Waterfront Homes: How to Buy on a Budget


What to Know About Buying a Waterfront Home

Are you considering buying a waterfront property? Waterfront homes are highly desirable and with good reason. Living on the waterfront is something that many people desire.

You may imagine waking up listening to the sound of the waves crashing, sitting on your porch drinking a cup of coffee at the beginning of the day. Waterfront properties bring an ambiance that other homes do not have.

You have the windows open in your home, enjoying the cool breeze blowing through your home. This sounds like a dream for many! Waterfront homes are considered luxury homes.

It is possible to enjoy living in waterfront homes on a budget with a little planning. If you already have your ocean or lake house and want to save on expenses, you will find some tips to help you live on a budget.

How to Buy Waterfront Homes on a Budget

Cover Everything When Living On The Water

There can be more costs associated with living on the waterfront. If you live on the oceanfront or anywhere near the beach, the salt air can be very corrosive. There are some budget-saving hacks to consider when living on the water.

You may find that there is much more moisture on your outdoor patio or deck. This can result in the growth of mildew and sometimes even mold. You will need to maintain this, and this is something that you can do yourself by power spraying the deck or patio.

Protect your outdoor furniture. There are conditioners for metal furniture that can be sprayed on it to protect it from the sunshine and air.

Cover the outdoor furniture during the winter months, and if there are removable cushions, bring them inside, or store them in a storage box. This will help you to save on replacing your outdoor furniture every year.

Make sure to cover your barbeque throughout the year as well. The salt air will rust barbeques fairly quickly. It is a good idea to cover it up every time you utilize it.

Be sure to address any deferred maintenance on your home. There are many DIY tips for addressing deferred maintenance that will save a bunch of money.

Choose Economic Aquatic Sports when Living in Waterfront Homes

Depending on where you find your waterfront property will dictate what types of aquatic activities you can have. If the area allows boating, be sure to investigate what types of boats and sizes are allowed.

Having a boat that remains in the water can be expensive and require a lot of maintenance. The bottom of the boat needs to be cleaned regularly, and if there is wood on the boat, that will require maintenance. Anything that requires maintenance costs money.

Some great activities on the waterfront that are more economical include kayaking which might be initially expensive. However, you may be able to find a kayak on Craigs List or any other reseller site! Most kayaks are made of plastic and can be taken out of the water fairly easily, and don’t require maintenance.

Other activities to consider that are more cost-effective include stand-up paddleboarding. Again, this may be expensive initially, but once you have the board and your paddle, you are good to go. And it is a great workout!

Consider Buying a Home Located on an Interior Lot

Consider buying a home on an interior lot but near the water. Ensure that you still have access to the water. An interior lot near the water can literally save you hundreds of thousands of dollars. You may still end up with an amazing view.

Homes that are located on the second row from the beach or the lake are still valuable given the close proximity to the water. And you can still get the benefits of living near the water.

Consider Buying a Waterfront Home That is a Fixer-Upper

Homes that have deferred maintenance or are fixer-uppers may be a great way to buy waterfront homes at a lower price. However, when buying a fixer-upper, you have to plan ahead on how much your renovations will cost. This is true of any home in bad condition.

This needs to be factored in if you are considering purchasing a home that is a fixer-upper. And there are some excellent tips to avoid overspending on a fixer-upper that will help you save some money.

Purchase a Vacant Lot For a Waterfront Home

Consider looking a little out of the area that is trending and hot right now. Look a little further away from where the prices are not that inflated.  Purchasing a vacant lot allows you to have your waterfront property, and then you have the option of building a home.

Before you begin the home building process, you may need to obtain a construction loan. Ideally, you will be able to build the home of your dreams but before you get it designed, be sure to create a needs vs. wants list!

If you are buying a resale, there will be many mortgage programs to choose from as well.

There are many questions to ask when building new construction. If you have ever done a remodel or renovation to your home, it is exciting but also stressful.

Any construction project will likely have delays in the original time period, which can cost money. It is wise to plan ahead and know what to expect with new construction. The reality is that whenever you embark upon new constructions, things may not go perfectly as you have planned.

Inexpensive Landscaping

Generally speaking, the lots that are located on or near the water are smaller in general. So there is not as much area to the landscape.

There are generally planters along the side of your home and front and the rear. There are many creative landscaping ideas that can be done on a budget. You can also use colored pots planted with color to accessorize the home. Planting the area yourself is a great way to save money while adding to the home.

Final Thoughts about Waterfront Homes

You have some options when buying waterfront homes, and be sure to plan ahead. Working with a top Realtor will help you to identify the best areas to buy waterfront homes at a more affordable price.

By being more proactive with the maintenance of the home will also help to save money on a regular basis. It takes a little planning, but it can be done.