HGTV announced it will debut its new renovation competition series "Beach Flip" on July 5. Outdated beachfront properties will be transformed into hot commodities in the new renovation competition series.

"Successful titles like Ellen's Design Challenge and Brother vs. Brother confirm viewer appetites for fun design and home renovation competition series," Allison Page, general manager of HGTV and DIY Network, said in a statement.

"Beach Flip offers fans teams to root for, home improvement tips from our star experts Nicole Curtis, Josh Temple and David Bromstad, and it doesn't hurt that it's a competition with an ocean view."

The new series stars Nicole Curtis, from "Rehab Addict", Josh Temple from "House Crashers" and David Bromstad from "My Lottery Dream Home." They will act as hosts, judges and mentors to four rival teams as they compete to renovate rundown waterfront bungalows with outdated décor, loud wall colors and awkward layouts into spectacular properties in just eight weeks.

"These competitors are skilled home renovators and they know how to get the most bang for their buck," said Josh Temple in a statement. "It'll be incredibly interesting to see how these teams play the game."

The team with the highest increase in property value as determined by the region's top appraisers wins the $50,000 grand prize and a spread in HGTV Magazine.

The talented teams in HGTV's Beach Flip include "long-time sweethearts from Chicago, wealth management expert Martha Montross and experienced builder Alex Borre; long-distance couple, Melissa Llewellyn from Los Angeles and Mahdi Alston from Philadelphia, who are in the process of flipping their first house; married duo Sarah Roussos-Karakaian, the professional organizer, and Nick Karakaian, a handyman with a background in architecture, from Astoria, N.Y.; and longtime best friends Lucy Farmer, a designer, and Daphney Massey, a real estate agent, from Birmingham, Ala.," according to the press release.

The competitors will get a $40,000 budget. The teams must manage their time and money to renovate their assigned two bedroom/two bathroom property from top to bottom.

"Each team has great ideas for how they want their spaces to look," said David. "Time management is really going to determine the winner of these weekly challenges and that extra money for the renovation budget is a huge advantage."

At the end of the challenge, mentor David Bromstad evaluates the overall look of the space, quality of the renovation and total value added through smart design decisions.

"This competition is all about executing the smartest home improvement for the money," said Nicole. "The team who can pull this off-while the clock is ticking-is going to win it all."

"Beach Flip" will debut on Sunday, July 5, at 9 p.m. ET/PT, HGTV and DIY Network.