Options for Affordable Waterfront Living
How to find a bargain in pricey communities without drowning in debt
Even with recent dips in
real estate prices, the cost of
living on the water can make
you gasp.
But there are ways to
own a place in waterfront
communities without spending
your kids’ inheritance.
These simply tips are guaranteed to put you in flip-flops and a bathing suit for less.
| Check out neighbourhoods you might
have once considered too pricey.
One example can be found in Cape
Coral- Florida, according to Denise
Monahan of Seacoast Cottage Company
Inc. Monahan says the area features
“hundreds of manmade canals, many with
direct, unobstructed access to the Gulf
of Mexico.” Prices there surged in 2004,
but they have recently come back down.
Tip: Talk to area residents for leads on
homes coming onto the market.
| Buy a street or two away from the
water’s edge.
South Carolina Realtor and broker
Sharon Simmons says, “Buy a property
that has a great view; the cost difference
can often be in the hundreds of
thousands. Second-row beach and lake
homes drop dramatically in price, yet
usually are only a few extra steps to the
water, and there’s a plus to buying a little
farther back:
They may fare better when a big storm
hits in terms of erosion”.
Tip: Make sure when you buy that you
have guaranteed water access.
| Go Urban.
Urbanisations / condo’s or developments are traditionally good buys
because developers can put more
of them on a smaller amount of
property, giving their investment a
bigger payoff and passing some of
the savings along to you the buyers.
Tip: Don’t fail to factor in usual maintenance
and homeowners association fees, when
you calculate your payments.
| Don’t pass on older places or
handyman specials.
True, that 1970’s-style kitchen with the
harvest gold and avocado bath sets may
give you nightmares, but you can use that
as a negotiating point with the owners.
Tip: Consult an interior designer of local
handyman to see how much the work
would cost to remodel before you sign on
the dotted line.
If you crave living near water, there’s
something for almost every budget you
just have to research. Once you’ve found
Duplexes are particularly popular at that special place kick back and watch the
the beach and are a great way to land sun slip beneath the lake, river or ocean
a freestanding home at a lower price. outside your door.
Tip: If you have the bucks, buy both
sides and rent out the other one for extra
income.
| Consider a duplex.
| Take your time and really look around.
Once you have discovered the area
you want to purchase in, scout around,
there are always hidden pathways,
tracks that once ventured down
often lead to housing developments.
Tip: Be patient and don’t forget to
look for houses up for sale as part of
an estate.