Whether you’re looking to purchase a home near a beach, a lake or even a pond, nothing beats watching the sun rise and set over the water on your own piece of paradise. Hearing the sounds of nature at home can help you relieve stress and calm your mind. And let’s be honest: Being able to look out your window and glance at the ocean or a river is much more appealing than looking at rooftops and buildings.
Owning a waterfront property not only sets you apart from the masses (considering how exclusive these properties are in the United States) but provides the opportunity of having an exciting lifestyle. Due to the high demand around such units, profit margins can rapidly increase. These are a few of the benefits that come with owning your paradis privé facing the water:
Supply and demand: Acquiring a waterfront property provides you a nearly 100% guarantee of monetary gain, since such properties are available in limited quantities. Buying a waterfront property sets you apart. There’s only so much land available near the water, making this a coveted investment. A waterfront unit can be a private oasis while still holding market value.
Lifestyle: A property facing the water could attract future investors interested in water-based activities, should you ever decide to sell your home. Those who enjoy diving, snorkeling, boating and other water sports are willing to pay top-dollar for a property providing that lifestyle from the comfort of their own home. In the future, even if the property devalues, the value of the land will increase due to its limited availability.
Short-term rental: Think about how much of a profit you could make by listing your waterfront unit as a short-term rental option for vacationers when you aren't at home. With this growing trend, those owning these in-demand properties will have a greater chance at expanding their profit margins and having a passive source of income. Just don't forget to secure your valuables and check with your insurance company to see if they cover your belongings when listing your home as a short-term rental unit.
Location: Living in a waterfront property can feel a lot like being on vacation 24/7. For those looking to enjoy the benefits of owning such a property, I suggest locations currently experiencing economic growth. Look for areas surrounded by lakes or near the ocean. Such areas attract business owners, which will put you right in the middle of all the action while still maintaining your privacy. I know firsthand that my local market of Miami and nearby West Palm Beach have seen a massive increase in companies flocking to their area in order to bring more business while enjoying the peace and quiet of the water.
How To Own Your Piece Of Paradise
If you’re getting ready to purchase your first waterfront property, you must be prepared for a few things. Such properties require a higher maintenance investment due to humidity and other natural elements (chiefly salt, if you’re by the ocean). If you’re going to be near a lake, be ready to fight off a few mosquitoes here and there, since water usually attracts more pests than other environments.
As demand continues to rise for such exclusive and desirable properties, the current market is offering incredible waterfront investment options in major American cities. If you’re not just looking to buy a new home but to make a future profit, an important question to ask your real estate professional is what the price of your desired waterfront property was 20-30 years ago. Then, compare the appreciation rate with similar neighborhoods away from the water.