Investing In Waterfront Property: More Than A Financial Decision

Investing in property tends to be focused on two motives.

The first is the ability to live in, and enjoy the property, including the neighborhood and region you’ve invested in.

The second of course, is the financial return most property owners are looking for. Whether that’s a short term or long term investment, this is a very strong factor involved in property ownership.

Waterfront property often fits within both categories sought while investing in property.

Waterfront Property Lifestyle

This lifestyle continues to draw increasing amounts of families and individuals. A feeling of freedom, connection with nature, quick access to a slice of water, whether it’s a lake, river, or ocean; all continue to draw people to waterfront property.

For some it’s the feeling of a mini vacation. Whether it’s your weekends with family and friends, practicing a water sport, or simply laying out by the water to soak in the sun, the mental and physical benefits of these mini retreats are undeniable.

For this reason, waterfront property can be seen as more than a financial investment. It can be an investment in yours and your families health and wellbeing.

Financial Return On Waterfront Property

Whether you’re looking for a short term gain or keep your property for a long term investment or passive income business, waterfront property can be a safe bet. Even during a turbulent real estate market!

One example of creating a profitable long term investment plan for your waterfront property is through the building of a business on the property. Often centered around tourism, giving people access to your property through a Bed & Breakfast, surfing, fishing, kayaking guides/rentals, or simply renting your property on AirBnB, these passive income strategies can generate other income streams.

If managing/growing a business on your property isn’t for you, that’s alright as well. Keeping the property to yourself while watching the market grow and selling later on in life is worth the wait.

Retirement Property Worth Investing In

Another aspect of investing in a waterfront property is for retirement.

Many future retirees hope to travel the country or world, but end up finding a nice property and spending their retirement days relaxing. The flexibility of a waterfront property mimicking the travel they had planned to do.

Additionally, waterfront property keeps the family of retirees coming back to visit and enjoy its benefits as well, ensuring the property is an investment focused on more than financial return.

Conclusion

If you’re still on the fence regarding an investment in waterfront property, give it some additional thought. Consider non-financial returns regarding family, vacations, retirement, and health & wellbeing. Be flexible in how you look at the investment and potential returns.

You don’t want to get to retirement and regret not finding the perfect property to enjoy your well deserved rest and relaxation.

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There are thousands of variables to consider whether you’re looking to buy a home or sell your existing property.

From personal or family variables, market outlook, and financing options, the list could never end.

It can be stressful!

But whether you’re hard charging through the process already or just toeing the waters a bit, consider these variables as you go through the process of buying or selling a property.

2018 Market Forecast?
  • It is expected that high rents are going to be have to be dealt with for another year.
  • There are some expectations that interest rates will rise.
  • The prices of houses are still expected to increase in mid level housing.

While this may seem like a dismal forecast if you’re looking to buy a house this year, with the proper approach and preparation it could prove to be a successful home buying year.

Get Creative With Location

Be flexible when it comes to up and coming neighborhoods or longer commuting times. Suburbs can offer great amenities whether you’re a growing family, newlywed couple, or single professional. Areas surrounding the trendy neighborhoods can also keep you close to your favorite amenities without breaking the bank.

Downsize As A Compromise

If staying in a specific city is a priority, consider new properties using popular space saving strategies. Some builders have found a niche creating smaller dwellings within their normal apartment construction projects. What they lack in square footage, they make up with space saving appliances, storage, and the ever popular Murphy bed. The price can be right and after a month or two of adjustment, you’ll feel right at home.

This approach can be taken with buying a new home as well. Be candid with how you can downsize your belongings and improve the use of space and you’ll be rewarded in the long run.

Federal & Local Government Impact

With President Trump’s tax reforms successfully passing the House & Senate, take-home pay is projected to increase for multiple tax brackets. The size of this increase will vary based on location and personal/family variables, but it could provide you with enough to open up buying or selling options.

Also, don’t forget to consider local property taxes. These fluctuate dramatically from city to city, so remain flexible with location to ensure the tax man doesn’t kill your budget.

What’s Available to You?

New home buyers, veterans, and special assistance programs can be a fantastic tool. Don’t just assume you don’t qualify based on down payment or credit ratings. You’ll be kicking yourself if you miss out on the savings!

Buyer’s Success

There are plenty of success stories surrounding those who have bought a home in similar conditions. Here are a few examples;

  • For one homebuyer who thought that the dream of being a homeowner was going to elude her taking the next step to see what assistance was available to her paid off.
  • Then for another individual choosing the right company to apply to for a mortgage allowed them to enjoy the experience of buying a home.
  • Not allowing a sudden change in circumstance such as a sudden illness to stand in their way, another new home purchaser was able to find a solution to their home buying needs.

The trend of the 2018 housing market is no doubt going to put more pressure on the potential home buyer to be more innovative and pro-active in finding their own individual home buying solutions, but the opportunity to do is definitely there.

Home Sellers

For home sellers they can continue to ride the wave of it being a seller’s market for perhaps another year, but don’t stay tuned out for too long. The market could change at a moments notice and you don’t want to get caught sleeping.

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Whether you own a small farm or vast commercial farm land, there are many ways to turn this land into a side income worth protecting.

What’s more is that you don’t have to dedicate this land strictly to farming, own farming equipment, or spend your days doing all of the heavy work.

With a different point of view of what the land can be used for and some unique approaches to generating income, you can optimize your land for what works best for you.

