When your thoughts drift, where do you go? Many individuals dream of the sound of gently lapping water, either sunset views or sunrise, water sports, and more by envisioning waterfront property. Imagine, every day, waking up to that dream. Truth be told, however – as with many things in life – there is an upside and a downside to owning property on the water. If your dream house involves a waterfront home, the following is something you may be interested in. We are going to briefly examine waterfront property, its pros, and its cons.
Buying Waterfront Property – The Upside
People love waterfront property. There are always a lot of fun activities going on. Yes, the benefits are many. Let’s take a look at some of them:
- Different types of bodies of water mean varying kinds of water sports. Snorkeling gear, rowboat/kayak, surfboard, paddleboat, etc. could be smart investments to add exercise and fun to the picture.
- Whether the waterfront property is your permanent residence or a vacation home, staying there will always feel like a vacation. As a waterfront property owner/resident, you will also be privy to a greater level of contentment and peace.
- Generally speaking, it’s a good investment to purchase waterfront property. Whether your waterfront property will be considered a getaway or an investment, selecting one of these types of homes as a second home would likely be a good idea, investment-wise. Be sure to research your location thoroughly. Ideally, a significant level of appreciation will occur over time.
What Could Go Wrong?
Though there are many positive, beneficial, enjoyable factors to be considered regarding the purchase of waterfront property, there can be some drawbacks. Here are some of them:
- There might be a lease. Check to see if the water itself is owned by the United States Army Corps of Engineers, or another federal/municipal entity (power company). If so, the land waterfront homes are built on as well as the shoreline is owned by them. There may be a lease where the waterfront home you’re looking at is concerned.
- If privacy is a real hot button for you, when you move to waterfront property, you might want to expect the unexpected – lots of visitors. Not only to your home but in the surrounding neighborhood, lots of people will flock to the desirable area.
- There will be numerous “extra” costs and high insurance. For flood insurance, some specific requirements are applied to lakefront properties. Utility expenses can add up, there may be an annual fee that needs to be paid, etc. What’s more, because of the risk of injury to the home or residents, for waterfront properties, there are usually higher insurance charges. The type of necessary coverage may also be mandated by your lender or by local laws.
- Do not forget about the expenses involving wear and tear. Frequently, mother nature and the elements can wreak havoc on waterfront homes because there is little blocking them. Your home may be broken down by the water’s salt and humidity. The interior might be damaged by people tracking in water and sand. Natural disasters, mist, storms, and more are not out of the picture. Compared to one that’s inland, you’ll also likely work harder on a waterfront property’s maintenance.
All of that said, few things in this world are comparable to the joy of owning waterfront property. Are you interested in purchasing Bergen County waterfront property as your second home, or possibly your main residence?
Purchase Waterfront Property Through NJLux Real Estate
Let’s talk about waterfront real estate! My name is Joshua M Baris. I’m a Bergen County realtor and your source for Bergen County luxury homes for sale and luxury real estate/New Jersey listings.
Call me at 201-771-1969 or email me at josh@njlux.com. You can FB message me at m.me/njlux or, if you choose, open the lines of communication by using my website’s convenient online form.
