Whether you’re buying a family home, a holiday home, or an investment property, you’re most likely thinking about its value now and into the future. This train of thought may even play a part in which property you buy and where it’s located.
However, if you’re not quite sure where to begin on your property purchasing journey and you want to make a wise investment decision, consider starting with waterfront properties. There are many surprising reasons why they can be worth your while.
Out of the many benefits of living on the water, one of the biggest is the potential for returns. Even if you don’t plan on selling your new property for some time, it can give you a lot of confidence to know that you likely won’t lose money when the time comes to put it on the market.
According to some sources, lakefront properties have appreciated more than several others in recent years. Even when the market is at its slowest, they tend to maintain their value at a bare minimum. In part, this may be a case of basic economics. There’s a limited supply of waterfront homes for sale, so there’s likely to be high demand.
Selling your new waterfront property for a profit may not even be on your mind, but there is still money to be made while it’s under your ownership. If you purchased it as a holiday home for your family to enjoy at certain times of the year, you could rent it out as a short-term vacation home when you’re not using it.
There is potential for you to earn several hundred dollars each night, and all because people want to experience living on the water for themselves.
It’s not very often that you come across properties for rent in desirable waterfront locations. If you have purchased such a property as a sound investment, renting it out full-time may be an excellent way to earn a steady income.
You might have heard many tenant horror stories, but the weekly asking price may help you secure only the best tenants. What’s more, a tenant can look after your investment rather than you having to pay someone to mow lawns, tend to gardens, and keep it looking lived in.
Even if you haven’t yet decided if now is the right time to invest in real estate, there can be one way to make it seem like a desirable option sooner rather than later. Take note of how much you spend on your average family vacation.
The cost of one night of accommodation can sometimes be more than what you pay on your mortgage in a week. If you have pets, as most Americans do, you also often have to pay someone to care for them since many hotels and motels have no-pet policies.
When you factor in travel costs, hotel cleaning fees, and set times of the day you have to arrive and leave by, you’ll soon see why investing in a waterfront property is worth your effort.
Out of all investment types, real estate is one of the soundest options. If you want to maximize your profit potential as much as possible, it might be time to talk to a realtor about potential waterfront properties that suit your needs.
Photo by Brendan Steeves on Unsplash