What to consider when purchasing waterfront property
Updated: Jan 9, 2022
There is something alluring when it comes to real estate located by the waterfront from seaside plots to those besides lakes and rivers. "I do like to be beside the seaside" is a well known tune and for good reason, many people aspire to live by the sea / water from owning a barge and traveling the canals to villas besides golden sand beaches from the lakes of northern Italy to apartments on Sydney Harbour in Australia.
Most occasions there will be a premium to pay due to demand, lifestyle and views being the common most reasons people chose to live by the waterfront. The ability to add terms such as 'riverside apartment' can increase asking prices and be deemed as luxury over standard when researching real estate for sale / rental.
Seeing as most waterfront locations will be at a premium, it is important that we take in to consideration advice when it comes to purchasing.
It will be no surprise that being by the water could lead to extra flood risks so the most important part of your purchase will be to acquire the relevant building insurance and in specific, flood insurance - These can be at a premium and it is important to inspect, ideally with legal help, all terms and conditions.
On some occasions there may be added restrictions on building regulations for waterfront property such as landscaping, modernisation (including window styles), colour of paintwork and more.
You may also have added responsibility (or not) on maintenance of your waterfront (mostly inland ie rivers / lakes) which could mean you are required to clean banks, cut back branches repairing of footpaths and more.
An important part of choosing the best property is to study the build / construction / condition as being close to water (especially sea / ocean front) can see weather damage from high winds / sea (salty) spray. You will generally have higher maintenance costs such as paint / brickwork (rendering) / metal work (rust damage).
Title Image credit: Pixabay