 | Daily Real Estate News | June 9, 2008 |
3 Tips for Buying Waterfront Homes
Who doesn't want a house by the beach? Owning a place near water is practically a universal desire, which makes waterfront homes a solid real estate niche in pretty much any market.
Jen Miller, author of The Jersey Shore, Atlantic City to Cape May offers these tips that you can share with anyone contemplating the purchase of waterfront property – whether it’s in New Jersey or elsewhere:
- Be specific when zeroing in on a location. Do buyers want a getaway right on the beach, or just within walking distance of water? The price difference between the two is often quite notable. Some buyers are content being within easy driving distance and don’t want to pay a waterfront premium. One caveat: If they're buying a property as an investment and/or plan to rent the property out all season, then proximity to water is a must. It's the first thing seasonal renters look for.
- Think about bad weather and what it means to you. Does the area frequently flood? Is it often hit by hurricanes? If so, how is that affecting current owners’ insurance? Many large insurers are refusing to insure frequently weather-damaged areas and even some areas that haven’t had weather damage in a long time, but could.
- Consider the implications of every season. What happens to the homes in the high season? Are they used primarily by the owners? Rented out per week? Rented out all summer to packs of 20 somethings and their closest friends? Prom weekend hot spot? Buyers who have the time should visit throughout the season to see how the crowd changes.
Source: The Jersey Shore, Atlantic City to Cape May, Jen A. Miller (06/08/2008)
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