Many people dream about living near the water. Whether it’s the open sea, a river, or a lakeside home, waterfront properties are attractive to many home buyers. If you’re thinking about investing in waterfront real estate, here are a few things to keep in mind during your house hunting.
Waterfront properties are popular and typically command higher price points than other homes that may be for sale in the same area. A home with the same square footage, lot size, and a similar structure may be tens of thousands of dollars cheaper off the water. You’ll see a drastic price increase between homes on the water and others that may be for sale just a few blocks further inland. You also need to consider the long-term cost of ownership.
Waterfront properties are more susceptible to environmental damage and are typically more expensive to insure. Most areas will require you to carry flood insurance. Depending on the location, you may also need to invest in storm protection and additional insurance.
Homes near the water are exposed to humidity and water accumulation, and typically experience more severe weather than landlocked homes. Waves can erode the sand and soil on your property if you’re close to the water, and a flooding river could turn your yard into a swamp. Be prepared to handle water damage and do everything you can to waterproof your new home.
If you live near water, learn how to swim. Additionally, if you intend to have guests, it’s always wise to keep life jackets, life preservers, and emergency equipment like flares and first aid supplies handy. If you or your guests use watercraft or swim nearby, don’t swim alone or at night.
Expect to find plenty of birds near waterfront properties, and areas with high humidity usually attract a variety of insects, too. Resist the temptation to feed birds in or around your waterfront property. Bird droppings can be difficult to clean from your home, deck, and vehicles, so do what you can to deter them from lingering near your property.
Living near the water comes with its fair share of challenges, but for those who love the open sea, the tranquility of living near a lake or stream, or relish the thought of stepping out their back doors onto a dock for a quiet day of fishing on the river, there is simply nothing more rewarding than a waterfront home.