What to Expect When Buying a Waterfront Home
Are you searching for a new home? Why not consider purchasing a home or property on the water? There are many benefits and luxuries associated with waterfront living, and homeowners who purchase homes near the water live a different lifestyle than typical homeowners. Living on the water can even reduce stress and provide a healthier lifestyle! If you are in the market for a new home and want to know more about what to expect when buying a waterfront home, this article is for you. Read further to find out more about what waterfront living will look like for you.
Life on the Water
If you’re thinking that living in your dream home near the water would be a fun and relaxing experience, then you are correct! Living near the water comes with many advantages. For one, you have nonstop access to the water and all of the water-related activities you can think of.
You can kayak, paddleboard, swim, fish, ski, snorkel, take out your boat, and more! In some cases, you can even keep your boat and kayak on your own personal dock. You will be able to enjoy all that the water has to offer without the inconvenience of parking fees, dock fees. etc. You can simply walk out your door and step right into the water! And think of the views! You can enjoy your water view without the high price tag of a luxury waterfront hotel. Enjoy beautiful sunsets and sunrises right from the comfort of your own home.
You can also expect a sense of tranquility and peace by living near the water. The air quality is naturally cleaner near the water as well. You can also expect more privacy with your waterfront home, as part of your home will face the water instead of someone else’s backyard.
You likely won’t have to worry about noisy neighbors or dealing with new homes being built and ruining your view. Waterfront homes often have the added benefit of enjoying the outdoors in general. From hiking the woods in a lake residence to strolling the beach in an oceanfront home, if you love the outdoors, waterfront living is for you.
Maintenance for Waterfront Homes
You can expect the maintenance for waterfront homes to be a little more extensive than that of homes that are not located near the water. For example, you might want to consider adding in additional maintenance checks and precautions depending on where you live. If you live near the ocean, the salt from the ocean can do damage to certain materials, so preparing for that prior to building or purchasing is essential. Of course, flooding can occur, high winds, etc. While the upkeep might be a little more taxing, most waterfront homeowners find the extra work well worth it.
Finding the Right REALTOR
Just like with anything, you are better off when using an expert. In this instance, we strong recommend using a real estate agent that has a specialty in waterfront properties. With all of the unique aspects of the sale that come with buying a waterfront home, having a real estate agent with experience in representing buyers for this type of property is critical.
For instance, many waterfront homes for sale have a bulkhead installed – this is the man-made barrier where the water meets the land. Bulkheads can get extremely expensive to install or repair – we are talking up to $500 per linear foot – your agent should be able to connect you with the proper home inspector for such a project. Bulkheads are just one example of the uniqueness of purchasing a waterfront property, there are many things that an agent who specializes in waterfront properties will be able to help with.
Insuring Waterfront Homes
The insurance for waterfront homes is typically more costly than other homes as well. This is due to the increased risks such as flooding, hurricanes, etc. that are often associated with waterfront living. Flooding, hurricanes and other storm-related damage are not usually covered in general homeowners insurance. And by living on or near the water, your home is more susceptible to these types of risks and damages. Therefore, you will likely be required to purchase wind, flood, and general homeowners insurance for a waterfront home.
Finding out the price of these insurances before choosing a waterfront home will help you understand how much you can afford as far as a monthly payment is concerned. Chances are the insurance could push you over the limit you set for yourself for mortgage payments, so that figure is important to know beforehand. As with the maintenance and upkeep for waterfront homes, most homeowners find the extra cost of insurance for waterfront property to be well worth the investment.
Owning a beachfront home is generally something that most people consider to a factor of the Lifestyles of the Rich ad Famous. Truth is, if you want to own your own little piece of beachfront real estate, a condo may be a way to make your dream come true. Condos can be a very cost-effective way to live not only on the water…but on the beach!
Affordability of Beachfront Condominiums
When you purchase any condominium, you are buying into “shared ownership” with the other condo owners. This lets the major costs of living on the beachfront be shared with your neighbors. The bulk of the cost in living on the beach is the land itself – which in the instance of a condo, is split between all owners. This means that owning a beachfront condominium is by far the most cost effective way to have a beachfront abode. Of course there are unique aspects to purchasing a condo, so once again, we recommend a condo expert. One of the biggest differences between buying a condo and a single family property is the reviewing of the condo documents. One of the hottest and most affordable destinations for beachfront condos is Panama City Beach With the huge influx of tourists who travel to #PCB for vacations and Spring Break – many people rent out their condo’s and turn them into Vacation Rentals.
Learn About Condo Docs
Waterfront Homes Are Always in Demand
Another benefit that you should consider when purchasing waterfront property is the resale value. If you think about it, there are only so many waterfront properties available, and because of this limited supply, the homes located on waterfront property are much more valuable and desirable. If you ever consider selling your home or even renting it out as a vacation home, you will probably bring in top dollar for it. So in the grand scheme of it all, your waterfront property could serve as a great investment for the future.
If you are looking for a waterfront property, consider all of the benefits that waterfront living has to offer. Now that you know more about the waterfront lifestyle, you can begin your search for the perfect waterfront home!