The Pros and Cons of Buying Waterfront Property
Waterfront property: the creme de la creme of the real estate market and a dream for homebuyers. If you are a real estate agent with a waterfront property – either on a lake, ocean or some other body of water – you can be sure that you have an easy sell on your hands. Just open the blinds for the grand reveal of the amazing waterfront view and you’ll have curious homebuyers chomping at the bit to make an offer. But is waterfront property all that it lives up to be? While you might think there are only advantages to living right on the water, there are actually a few disadvantages worth exploring. Here are some of the pros and cons of buying waterfront property.
Starting off with the cons, waterfront properties tend to be expensive – not only to own, but also to maintain. There is a lot to keep up with when you have a waterfront property, because living in such proximity to water can start to cause some wear and tear to the structure of the home. For instance, salty seawater can erode metal and wood, which could leave your foundation in shambles. And musty lake water can cause mold to grow. So, making sure you take the necessary measures to maintain your waterfront property is critical.
Yet, one of the pros of living on the water – that might far outweigh the maintenance costs – is that you get to live on the water. If location is everything in the real estate market, living on the water offers one of the most incredible living experiences While most people are looking out at another row of houses or a city street, you are looking out at a body of water – perhaps with sailboats in the distance, trees, the beach; you really can’t beat it.
However, one big con of living on the water is that your homeowner’s insurance will be through the roof. Living on the water usually requires that you have some sort of seawall that protects your home from flood. However, it can be very hard to find an insurance policy that covers damage to your seawall. If you do, it will undoubtedly be very expensive. Not only that, but there are a lot of other damages to worry about when you live so close to the water, so your basic insurance policy premiums will be much higher than average.
Lastly, another pro of living on the water is that it is rare and exclusive. If you visit LindaAGary.com to see all of her truly miraculous home listings in Palm Beach, Florida, you will know that you are not just buying another home, but a slice of peace and splendor. There are only so many shores, ocean fronts and lake beds that you can live next to, so actually being able to snag one of these properties puts you among the very lucky few. If you want to live by the water, you can bet that you’ll be living the good life – the very good life.