Maximize Your Waterfront Home's ROI: What to Look For Before Buying
Posted by Dave Kotler on Wednesday, May 10th, 2023 at 11:12am.
Imagine living in a remarkable luxury home that is replete with the finest appointments and details that exude the feeling of opulence. Now, visualize having that home situated in front of the Pacific Ocean, a flowing river, or a recreational lake. Sounds great, right?
Not only can this dream be realized, but luxury homebuyers can optimize life along a shoreline by going in with eyes wide open and knowing the guidelines for water access. Read on to explore a few ways to get the most bang for your buck and boost the value of your luxury waterfront home with a few upgrades.
Enjoy Great Water Views in an Outdoor Living Space
Optimally, a pre-owned, semi-spec, or custom luxury home will be situated to maximize the waterfront views from the indoors with an open-concept floor plan and expansive windows. However, owners will likely spend some time outdoors when the weather is pleasant.
So, why not construct outdoor living areas, gazebos, and decks that offer unobstructed water views? Occupants and guests are likely to frequent these areas more often when transformed into a cozy respite. The best way to make the most of outdoor spaces facing the water is to put in comfortable furniture and other installations that promote the waterfront lifestyle.
The style of an outdoor living space is always at the owner's discretion, but a few must-haves for a luxury waterfront home beyond furnishings often include top-of-the-line outdoor kitchens. With grills, side burners, warmers, and refrigeration, an outdoor kitchen invites good times to carry on with stunning waterfront views.
Consider a dining table in the area and a fire pit to encourage gatherings that can go on into the night and even on chilly days. Maximize space by finding furnishings offering built-in storage or choosing pieces that fold or nest together easily.
Build a Boat Slip or Private Dock
Luxury homeowners who enjoy boating may opt to house their boat at a neighbourhood marina, but those who want quick access might want to construct a private dock or boat slip. Before getting set on building a dock, it's important to note that docks will be occupying Crown Land in British Columbia, meaning it will be necessary to obtain a formal license and permission to build a dock legally. The first step is to check out any community association rules concerning dock and boat slip construction. They may require owners to make a formal request to obtain permission.
If permission is granted or not required by an association, the next step is to apply for a license from a local office. The license will typically have limitations for the dock installation that may include:
- Cannot interfere with navigation or other rights
- Must abide by environmental covenants
- Cannot impede or interfere with public access
- Limitations of use concerning residential vs. commercial
Remember, licenses are not automatically conveyed at the sale and must be assigned. Depending on the body of water the dock will be placed on, a floating dock could be more beneficial, especially on shorelines with fluctuating water levels due to tides. According to statistics, floating docks can add over $25,000 to a waterfront home's value.
Live in a Community with More Amenities
Several additional perks often grace a waterfront home community—some don't even revolve around the water itself. Some of the most common amenities found in these neighbourhoods include:
- Community-only marinas
- A full-service clubhouse
- Planned activities
- Heated pools & spas
- Picnic areas
- Community events
- Game areas
- Nature trails
- Laundry facilities
Every neighbourhood will offer access to different amenities, so inquire about what the community offers before signing a contract on a luxury waterfront property.
Review Water & Beach Access Rights
All water in the province of British Columbia is strictly regulated under the ownership of the crown. Property lines extend to the shoreline but don't include the foreshore itself. Water licensing rights and deeded access allows owners to use the waterfront, but they do not own any of the water that exists below the high watermark.
However, waterfront boundaries can change due to erosion or accretion, which falls under riparian rights per the province. Should this occur, it may require a new survey to re-define the property, which can be important when it comes to matters such as:
- Property tax issues
- Building on the property
- Building on the shoreline or the water
Essentially, just living on the water doesn't automatically mean riparian rights. Owners need to find out if any other parties have protected access to the water that might prohibit some aspects of what can be done on the property.
Ensure You Can Enjoy the Waterfront to the Fullest
When it comes to purchasing a luxury waterfront home, maximizing the value of your investment is essential. One important factor to consider is how you plan to use the water in front of your property, and also consider the sorts of activities buyers will be interested in when it comes time to sell. Before making a purchase, it's crucial to ensure you’re getting all the desired perks of owning a waterfront property.
- Swimming: If you're planning to take a dip in the water, make sure it's safe to do so. Check for any water quality advisories or warnings in the area. You'll also want to consider the depth of the water and any potential hazards, such as rocks or underwater currents.
- Boating: If you're an avid boater, make sure you’re allowed to use your preferred type of boat. Some lakes may not allow motorized boats but be alright with other options like kayaks and canoes. A boating restriction can be a deal-breaker for some buyers, so it’s essential to know what is and isn’t allowed.
- Private Docks: Many boaters prefer having a private doc instead of docking their boat at a public marina. If this is the case for you, it's essential to check with local authorities to see if a private dock is allowed and what permits may be required. Additionally, check to ensure that the dock does not violate any environmental regulations and that it's safe to use for both you and the surrounding ecosystem.
- Fishing: If you enjoy fishing, make sure that the water in front of your property is suitable for your needs. Check for any fishing restrictions or regulations in the area, such as catch limits or closed seasons. You may also want to consider the type of fish that are commonly found in the area.
By ensuring that you can do everything you want with the water before purchasing your luxury waterfront home, you'll be able to fully enjoy your investment and maximize its value.
Ready to Make the Most of a Luxury Waterfront Property?
Homebuyers can easily make the most of their luxury waterfront home with these quick tips. From maximizing the waterfront views with comfortable and inviting outdoor areas to knowing the rules and regulations for constructing docks and access rights, homebuyers can realize their dreams going into the investment with a bit of knowledge. Be sure to read any contractual agreements concerning the property and what is not permitted there before buying to ensure it meets your lifestyle needs.
Kelowna Luxury Waterfront Home Resources
Dave Kotler