Pros and Cons of water front properties???? (Sarasota, Port Charlotte: insurance, new house)

[Tallguy66]

As I am searching for a Sarasota property, I see many on lake or canal property. Aside from the obvious enjoyment of the view, are there downfalls? I would imagine that my insurance may be more, but what about the bug and critter effect. Also.... though I would be paying more for the location, would you say that it would remain a good investment buy having stepped up for the location?

[TamRE]

I know you asked about canals and lakes but here are some basics. In determining the pros and cons of a waterfront property, it depends on the type of waterfront – gulf, harbor, canal, lake, pond, etc.

Cons
1. Homeowner insurance – you will pay higher for homeowner insurance and flood insurance
2. Seal wall – insurance generally doesn’t cover anything that happens to your sea wall
3. Canal depth – dredging can be expensive
4. Pesky Critters – alligators, mosquitos
5. Dock maintenance
6. If you are living near salt water, there will be higher maintenance on the home as well
7. There could be erosion to the property or storm surge

Pros
1. They are desirable
2. They are limited
3. They hold their value
4. The view
5. Boating, fishing

[Tallguy66]

Thank you. Many that I am seeing are on a " canal like" lake that is obviously man made, but is not for boating because it doesn't connect to any other water. Looks more like a large alleyway between homes and only runs the length of the block or so. Since there is little maintanence, is it still a liability to live near?

[SoFLGal]

TammyRE listed some very good pros and cons of living on canal/lakefront. I'll list a few more. If you're looking at any waterfront make sure the body of water is moving. If it's stagnate water then you're most likely going to have a mosquito problem. Mosquitoes lay their eggs in stagnate water.

Also, if you have a canal or lake with brackish water (salt and fresh water mixed) you're going to have alligators. That's not usually too much of a problem as long as you're sensible about the situation. They are generally more scared of you then you are of them as long as they have not been fed.

Canals with gulf access are more valuable if they are on sailboat water and:
1. Have no bridges out
2. Have good water depth
3. Are wide and preferably have seawalls

Waterfront property generally holds its value more than property in other areas. Yes, I would consider it a good investment depending on the exact location and price you purchase at.

[Big House]

You need to keep everything into consideration when making this determination. The pros and cons are too much to list.

But, here is a story a friend of mine gave me when he was considering buying property and building on the Turks and Caicos Islands. I thought it was a good story.

He was looking for some land on the Island. He visited there every year and loved it. So he decided to buy some property and live there in his retirement. After a day of looking at waterfront / beach property, he stopped in a local bar that was frequented by a lot of islanders. While sitting at the bar he asked a local patron for some advice on which waterfront property was the best. The patron said none of them.

He was surprised, he saved his whole life for this and now this guy said none. So he asked a couple other people, and they said "none!" So... he asked why? They said, see all those beautiful new houses along the water - they look fantastic don't they. Of course, they do!! Ok, said one of the old timers, what do they all have in common?? Hmmmm, he thought. . . "They are all new!" Yup, they are all new, because they always get damaged in the big storms we have here. So buy something with a great view on high ground.

That is what he did. He still has to bail water out of his house when they have a big storm, but the house is still there, and he has been in a couple hurricanes already.

. . . I live on a canal, and I love it. But, all my eggs aren't in one basket. I think you have to consider what you want out of life, and don't be afraid to go for it. Some things are tooooo good to pass up!!

[Big House]

Originally Posted by Tallguy66

Thank you. Many that I am seeing are on a " canal like" lake that is obviously man made, but is not for boating because it doesn't connect to any other water. Looks more like a large alleyway between homes and only runs the length of the block or so. Since there is little maintanence, is it still a liability to live near?

You do need to keep an eye out for alligators, but many have fantastic bass fishing! Some are big enough to put a kayak or a small bass boat on.

[Ladywithafan]

Originally Posted by TamRE

I know you asked about canals and lakes but here are some basics. In determining the pros and cons of a waterfront property, it depends on the type of waterfront – gulf, harbor, canal, lake, pond, etc.

Cons
1. Homeowner insurance – you will pay higher for homeowner insurance and flood insurance
2. Seal wall – insurance generally doesn’t cover anything that happens to your sea wall
3. Canal depth – dredging can be expensive
4. Pesky Critters – alligators, mosquitos
5. Dock maintenance
6. If you are living near salt water, there will be higher maintenance on the home as well
7. There could be erosion to the property or storm surge

Pros
1. They are desirable
2. They are limited
3. They hold their value
4. The view
5. Boating, fishing

Cut my seawall teeth back in the mid 90's on Anna Maria Island...everything above is true...and definitely follow Big House's little ancedote & hit the nearest local dive, once you find a piece of frontage you like & get the real low down.

[sware2cod]

Waterfront property is generally worth more than non-waterfront property. This brings higher property taxes year after year.

[Messing About]

In my opinion...as a canal home owner...if ain't Gulf access, it ain't worth paying extra for.
Bridges are only problems for sailors...many fishing boats can go under bridges, but make no mistake...you should arrange a boat ride to/from any property before making your offer. That way you can see bridges and locks if any and better compare the different waterfront listings/locations.

I've had to shore up my rip rap seawall and now I'm facing a little dock section collapse but I love my Port Charlotte canal home....with direct Gulf access.

Just because the listing says waterfront or canal, that doesn't mean Gulf access.

[SoFLGal]

Originally Posted by Messing About

In my opinion...as a canal home owner...if ain't Gulf access, it ain't worth paying extra for.
Bridges are only problems for sailors...many fishing boats can go under bridges, but make no mistake...you should arrange a boat ride to/from any property before making your offer. That way you can see bridges and locks if any and better compare the different waterfront listings/locations.

I've had to shore up my rip rap seawall and now I'm facing a little dock section collapse but I love my Port Charlotte canal home....with direct Gulf access.

Just because the listing says waterfront or canal, that doesn't mean Gulf access.

Good points! I also forgot to mention the distance out to open water when I listed some of the important factors when considering waterfront property. If it takes over an hour to get out to open water it's doubtful you'll be doing it very often.