![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2019\/09\/waterfront-properties-scaled.jpg\")
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What to know before you buy<\/h2>\n
When looking at waterfront listings, it\u2019s important to note the difference between \u201cwaterfront\u201d and \u201cwater views.\u201d If you\u2019re looking for navigable water, you\u2019ll want to narrow your search to listings that specify \u201cwaterfront\u201d.<\/p>\n
But even with that designation, sometimes waterfront homes still don\u2019t come with access to the water; sometimes, \u201cwaterfront\u201d is misused to describe listings located on a retention pond or another unusable body of water.<\/p>\n
Burtch says it\u2019s important to be clear with your real estate agent regarding your expectations. Let them know how you plan to use the property; if you own a boat, give them your depth, dock, and lift needs. If there\u2019s any question from the listing, let them clarify the waterfront status before your showing.<\/p>\n
There are often restrictions around water usage. Before making an offer, you\u2019ll want your agent to check the legal documents and title of the home<\/a> to see what you can and can\u2019t do on the water.<\/p>\n Some questions to consider include:<\/p>\n Waterfront property will likely have some sort of bulkhead or seawall. Depending upon your locale, this barrier between the land and the water could be made of concrete, wood pilings, metal, or rock. The seawall is an important part of the property, so have your agent inquire about its age and composition. Repairs or replacement of the seawall can be costly, so find out if those fall solely on the owner or if there\u2019s any sort of community funding pool. After making an offer, you may also want to pay for a professional seawall inspection.<\/p>\n Overall, a waterfront home can be a fantastic investment \u2014 one where years of memories are made! But homebuyers need to be prepared to count the costs before jumping in. Weighing the benefits against the drawbacks can help.<\/p>\n Homebuyers are usually drawn to waterfront property for the views and the recreation potential. Boating, fishing, beachcombing, swimming, kayaking \u2014 the list of waterside activities holds potential for endless fun and relaxation. Having access directly to water, mere steps away, brings an exponential quality-of-life increase for some homeowners.<\/p>\n Living near the water also brings proven mental health benefits. A recent study<\/a> indicates that those who live near \u201cblue spaces\u201d display a consistently higher sense of wellbeing and happiness than those who live in urban environments. Higher levels of vitamin D, better social interactions, and a more attuned sense of mindfulness are touted as possible links between waterfront locations and greater mental health.<\/p>\n Because waterfront property is limited in supply with high buyer demand, the appreciation rate tends to be more steady over time. That means waterfront property will usually grow in value and can be less prone to market downturns than nearby landlocked equivalents. Generally speaking, scarcity represents security<\/a> when it comes to property investments, and waterfront property is a scarce commodity.<\/p>\n \u201cYou can put new streets in anywhere,\u201d Burtch says.<\/p>\n \u201cBut they\u2019re not putting in any more waterways, so it\u2019s a very limited supply. It\u2019s always a safer investment<\/a>.\u201d<\/p><\/blockquote>\n In addition, some homebuyers are drawn to waterfront property for the rental income<\/a> potential. Vacation rentals located on a body of water draw a higher rental price and may have more consistent tenants.<\/p>\n For example, in Tampa, Florida<\/a>, a three-bedroom, two-bathroom riverfront home brings in an average of $367 per night, whereas an inland house of the same size can be rented for only $120 per night according to VRBO<\/a>.<\/p>\n One of the best parts about owning a property on the water is the permanence of the view. As zoning ordinances change and land development increases, there\u2019s really no guarantee that the \u201cnature views\u201d listed at other homes will last over time. But with property directly on the water, those coveted waterfront views<\/a> aren\u2019t going anywhere.<\/p>\n Some homebuyers invest in waterfront property with the intention of making it a legacy property<\/a>, or a home that can be passed along to future generations. Having a family lake home or family beach house can be a great place for extended family to gather on holidays or vacations.