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What You Need to Know before Buying a Waterfront Home

8 June 2020

Cody Day

Throughout history, people have felt the urge to live on or near water, which makes the high demand for waterfront homes today make perfect sense. There's a lot to love about the idea of living on the water, including things such as:

• Stunning water views
• Communities created with similar interests
• Easy access to water (whether coastal waters, lakefront living, or even living on rivers)
• Easily enjoy water activities

Some people find waterfront living to be inspirational. There's nothing quite like watching the sunrise from your balcony or deck while eating breakfast or drinking your morning coffee. It is a beautiful thought to have when looking for a home. However, there are things you should consider when exploring waterfront homes for sale. Here are just a few things to consider if you're new to waterfront homes. 

1. Understand Flood Risks of Waterfront Homes

Before you purchase a waterfront home, it's a wise plan to see when the last time the home or area flooded, how frequently the area floods, and what safeguards have been put into place to reduce flooding risks for residents (this includes things like flood gates and local efforts to reduce or minimize shoreline erosion).

Additionally, you should check out the costs of home insurance when pricing waterfront homes for sale in the area. The National Flood Insurance Program (NFIP) available through FEMA maxes out coverage at $250,000 for homes. If you're considering homes in excess of that value, you will likely need to purchase private flood insurance and should consider that cost while pricing waterfront homes in your area.

2. Understand Mental Health Benefits of Waterfront Homes

Flood risks aside, waking up to water views has been found to relieve stress and improve feelings of wellbeing. In other words, waterfront homes are good for your mental health, according to a Michigan State University study. Whether you intend to live in your waterfront home full-time or to use it as a vacation home, easy access to this home and the views it affords can do amazing things for your stress levels and mental health.

Waterfront homes can be amazing investments, affording you a lifestyle that is the envy of friends and family. Just make sure you understand potential risks and added costs wrapped up in the investment. Doing so can help you enjoy your investment and the many benefits it delivers for a lifetime to come. Contact real estate agents to learn more. 

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