Waterfront or Not Waterfront Property…That is the Question!
I bet you or someone you know will buy real estate soon. Should buy waterfront or non waterfront property? This question applies to everyone in all real estate markets worldwide!
A friend just asked me this question! He was deciding between buying a large new house in a planned subdivision or a smaller, older house on the water, with a dock and private beach.
Which would you buy? Why?
Professor Real Estate® recommends you buy the waterfront property. Learn Something Real Estate and see why below!
1. Everybody wants waterfront property! Demand is high for it!
2. No matter where you live (or vacation!), Miami, Coral Gables, New York, Paris, London – waterfront property is normally more expensive and retains its value even in a down real estate market.
I bet you’ve driven by a “tear down house” or vacant land on the water and thought you found a steal! You were surprised to find out the owner was asking so much. You were more surprised when someone bought it for that price!
You may wonder why.. is that Buyer crazy? Who would pay so much for that old house or vacant land when I could buy a brand new house for less?
Many buyers pay premium for waterfront land because they know waterfront property retains its value!
Often, property appraisals value waterfront land at higher value than the house on the land!
3. Waterfront property gives you an exit strategy. It is normally easier and faster to sell waterfront property because it is scarce and many people want to own waterfront property.
If you decide to buy waterfront property good for you! You still need to make sure it’s a good deal!
Check out some past Professor Real Estate® Blogs and tune into new ones to learn how to make sure you have a good deal!
Some upcoming Professor Real Estate Blogs to help you make sure you have a good deal are:
Get Your “Feet on the Street” -Get to know the neighborhood and prices so you know if you have a good deal)
Do Due diligence – Investigate the property to make sure it is in good repair and you are aware of all issues)
Use Common Sense Math – Can you afford the costs of your mortgage, property taxes and maintenance of the property.
Don’t Zone Out – Check the property’s zoning so you know what you can and can’t build on the property!
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Disclaimer: Professor Real Estate® written materials apply generally to real estate subjects and are not intended to apply to specific legal issues.
Copyright © 2012 Suzanne Hollander, Professor Real Estate® The People’s Professor.