Have you looked in an estate agent’s window while on holiday during summer months, or perhaps scrolled through property portal websites while waiting for that vacation drink to be served? If so, you have likely looked – longingly – at waterside properties.
You might be more tempted when you discover the price premium for waterside property in the UK. Which at one time was huge, is now a very modest 2% on average according to research.
UK waterside properties
The research tells us that although there are still some places where a property close to the water costs. Say, 20% more than the same type of home a few streets inland. On average the premium is now down to a mere 2%.
It may be worth thinking about why that premium is now so small. Waterside properties remain inherently attractive to most of us. But we should avoid a holiday dream becoming an ongoing nightmare by purchasing without adequate research. Here are 9 things to think about before making your move!
Decide ‘what sort of water’ you want to live near
There’s the coast, of course, but also rivers, lakes, estuaries, marinas, canals and even lochs. Each location brings not only their unique views but also certain considerations to be alert to.
Calculate flood risks
The government website gives short-term and long-term risk assessments of flood risk, right down to the level of individual addresses. It’s a good starting point to see if there is a chance of flooding of different kinds.
Check future development
If your chosen home is absolutely on the water’s edge, whether the coast or a neatly manicured marina, you can be sure nothing will take your view. But if your home is, say, in the first phase of a harbourside scheme, check with local planners to see if something is likely to be built to block that view in the long term.
Get a property report
Put yourself in the best position by getting a Move iQ property report. Our reports can give you the key details of whether the property you’re looking to buy, or rent has a flood risk. It won’t tell you the excess of it, but it can give you other insights too like what is the local crime rate, which schools are nearby and how much sun will the garden get. It can also give you details about what planning applications are approved in the area.
Speak to an insurance broker
Insurance is likely to be more costly (and in extreme cases, almost impossible to get) if your home is considered to be in a flood risk area. For ‘at-risk’ properties, there is a Flood Re Scheme run by government and insurance firms but scrupulous checks need to be made first.
Get a specialist survey
If your new home has ever been flooded. Or perhaps has a cellar below the nearby water-level, check for signs of long-term damage caused by salt, mildew or mould. Some may be obvious to the layperson’s eye, but surveyors have sophisticated measuring devices which can reveal hidden horrors. Giving you peace of mind that the property is solid and dry.
Research water rights of the home for sale near water
If you plan on sailing or fishing from your property. Or doing any work which risks polluting the water – even temporarily – you need to know your responsibilities. These should all be covered by the legal search undertaken when a property is purchased. But a little advanced research via the Environment Agency might help you decide whether you want to buy at all.
Maintenance and decoration
Wherever we live, maintenance is key to preserving the biggest asset we’ll ever own. But proximity to water, and perhaps more than a fair share of bad weather. Means extra work like upgrading damp courses, more frequent external paint jobs and being sure any old-style metal guttering is not corroded. It’s common sense but is worth factoring in, especially in terms of additional running costs.
Talk to locals
Finally, nothing beats talking to residents and local estate agents (and you know I always recommend the Propertymark member agents). They will all know the recent, and perhaps distant, histories of the nearby canal, river, estuary or coastline, and can give you a down-to-earth assessment of what it’s like.
That’s quite a list and I promise it’s not meant to deter you from buying that dream home with a view that is up for sale near the water.
But forewarned is forearmed, and research is vital, on this type of home even more than others. Get it wrong, and it could be costly and disappointing.
Get it right and you will be enjoying a home that will be the envy of your friends in a waterside location. Where, according to many studies, owners enjoy less stress and more happiness!
Last Updated: August 14th, 2024
