Hi altair,
It's because most waterfront properties are old industrial wharfs that have been renovated and turned to residential units and offices, and often have marinas attached that these properties are considered unique.
And since waterfront properties are located on water and not on land, they are usually only available on leasehold.
Waterfront leasehold properties can be cheaper than a standard apartment on freehold, however, they can also be quite expensive depending on their location.
Keep in mind that the foreshore maritime structure, or marina, may not be included in the lease. Make sure that you check the existing leases or licences covering any maritime structures.
Please consider seeking professional advice before you decide to buy waterfront properties.
You can check out our website to learn more about this as well as home loans for snow lease property. If you want to specifically discuss your situation and loan needs then you can speak with one of our credit specialist mortgage brokers on 1300 889 743 or by enquiring online.
Cheers,
Otto
Why do lenders consider waterfront properties unique?
- Otto Dargan
- Mortgage Specialist
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