What apartment to buy by the sea? The subject of the real estate market like a boomerang has returned to the headlines of newspapers and portals. No wonder – after all, prices on this market always go up. At the same time, the public is increasingly willing to buy real estate for rent or resale at a profit. Apartments by the sea are a special type of real estate. how to buy? What to consider when buying them? we answer.
Living by the sea?
What apartment we buy at the seaside largely depends on what we want to do with it. Well, we have three options. The first is simply living in a seaside town. The reason may be a change of job or a desire to breathe clean air after retirement. The second is renting apartments to tenants. This option is very popular for both short-term and long-term rentals. The third option is resale of the apartment, of course with a profit. In this case, we can wait for the increase in real estate prices. Although it seems impossible to many, they still climb (at least slightly). Flats by the sea are so popular that real estate prices are among the highest in Poland. Gdańsk has been at the top of the ranking for many years, ahead of even Warsaw and Kraków.
Apartment from the developer
Developers have successfully mastered the waterfront real estate market. They are people who jointly buy land and build new districts on it. These are apartments of a fairly high standard – usually in fenced housing estates with private parking. These apartments are easily accessible and are often family friendly with young children. The downside of seaside apartments offered by developers is the price. We pay up to $500,000 for a modest apartment. Compared to other cities, it is really much worse. Let us also take into account that more and more people are currently looking for apartments with an area of at least 60-70 sq m. However, we will have to pay a little more for such a property. The question remains whether it makes sense to buy a smaller flat, that for this price we can buy a medium-sized house in another city? This option is mainly suitable for young people who are not afraid to take out loans for many years. Investors who anticipate further price increases often also decide to buy apartments from developers. They expect real estate prices to rise over time and earn money.
An apartment on the secondary market
Second-hand apartments are also popular by the sea. The reason is simple – they are slightly cheaper than developer apartments. However, if we expected a huge difference in price, we might be surprised. Unfortunately, people in coastal towns are doing very well, whether in the secondary or primary market. Nevertheless, even in the center of large cities, we can buy apartments from the secondary market, which is not possible in the case of developer apartments. Let’s focus on the variety of secondary real estate. We have many quotes to choose from and they are all very different from each other. It is not only about the price, but also about the area, location and technical conditions. We can live in both high-rise buildings and multi-story properties. Lovers of classics can also freely use historic tenement houses, where they can buy flats of various sizes. Greater variety on the secondary market means that there is no shortage of people willing to buy apartments by the sea. However, the secondary market is not without its drawbacks. The main one is the fact that the apartments are usually not suitable for immediate habitation. Many of them require a major renovation. In addition to the fact that it can last for many months, it also eats up all our savings. Second-hand apartments are also less popular with owners. To take advantage of this, we must offer prices similar to those on the primary market. At the same time, owners believe that developers have a higher standard of apartments, which is why they are more willing to rent such apartments.
To buy or not to buy?
Speaking of apartments by the sea, the biggest issue that cannot be forgotten is the price. Contrary to appearances, the secondary market is not much different from the primary market, which complicates the matter a bit. So, potential home buyers are wondering if it’s better to buy now or wait for prices to come down? Unfortunately, experts have no doubts. While prices may fall in smaller cities, don’t expect this to happen in coastal cities. Of course, these predictions are for the near future. If we dream of an apartment by the sea, we must take into account that we will pay a lot for it. Seaside views and clean air, however, compensate to some extent the high costs that we have to incur when buying real estate.