Can you still buy your
waterfront dream home even
though you’re on a budget?

Certainly, although that depends somewhat on the criteria you set for that home and your budget. Many years ago, I had a couple buy a waterfront home for $275,000 and I remember them commenting that this house was their dream home. Then again, I have had people spend almost $3,000,000 for a waterfront property and that was their dream home. Buyers’ expectations can vary greatly!

I have come across buyers who, when asked what their price range is, they say “I don’t have one…if I find what I want, I will buy it.” It would be nice if all of us were in that position but the truth is, most people do have budgets. Whether it is a “very real” monetary constraint measured against income … or … a self-imposed constraint where they could pay more for a waterfront home if they wanted to, but just feel more comfortable at whatever price cap they have set for themselves.

Trying to stay within the budget you do have can often lead to some interesting decisions as to just what your wants and needs really are. For example, whatever your situation, unless you do have unlimited funds, there might come a time as you go through the house hunting process here on lake Livingston, where you may say, “If only we could take this house and put it on that other lot?” Even though hypothetical, there must be some circumstance here where this buyer prefers another lot over the one this particular house sits on.

I have heard this said many times by clients over the years and it points out an obvious dilemma that some may face. With only a certain amount of funds to spend on a property, what is more important to them, the house or the lot? In Houston or wherever clients live daily, often times, as long as they are in a nice area when choosing a home, a lot is a lot.

Here, 2 waterfront lots may be priced quite differently, which certainly adds to the overall cost of the home you are seeking. The difference in price could very easily be 50 to $100K or more. If this is the case, it is more than likely that the view on the higher priced one is far superior to the other. I would have to say the view is probably at least 50% or more of what people are considering & paying for when buying a waterfront home.

Some other reasons may be…open water versus cove, a better, more sought after development, much deeper water, a better shaped and/or larger lot or just more water frontage.

Regardless of the reason, when the time comes if on a hard budget, you may have to decide if you want more of your dollars going towards a nicer home and less land or, perhaps a much nicer lot with a little less home.

Although some compromise may be the case, the biggest majority of buyers I deal with find a waterfront home that meets all or enough of their “wants & needs” that they are more than satisfied when it is all said and done. And whether the particular property they choose is deemed in a “dream home” category or not … doesn’t seem to make a difference in the end.

What I have observed as the most important thing is that it makes them & their families happy … so that’s all that matters… knowing they are about to start creating wonderful memories that will last them a lifetime.

For more images and information on the Lake Livingston waterfront home for sale pictured at the top, click here.