Many dream of having a home by the water one day. The view, the fresh air and the novelty of living in a waterfront home, are appealing to home buyers. But, getting a piece of paradise comes with a price, and it’s often higher than those of regular homes. Why is that?
Waterfront homes are what dream houses are made of. Just ask ERA Cousens. As such, they do come with a price. Here are some reasons behind the cost of paradise.
You Don’t See Them Every Day
Beaches and lakes are at least an hour’s drive from the city, so you literally don’t get to see them every day. Properties near them are even rarer. There are lands located by beaches, lakes, and rivers. But, among the millions of real estate properties available, only a small fraction of them are developed and move-in ready waterfront homes. Because they are a scarce commodity, they have a high value.
They Are the Ideal Setting for Recreation and Lifestyle Change
Living by a body of water brings a sense of tranquility to the residents. In addition, it enhances the rest of the environment. While living in waterfront homes comes with safety concerns, the surrounding view and ambience seem to make up for them.
Also, it’s because the waterfront setting allows for a different lifestyle. Desirable recreational facilities such as marinas, malls, and restaurants also make the most of the beautiful backdrop. Because of this, they are able to cater to waterfront residents who take their services as a welcome change.
Home Prices Are High
As the economy recovers from the recession, home prices are increasing. Prices of residential properties have risen by 17% in the last three years. Waterfront homes are keeping up with the price hike as well.
There’s a high demand for them, and availability is a concern. Many coastal lands are undeveloped, and real estate companies are rushing the process to meet the demand for them.
You want a piece of paradise, but so do many other homebuyers. For this reason, and several others, it comes with a price.