Riverfront, lakefront, beachfront ― any property described with such words make a buyer envision endless recreation and tranquil views. Many homebuyers assume that having a waterfront property means vacationing 24/7 and 360 days a year.
Does this sound appealing to you? Some would say it’s a dream come true. If you have the same thinking then we would like to weigh in a little. Lakefront property is expensive and requires a lot of upkeep. However, if you are a boating enthusiast and own a watercraft or a fleet then it makes sense to have waterfront property. Before making the final decision, why not take a look at the following pros and cons:
It Allows You to Lead a Healthy Lifestyle
Did you know that living in a lakefront property can reduce your stress levels? All that greenery you are surrounded with, as well as the fresh air, improves your wellbeing and mood. Such factors play an important role in reducing chronic health problems such as high blood pressure, diabetes, and heart disease.
Your Personal Dock Saves the Docking Fee You Pay at a Marina
Having a lakefront property and owning boats is the perfect recipe for savings. Renting a slip at a marina costs around $250 per boat for a year, which is money you could spend on building a do-it-yourself dock. Add in other expenses such as maintenance and protection, and you will be paying around $400 to $500 every year, just for docking your boat.
Investment Potential
In today’s world of self-rentals and Airbnb, a lakefront property proves to be an excellent and successful investment. The amazing views from such properties are what give them high rental potential. If your lakefront property is your second home then you probably spend your summer vacations there. This gives you the perfect opportunity to put it on Airbnb for earning on the side.
Access to Watersports
From swimming to parasailing, speed boating, and more, a waterfront property presents you with dozens of exciting options. Decorate your dock with furniture and some tasteful art pieces and you have got yourself a great venue for hosting parties.
The pros of having a lakefront property outweigh the cons. However, if you are not financially stable then owning such a property might not make sense. Here are its cons:
Homeowners and Flood Insurance Costs
Since a waterfront property is more expensive compared to standard city properties, it has high home insurance. Moreover, depending on the area you live in and how high of a risk it poses when it comes to natural disasters such as floods and hurricanes, you will also need to buy flood insurance.
Lastly, repairs on waterfront properties are quite expensive because they need to be coated with an exterior finish that protects them from sand and salt damage.
In conclusion, if you have a high-paying job then investing in a waterfront property makes sense as you will be easily able to keep up with the repairs, taxes, and insurance payments.
If you are looking for quality covered floating docks or do-it-yourself docks then visit the website Nor Col EZ Dock. They offer different types of plastic docks in Ontario, Saskatchewan, and Manitoba. For more information, call on (800) 654-8168.
