Homes with waterfront views or access are highly prized within the world of residential real estate. In addition to beautiful views and settings, homes that offer the benefits of proximity to oceans, rivers, or lakes have a unique quality that can make them much more valuable than a traditional suburban home.
Buyers who are looking for a home with these qualities for the first time can use the following tips to help them understand how these homes differ and what they need to know to make the best selection.
Understanding the terminology
The first thing to understand when shopping for a home on or near the water is the importance of accurately describing the home's proximity to water and how that affects actual value. In most cases, the homes that actually have frontage on and direct access to a beach or the water are the most valuable homes.
When reading property descriptions, prospective buyers will want to determine what type of water access and views each one actually offers. Homes that are several tiers removed from the water, with access to only public or paid beaches, docks, or marinas, will be much more affordable to purchase than homes with private water access. However, these homes will likely not appreciate in value as quickly as a true waterfront home or one with more direct access or proximity to the water might.
Understanding the responsibility
Another point that prospective purchasers of this type of property should be aware of is the responsibility that may come with ownership. For example, waterfront properties and those that are in close proximity to the water may require specific maintenance tasks to protect the structure and property value.
Planning ahead for possible deterioration from salt spray, moisture issues, and the potential for wood rot are common issues that owners of waterfront properties may need to pencil into their housing maintenance budget. If the property is a true waterfront property that includes beach frontage, homeowners may also be required to abide by regulations that may include restrictions on renovating or enlarging the home, making changes to the property, and how the beach can be utilized. In some areas, there may also be assessments or fees for the conservation of the beach area.
Ownership of a waterfront home can be a valuable real estate investment that will continue to appreciate in value. If you are planning to purchase this type of property, it is critically important to have expert guidance throughout the process — from locating the right home through closing on it and beyond. A reputable real estate professional who offers years of experience with listing and selling waterfront homes will be able to provide this type of knowledgeable assistance.
To learn more about waterfront homes, contact a real estate agent in your area.