There are many considerations that need to be made when buying Florida waterfront homes. Some of these issues include the overall cost of the house, homeowners' insurance and the maintenance needs of a house near water.
First, to make sure they can afford a Florida waterfront home it’s wise for potential buyers to look at all their expenses.
Although Florida waterfront homes often appreciate more than other Miami luxury homes inland- because there is always a demand for homes on or near water-it could also cost 20 percent to 40 percent more to purchase.
The cost of Florida homeowners' insurance is another issue for home buyers with Florida waterfront homes. Many larger companies won't insure homes within a mile of the water whereas some smaller carriers will. Premiums can run up to 30 percent higher for Florida waterfront real estate because of the potential higher risk.
PROS of Florida real estate on the water:
- Ocean properties are in high demand and are often a great investment either for resale or rental income
- Fewer mosquitoes and insects as the ocean breezes push them westward
- Wonderful environment for children - away from the pollution of the city and a sedentary lifestyle
- Great exercise potential for people of all ages, be it swimming or walking along the shore or coast
- Ocean breezes make the hottest summer day feel cooler
CONS of Florida real estate on the water:
- High hurricane insurance premiums
- High maintenance required, as the salt air corrodes metal, pipes, etc., and causes rust spots on concrete surfaces
- Painting must be done more frequently
- Cars are prone to rusting and have a shorter life span
- Most locks need a shot of lubricant every so often
- Air conditioners must be kept on constantly to prevent mold
-- Contributor,
Eric Harari, for MLR Realty
