Ways To Find An Affordable Vacation Home Near The Water

Posted on

Vacation homes near rivers, lakes, and oceans offer beautiful views and fun activities, but some of the most sought-after locations are expensive. If you want a vacation home that's near water but have limited financial resources, here are some ways to find an affordable place that'll suit your fancy.

Check Foreclosure Listings

When a person fails to make their mortgage payments for a sustained period of time, the underwriting bank can choose to foreclose on the financed building. This is true both with primary residences and with vacation homes — and some vacation homes that are for sale are actually foreclosures that are now owned by a bank.

Banks commonly sell foreclosed homes for much less than their fair market value, because a bank doesn't actually want to own a building. They'd rather make money on loans and not have to worry about a property. Thus, you may be able to save a lot if you can find a foreclosed waterfront home that's for sale. Even in an area where the waterfront houses tend to be expensive, a foreclosed one might be quite reasonably priced.

To find a foreclosed home, you'll likely need to enlist the aid of a real estate agent. An agent will be able to monitor listings and local market activity to identify foreclosures that are currently for sale and foreclosures that might become available soon.

Look for Waterfront Access

If you want to play on the water but can't find a foreclosed waterfront property, a vacation home that has waterfront access might be a good solution. A home with waterfront access doesn't actually sit on the shoreline, and it usually won't cost as much as a true waterfront property as a result. You'll still have rights to use part of the shoreline though. Within a short walk or ride, you can be right on the shore and splashing in the waves.

Consider a Water View

If you like the idea of spending vacation time near the water but don't actually want to swim or boat, a vacation home with a water view could be an excellent option. This type of property should be even more affordable than a waterfront-access vacation home, and you still get to see the beautiful views of the river, lake, or ocean near the place.

A water-view vacation home can be an especially good choice for artists who want to be inspired by the view out their window. 

Reach out to companies like Summit Real Estate to get help checking out vacation homes for sale.