insurance rates may be higher for homes in a hurricane or flood prone location. Properties will suffer from intense solar heat and strong winds, making certain types of weather resistant construction materials and architectural features a greater asset. Likewise, homes with outdated cooling systems may have extraordinarily high utility bills in such a hot climate..
So hire the best home inspection professional available, and either rely upon a qualified general contractor or learn as much as possible about building materials, construction practices, and the kinds of repairs that are especially common to beach homes as opposed to homes that are located inland. .
#2 Crunch the Numbers with a Tax or Financial Planner.
Owning vacation property may entitle the buyer to tax deductions or other perks, so when calculating the return on investment it is important to factor in these benefits. .
If the beach home is used as rental property then traveling to it – and even staying in it while on vacation – may qualify as a business expense. The cost of maintenance and upkeep, including fees paid to real estate management companies, may also be deductible. The same applies if the property is frequently used to conduct business meetings or to host company seminars. There are also various retirement planning options such as reserve mortgages or purchases of beach property that will then be held as assets in an IRA portfolio. Talk to the experts. .
Those who are buying as a couple should be sure to consult professionals who are well-versed in the unique and specific legal circumstances that apply to LGBT partnerships. Laws may differ from one legal jurisdiction to the next, and may not apply to those who are LGBT in the same way that they do to “straight” married taxpayers..
#3 Take Advantage of LGBT Alliances.
Use real estate brokers who know the beach property market, are part of the local LGBT community, and who have up-to-date knowledge of the area’s specific building codes and city ordinances. They will know whether or not there are restrictions on renting out or remodeling homes, for example, and they can provide invaluable insight into local attitudes and helpful resources for those who are LGBT. .
Those who have experience as owners of beach property also often recommend visiting the town during the “off” season. When the population shrinks dramatically the whole character of a beach town can drastically change, and it is important to know the personality of the vacation destination’s alter ego – particularly in terms of how that contributes to or detracts from the presence of a sustainable year-round LGBT community..
Buyers should strive to get to know the property while they also become better acquainted with the people in the community and the features and resources of the surrounding region. That helps one evaluate investment potential and simultaneously allows a great opportunity to get a personal feel for the different enclaves or neighborhoods. .
This hands-on approach also lets potential buyers realistically gauge the impact of population explosions during the busy season. It’s possible to find out, for example, which beaches get more crowded than anticipated or have greater traffic congestion. Meanwhile that kind of research may also help to reveal an out-of-the-way destination that is somewhat undiscovered. .
Keep in mind that the primary benefits of vacation property ownership cannot be quantified in financial terms or business metrics. Having convenient personal access to a favorite beach can be a genuinely life-changing experience. The real benefits that accrue from vacationing on the ocean are quality of life enhancements, and those are what create a truly unsurpassed level of luxury, happiness, and fulfillment. .
For beach town real estate specialists devoted to serving the LGBT community, visit www.GayRealEstate.com, or call toll free 1-888-420-MOVE (6683). The site is home to the largest online network of LGBT Realtors in the world..