Wife has me looking for oceanfront houses...uugghh

[ChampioNman]

Most of the mega houses up there are investment properties by lawyers and doctors. Not your average Joe's. Many vacation renters of those places are a group of family renters that get together for a weeks vacation. There a plenty of houses up there that a two couples can rent reasonably. Just be prepared for the lean times when you have to get off the hip to pay that mortgage when the place isn't booked like the winter times. The OBX can be quite dreary from November to April.

[Dando]

Here is a beach house story. Think about this before you make the purchase.

My parents bought a house in Gulf Shores, AL area in 1985 for @ $60,000. It was a bank repo from a contractor who built it to use while he cleaned up and rebuild after Hurricane Frederick. In the early 80's, Money was not easily borrowed then and the housing market didn't take off until the early 1990's in Gulf Shores. My dad had retired from the Marines and my mom's retirement day was close. The house they found was a nice, spacious 2 story house on stilts built in 1981. It was 2 streets from the ocean - 5 min walk. The house prices were cheap and no one outside of Alabama had ever heard of Gulf Shores. It had 4 BR 2 full bath and 2 half bath. They remodeled the inside with the "beach pastel color" theme. Gulf Shores was not like it is today. There were no big condos, gated communities or crowds. There were miles of unmolested beach front land and it had an almost rural and unspoiled beauty. Myrtle Beach it was not. Things changed. Taxes and insurance were no more expensive or cheaper than where we lived.
Since 2004, Hurricanes and growth have driven the cost of ownership to crazy levels. Insurance (if you could actually get it) last 4 years was $6,000 a year and the taxes were $3,000 + a year. It survived 2 hurricanes and numerous storms with no damage.

My dad painted the exterior one time in 1986 and then hired a crew to hang the vinyl siding because it was such a pain to paint way up on a ladder. It would have needed it every 3 years in the harsh windy, salt air environment. The house had 2 AC units and one always needed something every 3-4 years due t the salt air. There was plumbing upgrades @ every 10 years, metal roof added in 1990. The metal front door corroded to where it had to be replaced. The staircase to climb up to the front door had to be replaced and so did the deck on the back. Most of the windows were upgraded over the course of the 30 years.
It was sold completely furnished with their clothes in the closet. LOL. Every time any of the family went there to use it for a vacation, there was always something that needed attention, grass to cut etc...
Whenever we would leave, the house had to be cleaned and all food removed or the next guest would be welcomed by a house full of ants. The water was to be turned off at the street (in case a pipe busted while we were away and the power was turned off. The day anyone was going to leave, the beds had to be stripped, linens cleaned and beds made. The dishes & towels washed and put away. The water was drained from all of the plumbing via a master valve. Everything had to be secured because we never knew when the next guest would arrive. When the next guest did arrive, the house was ready to "move in".
Many times I would finally get to enjoy the beach on day #2 after I went to the store for all the food, ice and worked my ass off on things that needed attention while everyone else enjoyed their vacation.

After 30 years of ownership they might have broke even from day one until they sold it including all tax breaks. I never experienced a vacation other than at this house for 30 years..It was all I wanted.

A beach house needs to be lived in and know that the above mentioned maintenance is a must no matter how well you take care of the place. Houses just need constant attention in that environment. You think you'll go every weekend and at first you will. Then your time to spend there will greatly diminish.
The house was enjoyed and gave us many years of good memories. We got to know a lot of other home owners who also shared the dream of owning a beach house. The friendships were some of the best. Once they died or sold their home the special place was not the same. Once they were all gone, every grain of sand in Gulf Shores changed. It no longer felt like home.
They sold it this past Feb.in as - is condition. They never rented it because of the headaches involved.

I would suggest that you find a resort or condo that you like and rent it 4 times a year. When you want to leave, you pack your bags and drive home. You'll be money ahead.

My parents are now in their 80's and could never get back to the house they loved. The housing market peaked in 2007 and crashed a year later. They went there for the last time in 2010. Their last friend there had died. This past Feb. It sold for $ 260K.

Most of that is ANY house, any where. Correct, Accurate, Truth.

[berudd]

Boomfox makes many good points. Think of all the home maintenance you do now and double it. When we go to FL the first day, and sometimes two is spent fixing stuff or buying groceries and the like. The day before you leave is spent cleaning. I've put in a new HVAC and it will need a new roof before I can sell it. I give a guy $150 a month to do the lawn and pool. Plus mortgage, taxes and insurance. All so my wife can spend 4-5 weeks a year there. And I've come to hate fishing Toho and never cared much about FL anyway. Not saying don't do it, just make sure the expense is worth it. Look at what you can buy and figure out how many weeks you could rent a place for when you want to be there. My parents rent a place in FL every year for about 3 months, which is about as long as they want to be there. It's less than buying zero hassle. Mine could be considered an investment but with them entering their 70s any investment they make will just be for my inheirentance. So not worth it for them.

[wildturkey]

I have never known anyone to make money every year. Some tell me they went in the red and finally sold the property.