Traditional Farming Fallacy

Farm land doesn’t have to be ‘farm land’!

This fallacy often robs people of potential profits and even the lifestyle they wish they had. Start by reassessing what your acreage can be used for and you’ll successfully convert your land into a money making machine that works for you in more than one way.

If diving into a different industry is too risky or you, consider taking a different approach but focused still on farming.

Specialty Crops & Organic Only

Small quantity purveyors of unique and/or organic crops can do quite well under the right circumstances and with the right relationships.

Working directly with chefs & restaurateurs can help repurpose your farm acreage to suit the needs of these local or regional foodies. Small chain grocery stores, farmers markets, and co-ops are also great sales channels to consider.

The list of specialty crops that can be successfully grown is quite extensive. They give the opportunity to grow field crops that may produce popular produce but that which has not as yet flooded the market.

Solar Farm Leases

10 acres of solar panels could provide up to 330 homes with electricity. And of course give you a nice chunk of passive income.

There are plenty of hurdles to jump over before diving into your own solar farm, but the leg work ahead of time could be quite lucrative. In one of our previous posts on solar farm land we give some additional details surrounding potential profits and downsides, but this option could still remain viable.

‘Agrihoods’ Growing In Popularity

This option is dependent on multiple location factors, but leasing a portion of your commercial farm land for the purpose of residential growth could be another lucrative venture.

Suburban residential developments have been sprawling amongst farmland over the past decade, giving families access to healthy food options grown a stone’s throw away.

With over 200 existing agrihoods already started across the United States, perhaps it’s time to dig into this trend even further?

Bee A Good Neighbor

This option wouldn’t use very much space on your property but the environmental upside and potential profits are certainly worth the effort. Colony collapses are threatening bees around the world, which has major implications for our environment, food supply, and well being.

The cost of beekeeping is quite inexpensive and selling the honey won’t be difficult. We recommend Beepods as their beekeeping systems for farms and ranches are a great fit regardless of the size of your property.

Small Grain Growing

With the surge of new roasting grains and the supported health benefits, it won’t take much to turn your commercial farm land into a grain growing profit center.

Some uses of small batch grain growing are; salads, toppings for dishes including desert, nutrition bars, and even beverages.

For more on this alternative land use be sure to read our post on how small grain growers can cater to roasted grain enthusiasts.

Conservation Easement

Congress has given land owners a reward for their donation toward conservation easement.

Here are some details:

  • Donor can deduct 50% of their adjusted gross income up to the amount of the gift.
  • Allows qualifying farmers and ranchers to deduct up to 100% of their income.
  • Allows a donor to carry the deductions forward for up to 15 years.

These can be quite lucrative over time, so reach out to an attorney and your financial professional to assess whether this option will work for you.

With a little bit of research, some imagination, and of course some hustle, commercial farm land can be turned into multiple passive income profit centers, giving you peace of mind and perhaps the lifestyle you’re looking for.

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We have a new real estate buzzword for you! The latest coming from all over the country is co-living.

Focused primarily on a younger generation, co-living is a reference to roommates which is certainly not  a new term. Put simply, it’s an approach to living that involves a group of people in the same house, sharing its amenities and of course, the expenses as well.

The advantages of co-living are plentiful but two of the primary reasons more and more people are trying it is the low cost and neighborhood in which the living space is located.  It’s also much easier to find tenants to fill vacancies because people are looking for more affordable living accommodations now more than ever.

Before you dive right into searching for your first co-living investment though, consider the points below as they can determine the success of your venture in the future.

Purchasing the Right Co-Living Property

Purchasing existing properties and turning them into co-living spaces is often the best plan as new developments don’t have to be built and flipping a building is much more cost effective.

Searching for a duplex with features that can be easily torn down and rebuilt to specifications is a great place to start. Whether it’s a side-by-side or two-story duplex, these types of dwellings can suit the needs of pretty much anyone.

In larger metropolitan areas, triplexes, quad lexes, and townhomes are also great options to consider.

If you’re looking for a larger investment, an existing apartment building may be the right choice for you. Some apartment buildings may already have existing communal spaces that can be fixed up to meet the needs of your co-living tenants. Even if they don’t have existing communal spaces, you should look for properties that have space to flip into these communal areas.

Timing & Positioning Your Co-Op Living Investment

Below are a few examples of real estate investors solving actual problems that they come across within the market. You should consider diving into these trends on a local and national level to find markets to tap.

One developer sees co-living as being a viable living alternative for adults, not just the millennial or the kids in college. With much smaller retirement funds to tap into, the need for less living space, as well as evidence showing loneliness as a big contributor to poor health, it’s only a matter of time before co-op-living becomes the norm.

Another trend to follow is the nature of work. As the culture and values of Silicon Valley based companies continue to permeate throughout the country, how people work will continue to change.

Mark Zuckerberg’s famous five bedroom crash pad when Facebook began to scale is perhaps the earliest clue into how the nature working and living will change. Since that time, startups like Common, WeLive, and group living style homes like OpenDoor, have grown in popularity.

These examples of co-living indicate several important things. One is that it is not a new or risky trend that is just happening now. It is something that has been around for a long time but is just becoming more feasible as well as noticeable.

The examples also show that what the developers are doing on a large scale can be mimicked on a much smaller scale by an average property owner willing to invest in the right property.

Just as important is that there are multiple target markets for this venture and one that is not only growing but expanding, meaning you can position your investment and profit in many different ways.

 

 

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