Recent Buying Selling Lifestyle Investor Tenants
Recent Buying Selling Lifestyle Investor Tenants
Lifestyle Investor

Top Tips for Waterfront Properties

16-Aug-2019
Considering buying a waterfront property? Here are a few things to consider before you splash out. Andrew Winter shares his expert advice!

If you love a stunning vista, and you’ve got deep pockets you can’t beat an absolute waterfront property. You cant be built out, and limited supply means there will always be demand.

But life on the water isnt always a beach, so here are a few things to consider before you splash out.

Don’t assume waterfront means peace and quiet… you could find your afternoon nap is be disturbed by a school of roaring jet skis.. Always check what craft use the water as well as the local speed limits, so you don’t get a nasty surprise.

A waterfront doesn’t entitle you to build a jetty either. Because you don’t own the water at the end of the garden. In Sydney Harbour, roads and maritime services own the title right up to the high water mark. So you’d need to get a lease from them as well as permission from council.

If you’re buying a property with an existing foreshore structure, check with rms that the lease covering it can be transferred to you, as some can’t be reassigned. Otherwise tying up that boat could get you into some very expensive hot water!

Finally, check who’s responsible for maintaining the seawall.. These are costly to fix – and depending on your location building 100m from scratch can cost up to $400,000. That’s got to hurt – even for the buyers at the top end of town!

SOURCE: Lifestyle

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