Last Update 5 maanden geleden
One of the newest dreams of Indian homebuyers is to live by the waterfront Properties near an ocean, a river, or a lake. They are popular because they are close to natural or man-made sources of water, like a pond, rivers, streams, canals, or even the sea. But buyers often don’t realize that living on the water has its own set of problems. Even though it might sound like a dream, one of the worst things about living close to a water source is that it can be hard to keep up.
If you want to buy or are thinking about buying a waterfront property, you need to know all the details. Let’s talk about the pros and cons of living close to a water source.
Pros of Waterfront Properties
01. Potential for price appreciation – Near bodies of water, there is usually not much land for sale. Taking into account how attractive these places are, investments tend to grow over time. There is no hard and fast rule, but in most cases, the prices of waterfront properties have gone up significantly over time.
02. Improved fitness – When you live near a body of water, you are just seconds away from sailing, kayaking, fishing, and skiing, among other water sports. You will live a healthier life if you do things outside, like walking along the water. Also, the air gets better as you get closer to the water.
03. Privacy – Most of the time, these properties are very private because they face a body of water on one side. Most places near bodies of water are in remote places. Because there aren’t many other places to live nearby, these homes are more private.
04. Splendid views – The views from waterfront properties are mesmerizing, and they are also highly private. Usually, new homes don’t pop up overnight in your area, so you can rest assured that you won’t be looking at the back of someone else’s house. Instead, you’ll have a great view of the horizon and the sunset.
Cons of Waterfront Properties
01. There are more rules – Depending on the city where you want to live on the water, there are a number of rules that apply to homes near water. A person who wants to buy a home on the water must know about the rules set by the local coastal commission for the Coastal Regulation Zone (CRZ) and the River Regulation Zone (RRZ).
02. Rising water level – Scientists have proven that global warming is a sign of climate change caused by humans. This, in turn, is causing water levels to rise around the world. Rising water levels could eventually make it hard for people to live near the shore, which is a real and growing concern.
03. Corrosive elements – Humidity, mist, erosion, and salty air are all bad for the outside and inside of waterfront properties, including the appliances and furniture. This usually means that you will have to spend a lot of money on home maintenance every so often.
04. High costs for home insurance – If you live near the water, you would pay more for home insurance than if you lived on the mainland. This is because hurricanes and heavy rains, which can cause flooding on the banks of the water body, happen often.
Tips to Buy Homes on the Water
01. Find the right real estate agent – If you want to buy a home on the water, you should talk to a real estate agent who knows everything there is to know about waterfront properties. The right real estate agent can help you find a home that fits your needs while taking into account the limitations of waterfront properties.
02. Waterproofing – If proper waterproofing hasn’t been done, you may have to putty and paint the walls often to stop water from getting in. This can be very expensive. It’s important to pay extra attention to basements because the groundwater around them makes them even damper.
03. Home or place of vacation – If you want to turn a property near a body of water into a vacation home, the weather and temperature changes throughout the year might not be a big deal. But if you want to live in such a place permanently, you need to think about how the weather works.
04. Rules for regulating the coast – The Ministry of Environment and Forests made rules for the Coastal Regulation Zone (CRZ) and the River Regulation Zone (RRZ) to protect the ecosystems near water. According to these rules, you can build a building in the CRZ-II zone and further, which is usually at least 500 metres from the high tide line. In CRZ-II zones, the Floor Space Index (FSI) can be between 1.33 and 2.1. From CRZ-III on, which is just past 200 m from the high tide line, the FSI is the same as in areas inside the city limits.
05. Find out how the land is set up – Find out from the local residents’ welfare association (RWA) and brokers about the land’s history and quirks, such as how high the tides can get and if there is a chance of flooding during the monsoons. You should also find out if the area has been known to breed waterborne parasites that cause diseases and how often the rules for coastal areas change. If you know about all of these small details, you can be ready for problems that come up out of the blue.
06. Costs and benefits of buying – Waterfront property is expensive to buy because it is in high demand from wealthy people who see it as a sign of status. So, make sure you save up enough money to pay for most of the property costs up front and don’t rely on a mortgage for everything. You probably already know that home insurance for waterfront properties is more expensive than for regular properties because damage from the elements is inevitable. Also, keep an eye out for hidden costs that could be a burden after the purchase, such as higher maintenance fees for water, sewer, or septic tanks.
Disclaimer: The opinions shown above are mainly for informational reasons and are based on market research. Deal Acres is not responsible for any actions made as a result of relying on the provided material and makes no representations as to its accuracy, completeness, or reliability.