Almost everyone desires a haven to escape to, and in the Philippines, this commonly means beachfront property.
In a country that has over 7,100 islands and year-long warm weather, it is understandable that the common thought about vacation homes in the Philippines is that the best ones are situated by the water, most notably those fronting white-sand beaches. However, is this enough reason for you to own a beach house?
Q: Should I buy a beach house or a beachfront property?
A: The short answer to this is yes, if simply for the reason that beach houses are not the most common type of property available in the market, and it is all but guaranteed that its value will continue to increase over time, albeit gradually. However, there are other considerations that may make a beach house even more right for you.
Consistent Property Appreciation
Although most assets commonly fluctuate in value in the short term, beach houses are more likely to appreciate, or at least retain their value, because they are commonly located in areas with a geographically limited supply. Land in itself is limited and cannot be reproduced, but there is an even more finite amount of shoreline property that can be built on.
Rental Income
In addition to fairly consistent increases in market value, beachside homes also tend to have high rental outcomes. Tourists and vacationers intent on spending most of their time at the beach prefer a location close to the coast, and as the Philippines is a country where summers last almost the entire year, there will always be a fair amount of tenants for your beach home.
Unscheduled Vacations Made Easy…
Owning a beach house also allows you to have an immediate destination when you feel the need to unwind. This saves you from the hassles of deciding where to go when all you want to do is get away from the hustle and bustle of urban life. Since you own the property, you can also have storage in the property where you can place everything you need for your next trip, saving you from packing too much luggage.
… and Affordable
In line with a beach house allowing you to go on a vacation at almost any time you want, having one also allows you to save on the time and money spent booking accommodation for yourself and/or your family.
You Have a Retirement Option
There will come a point in your life when you will finally want to slow down and spend less (or no more) time in the rat race, focusing more on your family and your own interests. When that time arrives, you will always have your beach house waiting for you.
By having a home away from the busyness of the city but still, one you are familiar with already, transitioning into retirement will become much easier. At the end of the day, it will be up to you.
Come retirement time, you will always have your beach house waiting for you.
It must be kept in mind that some beach homes can cost an arm and a leg, what with the many benefits and appeal they provide. Will prices of such properties become lower? While it can still happen, the chances are slim, and it would be non-beneficial to a time when prices bottom out.
So if you feel the desire to invest in a beach house and have the resources to do so, it is best you reach out to a trusted real estate professional so you can find a beach home that is worth your while and one you feel you will utilize for a long time.
Source: Zillow
Read our previous journal on foreign ownership of property.
