The Million-Dollar Question - Is Lake Wylie Waterfront Property Worth it?

Dated: June 22 2023

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Introduction:

The thought of having your own Lake Wylie waterfront property is exciting. Living on Lake Wylie has always been a dream for many homeowners and investors. It offers tranquility, natural beauty, and access to various outdoor activities. As a home buyer or an investor, one of the million-dollar questions that you may be asking yourself is whether waterfront property is worth it. In this blog post, we will explore whether waterfront residential property values increase faster than average and the value of living on the water.

Body:

Waterfront property has always been associated with exclusivity and high prices. But does its value increase faster than average? The answer is YES. According to the National Association of Realtors, from 2012 to 2017, waterfront property median prices increased by 36%, while non-waterfront property median prices increased by 27%. This trend is consistent across various states in the US. Waterfront property owners enjoy a premium on their investments as the demand for waterfront property continues to grow.

Location is the most significant factor in determining the value of waterfront property. Waterfront homes located in popular tourist destinations or areas with high-end amenities, such as golf courses, marinas, and recreational facilities like found in River Hills in Lake Wylie, often command a higher price tag. The size of the waterfront property, the condition of the home, and the available amenities all influence property values.

Living on the water has an intangible value that goes beyond cost... The natural beauty of the environment, the peace, and quiet create an incredible sense of tranquility that is second to none. Imagine waking up every day to a beautiful sunrise or sunset over the water. The view and calmness the water offers can help you to reduce stress, enhance creativity, and improve your overall health and well-being. These factors alone could be priceless for certain people.

Owning waterfront property could also be a good investment. As more people search for real estate on the water, rental properties have become a viable option for investment. Vacation rentals, short-term rentals, and even long-term rentals are in high demand in waterfront areas, especially in the summer months. Rental property ownership could yield a nice stream of income for the investor while enjoying their property during the off-season.

Living on the water also offers an array of recreational activities such as fishing, swimming, kayaking, and boating. For those who love nature and the outdoors, owning a waterfront property offers more opportunities to spend time doing the things you love. Not only is it a great way to stay active, but it can also lead to unforgettable memories with family and friends. 

While owning waterfront property is a dream for many, it also comes with its fair share of challenges. Waterfront properties require regular maintenance, particularly if located near salt water. This can lead to higher maintenance costs and more frequent repairs compared to a typical residential property. Additionally, waterfront properties are often more vulnerable to natural disasters, such as flooding, hurricanes, and storm surges. Insurance costs may be higher as a result. Thankfully, living on Lake Wylie or Lake Norman, we do not have salt water problems. There is also little risk of flooding, or hurricanes in the area, since the lakes and water level is controlled by Duke Energy.

Conclusion:

In conclusion, waterfront property is undoubtedly worth the investment, both in terms of its increasing value and the intangible value of living on the water. It offers a sanctuary away from busy city life, breathtaking views, and instant access to a range of recreational activities. So, if you're in the market for a new home or investment property, don't hesitate to consider a waterfront property - it might just be the perfect place you've been looking for. Please reach out and I would be happy to discuss waterfront options on Lake Wylie to help you understand if it is something that is right for you. 

Blog author image

Greg Forrest

I grew up in Northern Michigan, then lived in San Francisco and Seattle for over 20 years, and witnessed the good and bad impacts of fast-growth real estate in these markets. Over that time, I travele....

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