With almost six million homes in the United States sold in 2018, it’s expected that the market will see 6.12 million homes sold in 2020. If you’re looking to buy property, this means you can find plenty of homes to buy across the country either as your family home or investment for passive income.
In some states, there are plenty of waterfront properties to choose from. While waterfront properties are most popular in states on the East and West Coast, there are also waterfront properties available in land-locked properties. As long as your home is beside or close to a beach, lake, river, or any other body of water, it’s considered a waterfront property.
Because of its unique selling feature, waterfront properties can be slightly more expensive than a regular house. But is it worth it? It depends on certain factors.
Consider Your Long-Term Needs
Not all waterfront properties are in high demand because some waterfront houses are near better bodies of water than others. For example, houses on Miami Beach currently have a property value of $406,200. While some beachgoers may consider properties in Oceanfront and La Gorce as ideal places to live in, if you own property in that area, that house’s value is dropping really fast at almost 6.65% every year. This is because scientists have shared their concerns that around 12,000 homes in Miami may be threatened by rising sea levels within the next 30 years. So, if you’re looking for long-term property investment, there’s a huge risk with buying properties in this area.
Choosing the right waterfront property for your needs can really affect your decision. Do you like the crisp smell of salty air and breezes from the beach? Or, do you prefer the quiet and calm waters of a lake?
High Demand of Waterfront Properties
If you’re looking to invest in properties to rent out or resell, waterfront properties can have a very high demand. Sure, there’s a market of people who are looking for average homes, but waterfront properties are a niche on its own with a limited number of properties and a large demand.
With such a high demand, if you’re looking to rent or sell, there’s a high chance of finding a buyer. Anyone can build a house, but if you have one of the limited number of homes by the water, it’s a more unique place to say it.
Culture and Community
People who live in waterfront properties often do so for similar reasons. Some have similar interests like surfing, swimming, or fishing. Others live there as a retirement home or as a family home close to the water for their shared interests. There’s also the fact that waterfront properties often have a year-round vacation feel, especially if you live in an area swarming with tourists during certain months of the year.
Because of these reasons, you’ll find that the community is very social compared to regular communities. You’ll find that it’s more relaxing and warm and easy to get involved in the community. And given that good neighbors can increase your property value, it’s a good point if you’re looking to sell waterfront property.
So, if you’re interested in living in or buying waterfront property, it can be a good idea if you know what you’re looking for. Do your research on certain waterfront areas and see which one matches your budget and the kind of lifestyle you hope to achieve living next door to a body of water.