Living near water is a dream for a lot of people. There is something about water that calms us, gives us a sense of tranquillity. For some, it is about the sound of waves crashing on the shore or the soothing sound of a river rushing by. For others, it is about the natural beauty of living near water, the views, and the spectacular sunsets. Still, for others, it is about the laidback lifestyle and holiday feel of living near water.
Location, location, location!
Location is everything in real estate. In addition to the basic human desire to live near water, buying waterfront property is has other attractions. Waterfront properties indeed tend to cost more than properties elsewhere - this is a factor of supply and demand. There is more land that is not near water than land that is adjacent to water. Even then, land near water can't always be built on because of environmental reasons, because the soil isn't suitable, or because the waterfront is too rocky and rugged. At the same time, people want to live near water which keeps demand for waterfront properties consistently high. I'd recommend at looking at buying real estate in Alexandria MN (lakes area)
A broad spectrum – from isolated waterfront home to city life.
The picture painted in the opening paragraph of this article is just one version of what people imagine waterfront living to be like. The truth is that there is a broad range of experiences of living on the waterfront. From an isolated waterfront cottage with only the cries of seagulls breaking the silence, to an apartment overlooking the East River in New York City with the constant noise of traffic, boats, and helicopters.
To decide what is right for you, I would like to propose three factors that anyone wanting to purchase a waterfront property should consider!
The first factor to consider is the purpose of purchasing a waterfront property. If you’re a mid-career professional purchasing a home to live in and raise a family, your purpose is more pragmatic – you want the perks of living near the water, but you need to balance this with access to employment and quality schools. Other common purposes for purchasing waterfront properties are to have a home to enjoy during retirement or a holiday home for your family. In these cases, you need to make no compromises! A final purpose why someone wants to purchase a waterfront property is for investment, in this case, you need to consider the purposes of the other groups mentioned to target your ideal tenant.
Once you have a clear purpose for purchasing a waterfront property, it is important to dig a little deeper into the lifestyle that you want. Are you imagining an active lifestyle with lots of water sports? Are you imagining peace, quiet, and nature? Are you hoping to pursue any specific hobbies? What kind of community life would you like? To illustrate this, some waterfront communities are very seasonal. If you want that year-round holiday vibe, you might be disappointed when the winter months roll around, seasonal visitors and inhabitants leave, and shops and restaurants close down. Take your time to imagine day-to-day life on the waterfront, and then take some more time to find out as much as you can about your chosen waterfront location to ensure that you can enjoy your desired lifestyle there.
Only once you have a firm grasp on your purpose and your intended lifestyle, can you truly evaluate if a particular property meets your needs. It’s natural to want to start looking at properties as soon as the idea is in your head to purchase waterfront property. But without a clear purpose and lifestyle proposition, you might fall prey to Shiny Object Syndrome. This is when every house you go to look at presents you with new ideas and possibilities, and the more houses you look at, the more overwhelmed you get by the choices, and you are unable to make a decision. It’s easy to develop a crush on several houses at once! When picking that one house that will ensure a fulfilled and happy life, it must support your purpose and enable your lifestyle.
Happily Ever After
Once you have found the perfect waterfront property, it’s time to enjoy your life to the full. Secure in the knowledge that if you ever want to move on and sell it, you’re likely to be able to sell quickly and profitably. With this knowledge, you can sleep easy!