What is Waterfront Worth?
When deciding on your dream home, vacation home, or retirement home you’ve probably debated between a country property with land or a seaside escape. Both properties would have a great view, both would help you to relax, both would keep you active. Level of enjoyment may be comparable.
However, if you’re looking to pass on your property or reinvest your real estate investment later, you’re better off with a waterfront dwelling. Nationally, waterfront homes are worth double inland homes overall and increase in value over time.
For example, in Galveston home appreciation this last year was 10.22%. Compare that to the rest of the United States of a measly 3.74%. It’s not a temporary increase in home appreciation either. In the last 10 years the home values in Galveston have increased by 25.77%, while in the rest of the United States home values have decreased by 0.68%. For long term value stability, waterfront homes are a secure investment.
Galveston is not alone in their appreciation rates. Check out this map to see the local coastal home value increase comparison.
Ready to invest in a worthwhile waterfront property? Whether you are building or renovating an existing property, Putnam Builders can help!