If you are someone who has always dreamed of living on the water, you might assume your dream will always remain a dream. After all, buying a home on the waterfront costs a fortune, right? Well, in some cases, that assessment is really correct — but there are waterfront homes to be had more affordably if you know what you're looking for. Here are some tips to help you find a waterfront home without spending a small fortune.
1. Look on lakes, not on the ocean.
While the first image of a waterfront home that comes to mind might be of a home on the ocean, there are plenty of homes on the shores of lakes, too. For example, you can find homes on the shores of all of the Great Lakes — Superior, Huron, Erie, Ontario, and Michigan. Since living on a lake is not seen as quite as posh as living on the ocean, these lakefront homes tend to be more affordable. However, you still get that lovely view of the water and beach access.
2. Look a little "off the beaten path."
Often, in waterfront towns, there is a busy hub where you'll find lots of restaurants, shops, a boardwalk, and so forth. The closer a home is to this area, the more it will cost. After all, most people want to be right near the action. A home that is a mile or so from the busy section will likely cost a lot less. You can buy a few bikes and ride into town instead of walking yet still have a home on the waterfront for a lot less than the people down the street are paying.
3. Buy a fixer-upper.
Many people who buy homes on the waterfront do have a large budget and want to move right in. If you have a smaller budget but are willing to do some work on a place, that could work in your favor. Look for a fixer-upper that needs some work such as a new roof, new siding, or a good paint job. There is sometimes so little demand for these fixer-uppers that they sell for significantly less than they are worth.
If you have always dreamed of living on the water but don't have a fortune to spend, keep the tactics above in mind. You can find a home you'll love at a more affordable price if you put in the effort.
To learn more about buying waterfront homes, contact a real estate agent.