More and more people are realizing the allure of living in the Hamptons full time. This stunning vacation spot is becoming one of New York's most magnetic destinations for residents seeking a different pace of life. But before you take the plunge yourself, it's important to know whether or not the Hamptons is right for you. We take a look at the pros and cons of living in the Hamptons all year below.
How Many Homeowners Live in the Hamptons Year-Round?
The largest town of Southampton is home to more than 55,000 year-round residents. But there are plenty of smaller towns sheltering more modest populations, such as the tiny hamlet of Wainscott with only 1,000 full-timers.
After the pandemic hit and cut ties to many in-person jobs, a large number of people moved out of NYC and into the Hamptons. Thanks to there being a larger permanent community, more of the area's seasonal businesses are now staying open longer or even all year. This change is welcome news to residents who long for a bit more liveliness. However, those who prize the quietude of the Hamptons in the off-season will want to focus their home search on less-populated towns.
The Pros of Living in the Hamptons Year-Round
Vacationers flock to the Hamptons for its beauty, and the homeowners who live here full time get to enjoy it every day. This seaside paradise features breathtaking scenery no matter the season. The winter's snow-covered beaches and icy waters offer spectacular tranquility, and the landscape is refreshed with bright blooms come springtime. In the fall, you still get to enjoy all the vibrance of the turning foliage found in other parts of New York.
As a vacation hotspot, the Hamptons has grown to offer a wide variety of activities and attractions for tourists and locals alike. When the vacationers leave, you'll have the area's outstanding wineries, restaurants, and shopping (and their off-season prices) to yourself.
Local nature preserves and parks will be much more peaceful, and the waters will be clear for boating and fishing. Fall brings a wonderful harvest for farmer's markets and festivals, and the holiday season celebrations have a very special charm.
Investment and Rental Income Opportunity
If you'd like to rent out your home while you're on a getaway of your own, you will benefit from the extremely high demand for vacation rentals. Depending on your home's location and amenities, you can charge premium prices. This income allows you to offset your own vacation expenses with rental earnings and offers a strong financial opportunity if you decide to stop living in your home full time.
Even for traditional real estate, the market in the Hamptons is booming. Buying a home here will yield you a nice profit down the road, as the area's homes only continue to grow in value.
The Cons of Living in the Hamptons Year-Round
The popularity of the Hamptons has made it a fairly expensive place to live. And once tourist season comes, you can count on the prices of local restaurants, shops, and services going up. Thus, your typical living expenses may be higher during the summer.
Some Hamptons homeowners choose to avoid this cost hike by leaving for the summer and renting out their property.
If you don't want to deal with winter snow, you will probably need to look elsewhere for your permanent residence. The Hamptons see over 26 inches of snow on average. It also sees a bit more rain than the national average.
Additionally, the seaside location means that the Hamptons is a windy place. Average wind speeds approach 15 miles per hour in December and January. This convergence of weather conditions means that the Hamptons can be uncomfortable for those who don't do well with wet, cold weather.
High Maintenance Needs
Besides discomfort, the weather in the Hamptons presents another drawback: increased home maintenance. Constant battering by sea mists, sand-speckled winds, and snow and rain put homes through quite a test over the course of a year.
Homeowners find that their properties may need more maintenance than homes in other regions. Exterior siding, windows, and decks often need annual pressure washing, and paint will need to be refreshed much more often than the homes of inland regions. Wood features can be susceptible to rot, and metal elements are vulnerable to rust.
Get Expert Help Finding Your Hampton Home
Whether you're looking for existing real estate or want to build your dream home, Pure Property Group can help you make it happen. We provide the full spectrum of construction and home management services, including maintenance and management for property rentals.
Our company is one of the most trusted services for homeowners in the Hamptons. Contact us today to learn how we can help you find the perfect property and get the most out of your Hamptons home.