Are you thinking of buying a waterfront home on the Gold Coast to live in or as an investment? A waterfront home can offer beautiful views, plenty of privacy, and easy access to fishing, boating, and swimming. However, there are also some drawbacks to consider.
Considering today’s real estate market, buying a waterfront home is a massive investment. Therefore, you want to carefully consider the pros and cons before signing on the dotted line.
This article will explore the pros and cons of buying a waterfront home. By the end, you should have a better idea of whether or not this type of property is right for you.
The pros of owning a waterfront home
Waterfront homes on the Gold Coast are highly coveted for their beautiful views and easy access to fishing, boating, and swimming. They also have an average price tag of around $1.5 million, making them a major investment. In fact, according to property consultancy Knight Frank’s 2022 ‘Australian Waterfront Premium‘ report, Australia’s waterfront properties are now worth 79% more than their inland equivalents.
Waterfront homes also often have their own pontoon dock, which is a massive bonus. A pontoon provides even easier access to all the water activities the area has to offer, including the ability to moor your own boat. This could provide substantial savings if you were to otherwise pay marina fees.
Plus, waterfront living also provides plenty of privacy, as waterfront homes are typically located on large pieces of property. Whether you’re looking for a place to retire or investment property on the Gold Coast, a waterfront home will provide everything you’re looking for and more.
- Waterfront homes offer beautiful views
- You can enjoy plenty of privacy
- You’ll have easy access to fishing, boating, and swimming
- A waterfront home is a massive investment, that pays off!
The cons of owning a waterfront home
Waterfront homes are often more expensive than non-waterfront homes. You’ll also need to maintain the property, pontoon dock, and landscaping. And, if you’re a landlord of a waterfront property, you have pontoon responsibilities to uphold regarding safety. While Micks Marine Maintenance can’t help with your property or maintenance, we can certainly assist with your pontoon maintenance needs and alleviate any related stresses.
Another possible downside of buying a waterfront home is that it may have property restrictions (e.g., no pontoon docks, boats, etc.). Therefore, if the driving force behind buying a waterfront property is to be able to moor your own boat, you’ll want to check that this is possible first.
Also, waterfront properties are more susceptible to storm damage from rising water levels. They also come with higher council rates due to the property’s value.
- Waterfront homes are more expensive than dry blocks
- You must maintain the property and pontoon dock
- There may be property restrictions
- Your home could suffer damage from rising waters in a storm
- You’ll need to pay higher taxes due to the value of the property
How to decide if a waterfront home is right for you
Deciding if a waterfront home is right for you can be tough. While many people dream of owning a waterfront property, there are a few things to consider before making the leap.
One of the most important factors is your budget. Waterfront homes tend to be more expensive than their inland counterparts, so you’ll need to make sure you can afford the mortgage payments. Another factor to consider is your lifestyle. If you love spending time outdoors, a waterfront home on the Gold Coast is an ideal choice. You’ll have easy access to fishing and boating, and you’ll be able to enjoy stunning water views every day from your home or pontoon dock.
There are many benefits to waterfront living, but there are also some potential drawbacks that you should consider before making the jump. Before deciding, weigh the pros and cons listed above carefully.
The cost of waterfront homes and the associated expenses
waterfront homes are among the most desirable properties on the Gold Coast, and they come with a unique set of challenges. One of the biggest challenges is the cost of waterfront homes. According to the Australian Waterfront Premium report, waterfront homes on the Gold Coast had a premium of 71% in Q3, 2021, meaning buyers can expect to pay a lot more for a waterfront home in 2022.
In addition to the higher purchase price, waterfront homeowners also face higher council rates and ongoing pontoon dock and jetty maintenance costs. These hidden costs can add up quickly, so it’s important to be aware of them before making the decision to buy a waterfront home. Waterfront living isn’t for everyone, but for those who are willing to pay the price,
Tips for buying and living in a waterfront home
waterfront homes are a great way to enjoy the outdoors and the benefits of being on the water. However, there are a few things to keep in mind when purchasing and living in a waterfront home.
First, it is vital to consider the location of the home. Waterfront homes are often more expensive than other homes, so choose a location you can afford. Popular waterfront suburbs on the Gold Coast include Runaway Bay, Coombabah, Jacobs Well, Biggera Waters, Benowa, Broadbeach Waters, Palm Beach, Hollywell, Sovereign Islands, Helensvale, Paradise Waters, Ashmore, Varsity Lakes, Currumbin Waters, Paradise Point, Hope Island, Coomera Waters, Surfers Paradise, Mermaid Waters, Clear Island Waters, Ephraim Island, Sanctuary Cove, Carrara, Bundall, Burleigh Waters, and Robina. If you are looking to buy a waterfront home in one of these suburbs, either wait till the market settles down or buy in the same market as you sell in, so they cancel each other out.
Second, waterfront homes require more maintenance than other homes. Be sure to factor in the cost of regular repairs and upkeep when budgeting for your new home. In terms of pontoon maintenance, it is essential to check the dock for damage regularly and repair any damage found. The gangway should also be routinely checked for damage and repaired as needed. You can read one of our many blog posts that provide pontoon maintenance tips to keep the need for maintenance at a minimum. A few of my top recommendations are listed below:
- How To Clean Aluminium Gangways & Pontoons
- 5 Pontoon Maintenance Tips from an Expert!
- How to Achieve Longevity From Your Pontoon
However, if you buy a home with a pontoon dock that needs a little TLC, Micks Marine Maintenance is here for you, providing quality and affordable repair and maintenance services.
Finally, waterfront homes can be susceptible to flooding and other weather-related damage. Be sure to purchase adequate insurance coverage for your new home. You’d hate to be caught off guard by a severe storm or another disaster.
Conclusion
Waterfront homes are among the most desirable properties on the Gold Coast. They come with unique challenges, including higher costs and increased maintenance needs. However, for those who are willing to pay the price, waterfront living can be a gratifying experience. Be sure to consider the pros and cons carefully before deciding to buy a waterfront home.
If you have any questions about buying a waterfront home, or if you need pontoon dock repair or maintenance services, please contact Micks Marine Maintenance. We’re here to help you enjoy all the benefits of owning a waterfront home on the Gold Coast.
Waterfront living can be a great experience with a little planning and preparation. Bon voyage!