Want to wake up to beautiful water views every day? Many people dream of living by the water, and waterfront condos give you just that. Plus, they’re great investments that can grow in value over time. While new projects like Lakeview Village in Mississauga show how popular waterfront living has become, you need to think carefully before buying. Let’s look at what you should know to make a smart choice.
Make sure your water views will stay clear for years to come. Check the local building rules to see if anyone can build in front of your view. Ask what new buildings might come up nearby. Smart planning, like what we see at Lakeview Village development, helps protect views for everyone. Some areas have rules about how tall buildings can be or where they can go. This helps keep your views safe and your investment strong.
You’ll pay more for waterfront living — usually 20–30% more than similar homes away from water. Add in higher insurance costs because you’re close to water, more upkeep expenses from water damage, and bigger HOA fees for nice extras like pools or boat docks. But don’t worry too much about these costs. Waterfront homes often gain value faster than other properties, which helps make up for the extra expenses.
Living by the water means dealing with nature’s effects on your home. Water, salt, and strong winds can wear things down faster. Look for these features in your condo:
These things might cost more at first but save you money over time by avoiding repairs and keeping insurance costs down.
Waterfront condos can make great rental properties, especially in areas tourists love. Think about:
Most landlords will rent out their condos for several months in a year to alleviate some costs. They still get to use it whenever they wish to. However, before you rely on income from leasing, research the local rental trends and the laws that govern it.