Living on the waterfront has its advantages and disadvantages. It is less expensive than living on land, but you also face higher rental potential and increase burglary risk. Maintaining seawalls, docks, and decks can also be expensive. However, these factors are all minor and can be balanced against the positives of living on the waterfront.
Living on the waterfront is often expensive, but there are ways to save money and enjoy the views. If you can afford it, look for waterfront properties near big lakes like Diamond lake waterfront homes for sale. Otherwise, try towns near rivers or bays with water access. You can even find relative bargains on oceanfront homes in the right region. However, keep in mind that insurance costs are higher near the water.
Higher Rental Potential
Waterfront properties can be lucrative, as they tend to appreciate faster than inland homes. These properties also have a higher rental income, so investors can cover their costs and even make a profit. Waterfront homes also offer a higher quality of life. The calm and tranquil ambiance makes it easier to enjoy a more fulfilling life. On the downside, waterfront properties tend to require more maintenance.
Another potential downside to a waterfront property is its higher cost. Buying a home on the waterfront is more complex than buying a home anywhere else. There are more factors to consider, like the location and season. Additionally, you may need to consider the property’s maintenance, insurance, and taxes.
Cost of Maintaining Seawalls, Docks, and Decks
Seawalls and docks are an important part of any waterfront property and can last for decades. To maintain them, you should regularly inspect them for cracks, warped metal, and leaks. Any of these issues should be fixed promptly. Sometimes, you can do this work yourself, saving money and time.
Seawall repair costs range from about $100 to $200 per linear foot, depending on the type of material used. However, seawall replacement costs around $500 to $1000 per linear foot. In addition, you may need to hire a marine structural engineer to check the seawall for damage. The cost of these services will depend on the material used and the height and length of the seawall. The complexity of the job also affects the price.
Seawalls protect the shoreline and decrease the risk of landmass loss from rising sea levels. They also provide real estate and recreational opportunities and can help protect a property from erosion. When a seawall is in poor condition, it will erode over time and fall apart. In addition, an inadequate seawall can make your property look small, affecting its value.
Higher Insurance Premiums
Homes near water can be more vulnerable to storms, making them a higher risk for homeowners. As a result, insurance premiums are typically higher than those for comparable homes further inland. However, many homeowners may be able to reduce their insurance premiums by taking extra precautions to protect their homes. For example, installing storm shutters in your home can help you save money on your insurance premiums.
Insurers will consider the home’s size in their calculations for flood insurance, and large houses by the sea might see large increases in their premiums. But federal officials say these hikes are an exception and that most homeowners will see smaller increases or decreases.