Have $500,000? Here Are Five Waterfront Homes for You.
Outdoor space The home has a spacious balcony.
Taxes .625 percent of home price annually
Price $399,000
In a town that’s part of the upscale waterfront region of the Hamptons, this apartment is in a gated beachfront complex that has three other buildings. Shared amenities for residents include a heated pool, an outdoor shower, 24-hour security, parking and laundry. The hamlet of East Quogue is part of Southampton, which is full of notable restaurants and stores.
Size 565 square feet
The home This studio has a distinct beachy feel, with white cedar floors and large windows that overlook the bay and are prime viewing spots to catch picturesque sunsets. The full-size kitchen has white finishes and a long counter that doubles as a bar with seating. The sleeping area has a folding wooden partition for privacy.
Outdoor space The apartment has a bay-facing balcony that’s large enough to accommodate a table with four chairs.
Taxes about $40 a month, with $560 in homeowner fees
How To Spend Less for a Waterfront Home
Avoid top destinations Waterfront locations that already have a thriving real estate market and are in high demand are inevitably more expensive than less established spots. “You’re going to pay a markup on a property in a popular destination,” said Cicely Wedgeworth, managing editor for news and insights at realtor.com. If you’re keen on a particular location, but it’s out of your price range — Riviera Maya, Mexico, for example — you can probably find a less pricey home in a nearby region that offers the same beautiful beaches, but isn’t as well known.
Opt for a two-bedroom condo Rich Barnhart, owner of By the Sea Realty in Fort Lauderdale, Fla., which sells waterfront properties, said two-bedroom waterfront apartments offer the most value. Homes that are three or four bedrooms are hard to come by and more costly because demand for them is so great. Mr. Barnhart added that one-bedroom condominiums tended not to hold their value and were not the best investment. However, they are an inexpensive option for second-home buyers who don’t need extra space and plan to hang on to the property.
Consider lakefront properties Generally, homes on or near lakes are more affordable than beachfront ones, Ms. Wedgeworth said. Buyers also have more choices to pick from. “There are more interior regions with lakes than there is coastline, which comes at a premium,” she said. “You can get more for your money and find a larger property for less on a lakefront.”
Forgo the amenities While most waterfront developments or buildings have swimming pools, expect to pay more for resort-style amenities like spas, restaurants and beachside food and cabana service. If these extras aren’t a priority, your cost of living — the home’s upfront price and its monthly maintenance fee — will be lower.
