Owning a property on a beautiful, tropic island is a dream of many. Having a property in this type of setting gives you a home away from home with the beautiful ocean as your backdrop. When choosing this type of property, it's a good idea to be extra selective. Not only is this property a second home, but it's also an investment. Make sure you know what to consider when making your selection.
One of the things that people enjoy about islands is their sense of remoteness. Make sure you consider what amenities are important to you so that you don't pick a home in a location that is too secluded. For example, will you spend most of your evenings dining out?
In this case, you want to find a home that is located in an area of the island with a wide variety of restaurants and eateries. In addition to leisure based amenities, make sure you are also considering those more practical amenities, like being close to repair services or medical treatment facilities.
Investigate Weather Patterns
Many islands have strikingly different weather patterns than those experienced on the mainland of the US. Make sure you are performing a check on the weather history of the part of the island you are considering. For example, due to its closer proximity to water inlets or low lying home design, one side of an island might be more prone to flooding than a different area in the event of adverse weather.
Even if you carry flood insurance on the home, the stress and heartache that come along with repairs after a flood is something you want to avoid. Given this type of scenario, it might make more sense to choose a home that is less prone to flooding.
Research Rental Options
If you're looking for a way to offset some of the cost associated with owning a second property, take some time to research rental options in the area. This is especially important if you need the rental income to help make your mortgage payment. When researching the market, find out the primary demographic of people who are vacationing and renting in the area.
For example, if the primary vacationing base are families, it might make more sense to look at properties that are more family friendly than those that aren't. If your property is more appealing to the masses, you have a better chance of being able to rent it out.
A professional real estate agent can take much of the hassle out of the buying experience. Make sure you are working with an agent that is tuned into your needs to find the island home of your dreams.