Travis White Newport Beach, real estate expert, discusses the pros and cons of investing in waterfront property.
Travis White Newport Beach Real Estate: Pros of Buying Oceanfront Property
There are many reasons people buy waterfront properties. However, you may not realize the financial gain potential, according to realtor Travis White, Newport Beach real estate specialist.
Appreciation: Waterfront properties often see the highest rates of appreciation. When real estate is booming, people looking for vacation homes often bid up the prices in communities such as Newport.
Good Investment: Travis White Newport Beach real estate investor noted that many people buy waterfront homes for vacation rental opportunities. That way, they can make money off the view even if they are not there to enjoy it. Often, money from rentals can cover the cost of mortgage and upkeep on the home throughout the year.
The View: When you buy a waterfront home, you pretty much have a permanent view guaranteed. The same cannot be said of new construction and in land development. Someone can always build a bigger building to block your view, according to Travis White, Newport Beach real estate realtor.
Travis White Newport Beach Real Estate: Cons of Buying Oceanfront Property
There are also disadvantages to buying waterfront property, including the following:
Added regulations: Travis White, Newport Beach real estate expert, cautions investors to work with real estate professionals who know the area. That way they can familiarize themselves with specific roles in the area. For example, some areas have organizations that have approval power over what you can do to the home. These groups may restrict certain renovations and size improvements.
Privacy Concerns: Having a home on the water gives you a priceless view. However, if you live on a public beach, you may see strangers walking past your home. Any vessels passing by the home can also see your property and may be able to see into the home. Travis White of Newport Beach real estate suggests adding shades for privacy.
Climate Change: Travis White Newport Beach real estate investor, cautions prospective buyers to find out about recent weather patterns and sea-level changes. If possible, it may make sense to buy homes on higher ground.
Travis White, Newport Beach real estate believes the real treasure of beachfront property transcends the monetary value of the home. Waterfront homeowners have a view that asks as a balm for the mind and spirit despite the potential risks.