What You Should Know About Owning Waterfront Property
Owning property set along a lake or beach might be your ultimate dream, but living along one of Orlando’s many waterways can come with more maintenance and issues than you may initially realize. If a lakeside purchase is your first experience with homeownership, there can be a steep learning curve as you master all the tasks required to keep your home in pristine condition.
Here are some of the top pros and cons of buying property along a lake or another waterway. Consider these points before you purchase a home along the water.
Pros: Increased opportunity for investment growth
While no property is recession proof, property along a lake or waterway is less likely to lose value. Everyone sees the value in living close to a body of water and you can expect the offers you receive once you list the property to reflect this. However, while the price your property can command might not drop, the number of qualified buyers will be smaller than it would be for a moderately priced home in an average neighborhood.
Cons: Increased moisture is harder on every surface and fabric
Living close to the water means the air traveling through your home and all around it is loaded with moisture, which can have a hard effect on many different surfaces. Some of the effects of this increased moisture might include:
- Rust on metal surfaces
- Mold growth on fabric
- Increased stripping of wood stains and finishes
Pros: Lifestyle and Recreation Opportunities
There is a reason people pay top dollar to visit hotels along the waterfront or take beach vacations. Being close to the water can naturally help relieve stress and tension. Sipping your coffee on a deck overlooking a water view makes facing the drive in to work much more bearable, and weekends can be packed with leisure activities on the water. If you are raising a family and struggle to get them away from electronics and television, living close to the water can help you expand the kinds of things you can do outdoors.
Cons: Waterfront and Water Adjacent Are Not the Same
You may live on a lakefront property but have no access rights to the water or the land directly in front of the water. In this case, you are not likely to get as high of a price when you try to sell the property. You may also find it very inconvenient to enjoy activities like boating with no dock of your own. Similarly, a property with a water view but that is not actually along the water can be less valuable than you may anticipate.
If you are looking for a lakefront property to call your home, The Core Group can help. Contact us to get expert help finding the property of your dreams.