Be Aware of Extras when Managing the Cost of a Waterfront Build
{Last of a 6-part series}
As we’ve examined the many aspects of building your dream waterfront home, I hope that I’ve given you a deeper understanding into the complexities of waterfront building. It is a privilege to help a homeowner imagine and create their goal of waterfront living. While there is always an element of managing the cost of a waterfront build, paired with understanding the local regulations and restrictions, the payoff is well worth the complicated process. Below I would like to discuss some creative ways to manage the cost of building on the water.
The high price of land, the need for a knowledgeable and experienced design team, and the need to use upgraded materials can add up to a substantial initial investment just to get the construction of your waterside home off the ground. Additional difficulties — increased transportation costs, limited construction access to the property, and extreme weather conditions — can add incrementally to the obvious expenses and make managing the price of a waterfront build a big undertaking.
This waterfront home construction site illustrates the tight working conditions and critical protection of adjacent properties and water resources most waterfront projects need to contend with.
In some areas of the country (California, Chicago, the Northeast, and many regions of the Southeast), managing the cost of a waterfront build can be affected by other issues. Environmental concerns can add to permit fees and cause project delays that can be expensive obstacles to homeowners and homebuilders. Your project could also be subject to specific rules mandated by coastal agencies or lakefront organizations that can restrict what you can and can’t do in terms of how large a new home can be built or how large a renovation can be done on an existing property.
The savvy homeowner and their team will do everything to make sure that every possible component of the project is thoroughly designed and specified and that the work is competitively bid before construction begins. Though this will add time and expense to the design budget, it should lead to considerable construction-cost savings through efficient design, competitive pricing, a consolidated construction schedule, and minimal change orders.
As previously discussed, managing the cost of a waterfront build does not end once construction is complete. The cost to insure, secure, and maintain a waterfront property -- whether it’s by the ocean, river, or lake -- can be substantial.
Homeowners who have never lived in a waterfront home are often surprised by the number of people who may casually walk by their home at any time of the day or night. This should not be that surprising since many waterfront areas are public, but it can still be disconcerting for a new owner who has never experienced it before.
The Cliff Walk in Nantucket, Massachusetts is a treat for tourists that feeds a steady stream of visitors through the backyards of these charming waterfront homes.
This lack of privacy often convinces new homeowners to install a security system if one isn’t already protecting the home, or upgrade an existing security system to provide better protection from curious onlookers, especially during the summer and holidays when visitors flock to the water.
Another expense that new waterfront homeowners don’t anticipate is how much it costs to purchase outdoor furniture that allows them to enjoy the views and fresh air, and how much they could spend on a fishing boat, docks, pools, sport courts, personal watercraft, or other water toys so they can enjoy the waterfront property too.
The history of man’s occupation of the waterfront is the story of a journey written in wood, stone, and glass — in light and in shadow. Planning a waterfront home is not a voyage for the inexperienced but one best navigated with the assistance of a seasoned and experienced crew — architects, engineers, surveyors, landscape architects, environmentalists, historians, and attorneys who know the waters.
Setting sail with an experienced crew is your best assurance that managing the cost of a waterfront build will be a well-navigated journey and that you won’t be caught on the shoals in a stormy sea.
Good luck with your project! Let us know if we can be of assistance.