Getting a Bargain in Waterfront PropertyJanuary 3, 2012
The decision to purchase a waterfront home can be considerable in terms of cost. However, there are hidden bargains—if you know what you’re looking for. There are a few simple strategies that will help you and your REALTOR® find the hidden gems of your area in your home search. The first strategy is to expand your home search by including properties located a short distance from the water—often, a property located a street or two from the waterfront will differ dramatically price-wise. Though second-row beachfront and lakefront properties may no immediately seem as attractive a prospect, they may in fact be as easily accessible, provide equally attractive views, be less susceptible to stormy weather damages and benefit from a significantly lower price tag, making them waterfront home bargains.
Condos and duplexes are also wise waterfront investments, as duplexes are popular beachfront home options that allow homeowners a freestanding home at a lower cost, while condos are price-savvy options because developers can construct more homes on less property. Condos allow a larger payoff on investment, but remember to calculate in maintenance and homeowners association fees on waterfront condo properties.