If you have considered buying a second home in the Hamptons, either as a vacation home or a rental property, now is as good a time to jump into the market. The Hamptons have long been popular with celebrities and New York City’s elite, and the pandemic has made this unique location on Long Island even more appealing to those who can afford the idyllic lifestyle.

The Hamptons consist of many unique locales, and Bridgehampton certainly fits the bill. Officially, it’s part of the Town of Southampton with a population of 1,300. Bridgehampton’s boundaries stretch from the Atlantic Ocean to the charming interior of the South Fork, an area of eastern Long Island.

The median price of Bridgehampton homes for sale is about $3.6 million — an increase of 17.7% over the last year. The cost of homes reflects the desirability of the Hamptons and why these communities are so beloved, particularly as a summer escape from the hot and crowded city.

The journey toward investing in Bridgehampton real estate can be somewhat long and arduous due to the uniqueness and location of the market. The best way to assure a happy resolution is to hire a great real estate agent who has years of experience helping clients find homes throughout the Hamptons. Working with an agent who understands the dynamic of the entire area will help you find a property that will fit your needs and wants for the next several years.

It's imperative to find a real estate agent who will have your best interests in mind during the entire purchase process. Once you’ve hired an agent, they will sit down with you to grasp the specifics you are looking for in a home. Your agent will then narrow down properties that fit the bill. Begin the home buying process online to get an idea of what homes are available. You should still set aside plenty of time to attend open houses and have private showings of Bridgehampton homes for sale. Spring is a perfect time to house hunt in the Hamptons before the summer rush.

Purchasing Bridgehampton real estate as an investment gives you several options to best use the property. Keep the property’s location in mind — along the beach, in town, or the farm country — when selecting the best investment property for you. Location will be important, especially if you plan to rent out your home when you aren’t using it.

Since the onset of the pandemic, many people have chosen to purchase a home in the Hamptons to use as a vacation home rather than renting a house each time they visit the community. This gives the owner the ability to use the home whenever they wish, whether for long weekends, during the holidays, a few weeks at a time, or for an entire summer season.

 

People who have purchased Bridgehampton homes for sale will quickly find that renting them out will help recoup costs, like a second mortgage, homeowners insurance, and maintenance. While renting out a home will be a profitable revenue stream, you should consult a real estate professional before getting into the rental business. You will need to fully understand all local rental regulations and determine what permits you need to obtain before leasing your property.

You will also need to find a property manager to handle all aspects of a rental, including vetting renters, collecting payment, and maintaining the property. Before purchasing the property, you should also understand your budget. Enough funds must be available to cover any emergencies that will inevitably pop up.

If you plan to rent out the home quite a bit, be sure the décor and amenities are equal to those in a quality hotel. Many renters are high-income individuals who expect the absolute best for their money, especially in a luxury community like the Hamptons.

Purchasing a home in Bridgehampton can be done with your long-term future in mind. After using the home for many years for both vacations and rental income, it can become your primary home during retirement. Be sure to consider this when scouting out locations of properties since you’ll want to get the maximum enjoyment out of your home over the years.

Bridgehampton residents enjoy a more rural lifestyle than some of the other communities in the Hamptons. The sprawling hamlet is particularly favored by those who love horses, as there are many equestrian activities and facilities. Residents look forward to the Hamptons Classic Horse Show, held during Labor Day weekend, and it attracts riders and visitors worldwide.

 

 

There are many other wonderful aspects of calling Bridgehampton home, and enjoying the classic beach lifestyle, pristine golf courses, ample hiking, and other outdoor activities is high on the list.

Year-round activities include visits to the Dan Flavin Art Institute, the South Fork Natural History & Nature Center, and the Children’s Museum of the East End. Bridgehampton is also home to the fabulous Channing Daughters Winery, featuring tastings and a retail shop.

Residents who’ve moved into Bridgehampton enjoy easy access to a central business district with several fine restaurants. The hamlet is conveniently located between other major towns in the Hamptons and Montauk on the tip of the South Fork.

These are the major factors to consider when investing in Bridgehampton real estate. Contact Covert at Compass for a smooth transaction when the time is right. Let Christopher Covert and his team help you find your dream home in the Hamptons.