<\/p>\n With water right outside the door, the risks toward the property increase by default. Flooding is a serious concern for waterfront homes, and homebuyers should take note of the FEMA flood map<\/a> in order to assess the specific risk for their area.<\/p>\n Rising water levels due to tides, storms, and climate change also present a risk for waterfront property<\/a> owners. Erosion can change the shape and size of waterfront property, literally washing away the valuable land over time. Seawall specialists can help determine the specific risks and formulate a prescription for land protection.<\/p>\n Waterfront property comes at a premium, for sure. For example, in Jacksonville, Florida<\/a>, buyers pay 72% more<\/a> to live on the water. That increased property value brings with it higher taxes<\/a>, not necessarily because of increased levies but due more to the increase in the home\u2019s valuation assessment.<\/p>\n In addition, waterfront property owners must be aware of the increased cost of insurance. Due to increased risks of flooding and wind, some insurance companies may not insure oceanfront property, or they may require additional premiums. A separate flood insurance policy may be required, as well, especially when it comes to obtaining a mortgage for a waterfront home.<\/p>\n Utilities might be less accessible in some waterfront locations, and that may lead to additional costs, too. Some waterfront homes may lack connection to municipal water sources and might therefore need a well or a septic tank. Septic pumping alone costs an average of $398<\/a>.<\/p>\n Wear and tear on waterfront property increases at a great rate due to elemental exposure. Homeowners should be prepared to maintain a rigorous maintenance schedule and take additional maintenance expenses into consideration.<\/p>\n Seawall, dock, and boat lift maintenance are obvious factors. But even regular systems like the HVAC are subject to additional wear and tear. The lifespan of a regular HVAC unit is usually 15 to 20 years; for beachfront homes, the salt air cuts that timeline in half<\/a>.<\/p>\n Waterfront property owners may be required to maintain the body of water adjacent to their land as well. According to the Minnesota Lakes and Rivers Advocates<\/a>, costs associated with treating lakes for invasive species are covered by the lakeshore landowners rather than by any government agency.<\/p>\n Though it may seem counterintuitive considering those peaceful views, in some waterfront areas, homeowners may experience a loss of privacy. Boat traffic and open yards could mean that everything is \u201con display\u201d for neighbors and tourists.<\/p>\n \u201cSome canals have more traffic than others,\u201d Burtch says, so it\u2019s important to be clear with your agent about your level of tolerance for that kind of traffic. When considering a home, buyers may want to visit both on a weekday and a weekend (during peak season, if possible) to gauge the level of privacy in the area.<\/p>\n In light of the awesome benefits and also the very real drawbacks of waterfront property ownership, here are some important tips for those who are thinking about taking the plunge.<\/p>\n Waterfront property can be a great purchase, as long as buyers go in with eyes wide open. Be cautious and intentional in your search, so that your waterfront home can be everything you dreamed it would be!<\/p>\n Header Image Source: (Dan Erickson \/ Unsplash)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Should you buy a waterfront home? But not every waterfront purchase is smooth sailing. Here\u2019s what you need to know so you don\u2019t end up underwater.<\/p>\n","protected":false},"author":145,"featured_media":19672,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[192,638,641],"tags":[],"class_list":["post-19666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-buyers","category-house-hunting","category-find-home"],"acf":[],"yoast_head":"\n\n
![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/10\/should-you-buy-a-waterfront-home-kayak-666x381.png\")
<\/a>Benefits of waterfront property ownership<\/h2>\n
Personal benefits<\/h3>\n
Financial benefits<\/h3>\n
Long-term benefits<\/h3>\n
![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/10\/should-you-buy-a-waterfront-home-dock-666x381.png\")
<\/a>Drawbacks of waterfront property ownership<\/h2>\n
Extra risks<\/h3>\n
Extra costs<\/h3>\n
Extra maintenance<\/h3>\n
Reduced privacy<\/h3>\n
![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2020\/10\/should-you-buy-a-waterfront-home-storm-666x381.png\")
<\/a>Tips for buying waterfront property<\/h2>\n
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