Should You Buy or Rent Waterfront Property?
Your decision to spend more time living on the waterfront was easy. Deciding whether or not to buy or rent the waterfront home might be more challenging. Both options have their advantages and disadvantages to consider.
Should You Buy?
There are many reasons that you should consider buying your waterfront home instead of renting it. For instance, there is a real chance to build equity. Waterfront property is highly sought after, and there is less of a risk of losing equity over time with waterfront property than with many other types of real estate. As a result, buying is a sound investment that you more than likely will not regret.
Buying also gives you and your family a chance to get away at any given time. You do not have to wade through the various listings for rentals to find the perfect home. Instead of waiting on the rental you want to be available, you can simply pack up and go away when you want.
The home that you buy can be passed down through the generations. It can serve as a lasting reminder of you for your children and grandchildren. They will also have the added advantage of having property that will likely increase in value as time moves on.
There are some disadvantages to consider, though. One of the main issues is that you will have to worry about the upkeep of the property. Waterfront properties have special maintenance issues that could be expensive. For instance, you will have to worry about maintaining or replacing the dock.
Should You Rent?
Renting a waterfront property has its own perks, including that you do not have to worry about maintenance. The owner will be charged with taking care of the property. You only need to report the issues and continue to enjoy the stay.
Renting also gives you the chance to enjoy the experience without breaking the bank. Instead of budgeting for buying and upkeeping the home, you have to worry only about your rent and utilities.
However, there is a downside to consider. Due to the high demand of waterfront properties, the cost of renting the place could be a turn off. At the end of the day, you could be left wondering whether buying the property would be the smarter option.
A real-estate agent, such as one from CENTURY 21 Ryan Realty, can help you further weigh the pros and cons of renting and buying waterfront property. He or she knows the property and the various benefits and pitfalls that you could face.