By: Joelle Andersen, TOMO
Deciding to make a move to a waterfront home is a big decision. There are things to consider that a buyer wouldn’t have to think about when looking for a home that is landlocked. If looking to move to a home on or near the water, Tomo, a real estate and mortgage company, curated a short list of where to look around New York State.
Check out some towns where waterfront properties are available right now:
This eclectic list of towns range from Upstate New York to 30 minutes outside of New York City. Buying a waterfront home can be idyllic, but there are several cons and considerations that potential buyers should be aware of. Here are some things to consider when buying a waterfront home:
1. Higher Costs: Waterfront properties often come with a premium price tag compared to similar homes located further inland. The cost of purchasing and maintaining a waterfront home, including insurance, taxes, and upkeep, can be significantly higher.
2. Insurance Challenges: Insurance for waterfront properties can be more expensive and more complex. These homes are often at higher risk of damage from floods, hurricanes, and coastal storms, necessitating specialized insurance coverage, which can add to ownership costs.
3. Maintenance Intensity: Waterfront homes typically require more frequent and specialized maintenance due to exposure to saltwater, humidity, and harsh weather conditions. This includes regular painting, sealing, and upkeep of docks, decks, and seawalls to prevent deterioration.
4. Environmental Factors: Living near water exposes the property to environmental challenges such as erosion, water quality issues, and potential hazards from marine life. These factors can impact the property’s condition and require ongoing monitoring and mitigation efforts.
5. Regulatory Restrictions: Waterfront properties are often subject to strict zoning regulations, environmental protections, and permits for shoreline development, docks, and other improvements. These regulations can limit what you can do with the property and add complexity to renovations or expansions.
6. Accessibility Concerns: Some waterfront locations may have limited accessibility or infrastructure compared to urban or suburban areas. This can affect access to amenities, emergency services, and commute times, particularly in remote or less-developed areas.
7. Risk of Natural Disasters: Waterfront properties are more vulnerable to natural disasters such as hurricanes, coastal storms, and flooding. Assessing the property’s resilience to these risks and having adequate insurance coverage are crucial considerations.
8. Seasonal Variability: Depending on the location, waterfront properties may experience seasonal variations such as extreme weather conditions, water levels, and accessibility issues. This can impact both enjoyment of the property and practical considerations like maintenance schedules.
9. Resale Market Dynamics: While waterfront properties can appreciate in value, they may also take longer to sell compared to homes in more central locations. The pool of potential buyers for waterfront homes is often smaller and more specific in their preferences.
10. Privacy and Noise: Depending on the location, waterfront homes may be subject to noise from watercraft, nearby public beaches, or recreational activities. Privacy concerns can arise, especially during peak tourist seasons or holidays.
Understanding these cons and conducting thorough due diligence before purchasing a waterfront home is essential to making an informed decision. While the lifestyle and beauty of living on the water can be appealing, potential buyers should weigh these factors carefully to ensure they align with their financial, practical, and lifestyle goals.
Published by: Martin De Juan
