3 Advantages of Coastal Florida Real Estate
1. Proximity to Tourist Attractions
2. Higher Home Values
3. Upper-Class Neighbors
Homes along the coast in cities like Jacksonville, FL do provide popular surroundings. From cruise ports and beaches to zoos, a person owning or renting a home on the coast has a lot of tourist attractions to discover.
Because homes near water usually cost more, home values typically rise each year regardless of changes in other markets. The value of a coastal house rarely drops unless the home is in distressed condition or has been damaged by severe weather.
Neighborhoods in nearly all coastal towns are typically free of crime or typical urban problems. Many adults who rent homes from investment companies or investors seek homes that are in developing areas and have a safe neighborhood reputation.
3 Disadvantages of Real Estate by the Coast
1. Higher Insurance Premiums
2. Threat of Severe Weather
3. Higher Initial Cost
Homes located within a known flood plain will always cost more to insure. FEMA and other federal agencies publish flood zone guides that help insurance companies to determine which homes are in areas where adverse weather can destroy or damage a home. Flood insurance costs are always higher for coastal houses.
The jet stream in the United States blow from West to East. This means that homes along the coast will likely experience severe weather especially when positioned in a tropical climate. The threat of hurricanes and floods is one disadvantage property owners experience when evaluating homes built near water ways.
Beach front properties, lake front homes and homes within 5 miles of the coast will always command a higher price. Real estate values rise in neighborhoods that are in the proximity of the ocean. A person seeking an investment or vacation home in a town near the ocean will likely have to pay higher prices compared with a home in an urban area.