Canada has oceans on each coast and hundreds of freshwater lakes. It’s no wonder many of us are attracted to waterfront properties either as our primary residences or recreational properties.
For many, nothing beats having a property close to a slice of paradise like a body of water—it can be incredibly stress-relieving. There are a couple of things you might want to know about the benefits of owning property that faces the ocean or a lake.
A Wise Financial Investment
If you decide to purchase a home or cottage on the water, you will likely do well financially should you ever decide to sell. There are only so many properties available with a direct water view, so the market value of these homes and recreational properties is typically at a premium.
Waterfront properties attract investors looking for a distinct lifestyle that includes activities such as boating, fishing and waterskiing, and they’re willing to pay top bucks for that lifestyle.
Those who own property on the water say it’s like being on vacation 24/7! Along with offering possibilities for fun, being by the water can also offer rest and relaxation.
As a waterfront property owner, you can turn a pretty good profit renting out your home or cottage in short-term spurts. When you’re on vacation yourself, think about renting out your home to others who might enjoy the close proximity to the ocean or lake.
In Canada, however, you’ll never own the actual water since bodies of water aren’t considered private property in the country. Riparian rights—rights of landholders whose properties run into water banks—differ by province and territory. Having an experienced real estate agent review water access and landholder rights before you purchase waterfront property can save you from any surprises.
When Mother Nature Has a Tantrum
Ocean or lakeside living can have its complications—some of which may surface when the weather acts up. If you have a waterfront lot with plans to build a home or cottage, you might want to pause and think about what types of building materials you’ll use. It could also affect the actual placement of your home since you might have to consider the tides.
Seeing that your home or cottage is close to water, you’ll have to pay attention to humidity levels. If you’re on an oceanfront, you’ll also need to consider how saltwater spray might affect your home.