[nitrodude]

Look at a condo, you can rent it out when not there and they take care of property maintenance. We like North Myrtle Beach.

^^^This. We purchased our Destin beachfront condo in '98 and used it frequently until the boys got older and Spring Breaks just got a little too wild for us and inquisitive, impressionable young boys. We then bought the ICW property several years ago for more relaxing trips and vacations in a much more mundane environment and with no desire of renting it out. That's when we hired Emerald Dunes to handle the Destin property for us and have had very good luck with them and the clientele they provide. We average in the mid 80's percentile for rental and it more than covers costs, but was not intended as a profit center, just as an option over selling. We have kept the same four weeks blocked for years without issue and average similar or less in vacancy. I make a point of checking on it at least once a year, but a great management company is crucial as I've heard and witnessed some horror stories. Good luck!

[TampaJim]

Here's some help ... www.airbnb.com or www.vrbo.com.

[Hoot]

Don't do the rental thing have had friends do that and it's surprising how folks who can afford to rent their nice lake home can do so much damage and treat it so crappy..... Be prepared to spend a lot of money on repairs and like it was recommended get a good rental agency

[billnorman1]

Here is a beach house story. Think about this before you make the purchase.

My parents bought a house in Gulf Shores, AL area in 1985 for @ $60,000. .............................I would suggest that you find a resort or condo that you like and rent it 4 times a year. When you want to leave, you pack your bags and drive home. You'll be money ahead. ..........

I agree. If there's a housing crash, then invest in sand.

[lakes]

We are doing the same thing right now for reunion 2018. We need to compare notes for sure!

[kadas]

Have spent a lot of vacation weeks on the Outer Banks--Love all of it from North end to the south. The one thing I would say is check your expenses very thorough. Looked at several homes in the Avon area several years ago and between Real Estate taxes--regular home insurance-water insurance-wind and hurricane insurance it is a hefty investment. As far as renting yes you could rent it out but you might have to use one of the rental companies to clean and maintain the property plus handle the rental process and they get a % for that. Lot to think about and consider--beautiful place but we decided it might be more trouble than it was worth with having to get all the insurance needed plus the other expenses. Good luck with your decision

[kadas]

Most of the mega houses up there are investment properties by lawyers and doctors. Not your average Joe's. Many vacation renters of those places are a group of family renters that get together for a weeks vacation. There a plenty of houses up there that a two couples can rent reasonably. Just be prepared for the lean times when you have to get off the hip to pay that mortgage when the place isn't booked like the winter times. The OBX can be quite dreary from November to April.

This is so true--unless you own oceanfront or semi oceanfront the homes back from these set empty pretty much all of the "off" season so you would not have any renters money coming in for a long stretch of time unless your place is up on the beach and even then it may set empty some--ChampioNman is correct--OBX can be a cold windy damp place from November to April. Do talk with people besides the realty company to get all the facts

[jigman51]

Who wants a bunch of little kids coming into their house and peeing in the beds and the adults doing who knows what? If I bought a lake house or condo, I would not rent it out. I lived in Hawaii for four years and don't care if I ever see the ocean again.

Boomfox, that was one sad story.

[local16]

We've been to Emerald Isle 6 or 7 times and that area is beautiful.

[FishFish]

Buy you a 65' sportfisherman and stay on the boat during vacation. I went to the OBX the last 2 years and went fishing with the fleet at Oregon Inlet fishing center. Some nice boats sitting there!

[SkidMark]

yeah I keep telling her if I hit the lottery.....then yeah. I said at my age, if the irritation outweighs the pleasure of it...it is a no go.

[STEVEO COBRA 98]

I say don't do it lol

This!!!

[JHenry]

I'll take a week at the BBC special rate...

[SkidMark]

I think what has her on this now is....last weekend she and some ladies at church went to Myrtle Beach for a Women of Joy Conference. They stayed at a church members oceanfront house there. He is an awesome guy and happens to have been a doggone good major league baseball pitcher. So I think he had a real good one. His wife was there making sure all the ladies were well fed and had what they needed. My oceanfront would be a frigin tent on the beach with a coleman camp stove with my bank account. LOL

[Tarheel14]

Watch vacation house for free on HGTV

[motomania]

Most of that is ANY house, any where. Correct, Accurate, Truth.

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Maybe; but now you have TWO houses to maintain. And one is supposed to be a 'vacation' home.
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I say bank your money and just rent. Much easier to vacation, relax, enjoy and leave.
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We try to get to our favorite large lake in southern Missouri about once a month during warm weather. We kicked around buying/renting and all that garbage.........but it didn't take us long to realize we didn't want the aggravation. We'd just rather pay a few bucks to stay somewhere, enjoy ourselves and leave without a care.
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Lots of good info in the thread. Really checkout the insurance angle closely too. My mom has a small manufactured home a half hour from the beach in Florida, in a retirement community and insurance is absurdly expensive due to hurricanes. She winters there, so it's worth it to her to keep it.........no more renting her place out when she's not there though; not worth the hassle.