High resale value
Waterfront properties are always in high demand, so you should expect to get a good price for them. In fact, you might even be able to get more than you paid for them. This is because most people spend their winters south of the water, and they often want a quick vacation getaway. This means that you can rent out part of your waterfront property for a few weeks a year, which can increase the resale value.
Waterfront properties can be financed the same way as a traditional home. In fact, many banks are now willing to lend on these properties. However, luxury waterfront properties may require a jumbo mortgage, which requires a large down payment, excellent credit, and a strong income. In addition, you will need flood insurance if your waterfront property is in a flood plain.
Higher rental potential
Waterfront properties have a higher rental potential than other types of properties. This makes them a good choice for investors who want to earn a profit while renting out their property. Aside from that, they are also easier to market and manage, and come with few disadvantages. However, the rental income largely depends on its location and the season of the year. Because of this, it is important to ensure that your waterfront property is tourism-friendly and has a great location.
Another benefit of waterfront properties is that they can be added to any property. Waterfront properties are often desirable as vacation rentals. These properties can generate a higher rental income than inland properties and can also command a higher rental price. In addition, they may have more consistent tenants. For example, riverfront homes in Tampa, Florida, can rent for up to $367 per night, compared to only $120 for inland properties of the same size.
Higher level of privacy
One of the benefits of owning a waterfront property is the added level of privacy it provides. Because of the limited number of neighboring properties, this type of property is more private. But be aware that waterfront properties often share space with beaches, walking paths, and other homes. If you want more privacy, you may want to opt for a larger property with more land. This will give you more space to enjoy the outdoors without worrying about your neighbor’s noise or view. Also, consider how you and your family enjoy the outdoors. For example, if you spend a lot of time on the beach, waterfront properties may give you more freedom to enjoy the water at your leisure.
Besides its location, the type of water that’s accessible from a waterfront property is another benefit. For instance, an east-facing waterfront will provide you with views of the sunrise and sunset. In contrast, a waterfront property on the south will give you more direct weather. It is also important to consider the water type, color, and temperature. This can influence the value of your waterfront property.
Waterfront properties require more upkeep than other properties. This is because the natural elements and humidity can have an impact on the exterior and interior of a home. In addition, water attracts more pests than other environments. Therefore, you will need to prepare your home for floods and high winds. However, the benefits of living in a waterfront property are well worth the added upkeep.
Waterfront properties often need to be built with stormproofing and seawalls. Having a seawall installed on your property is especially beneficial because it prevents erosion and damage to coastal properties. However, if the seawall is not built properly, it will need more frequent maintenance. It is wise to hire an inspector to inspect the seawall’s sturdiness.