Is Buying a Waterfront Property Worth It?
Is Buying a Waterfront Property Worth It?
Waterfront property is a house or land that has direct access to a body of water, such as a river, lake, or ocean. These properties can be extremely desirable due to their location and views. However, they can also be more expensive than other properties.
The waterfront location of a home can affect the value and cost. For example, if a house is near the water but behind a few street blocks then it will not be as expensive because it doesn't have a direct line view. If a house has an unobstructed waterfront view, then the price could go up significantly due to its attraction for buyers.
What to look for when buying a waterfront property?
Beachfront property.
Make sure there is an actual beach. Some real estate agents may try to embellish what is just a small strip of sand.
Look at the distance between your potential home and the sea itself.
When talking to a real estate agent, it's a good idea to do your due diligence and ask about things like local laws and how the salt air affects people in the long term.
Buying waterfront property also comes with risks and flood insurance may not be optional.
Take a look at the shoreline's history because the effects of climate change and rising sea levels can lead to additional costs shortly. You don't want crashing waves at your literal doorstep.
Lakefront property.
A lake home is very attractive as a primary residence but also has huge investment potential if you rent it out. Access to a lake, possibly with jet skis, can fetch a good price on platforms like Airbnb.
A lake house, like any waterfront home, will require water-based inspections that are additional expenses to home maintenance.
The limited supply of lakefront properties creates a high demand for the right location. Not everyone will be able to afford the additional resources needed to make a good investment.
Lake homes feature some hidden costs like water quality tests and if you find a lakefront home away from established waterfront communities, you may have to pay for the installation of a septic tank or well if the house is not connected to established local water sources.
With a smaller body of water, purchasing lake property often means getting to know your neighbours more when compared to beachfront homes.
What are the benefits of having a waterfront property?
Beautiful views of the water from your home.
The aesthetic appeal of waterfront homes is hard to miss. The views and sounds of waves and water, in general, bring a sense of peace that few other homes can provide.
For many people, living by the sea is an idyllic dream. The ability to walk out your door and take a dip when you feel like it can be too appealing to pass up.
Beachfront property lets you enjoy the sun, sand and sea without having to travel too far.
Relax on the beach or go swimming, fishing, boating, etc. in the water.
There are a lot of activities that waterfront property owners can enjoy without having to deal with a long drive or parking spaces.
As it is a piece of personal property there are no time limits to things like fishing trips or how early someone can go out to swim.
It can be a great investment opportunity.
Given the value and demand in the upscale housing market for either a vacation home or a residence, beachfront and lakefront homes are a great idea as an investment property.
Waterfront properties are likely to remain popular over time in real estate but in the long term, you have to worry about more than just water damage and properly permitted additions like piers.
Rising water levels and water pollution can greatly lower the value of a waterfront house.
The drawbacks of owning a waterfront property.
If you're planning to buy one, this cannot be repeated enough: inspect carefully. Too many properties are not taken care of enough and with a waterfront home, that can lead to hidden costs.
Water greatly accelerates wear and tear, turning a dream house into a nightmare very quickly.
A waterfront house by the beach also has to deal with the effects of salty air, meaning that the construction materials used for the house need to be adapted to the climate. Good deals on coastal homes may hide the fact that purchasing the home comes at the cost of higher maintenance.
For a lakefront home, the ambient humidity can do a number on wood that isn't treated properly. Bad insulation or gaps in the construction can create pockets of water and humid air that can gnaw at the home.
When doing renovations, it's especially important to use such information to double down on good waterproofing as the remodelling can affect the home negatively if the increased humidity around a lake or ocean is not taken into account.
Keep in mind that in Canada, bodies of water, in general, cannot be privately owned. This means that people are allowed to use the water to swim, sail, and more.
How to determine if a waterfront property is right for you?
For beachfront properties:
One factor to consider when deciding if a waterfront property by the beach is right for you is how much use you think you will get out of it. If you or someone in your family is someone who loves spending time at the beach, then a house by the ocean may be a good fit.
There are a lot of things you can do at the beach like swimming, participating in water sports, sunbathing, playing beach volleyball, and more. If these activities suit you and your family then it's a good sign.
Still, be wary of the condition of the home. Insurance can cover a lot but if the home is not carefully inspected, you may find yourself in a messy situation.
For lakefront properties:
As a piece of real estate, a lake house is a piece of luxury. Privacy is one of the biggest things that people value when it comes to lake property, so while you cannot control whether or not someone is using the lake, you can choose to buy a house in a more secluded area for added privacy.
However, if you don't mind having other people around and enjoy being part of a community, then a lake home can make it easier to socialize with your neighbours.
Lake properties come in all shapes and all sorts of areas so what you get can vary vastly based on your budget. If you're looking for privacy then maybe an inland home might be a better option but if the allure of the waterfront is too strong to resist then you have to place yourself on a sliding scale between privacy and affordability.
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