Do You Need Private Mortgage Insurance?

Do You Need Private Mortgage Insurance?

Considering A Waterfront Apartment? Check Out This List Of Pros And Cons First

by Luke Fields

Situated right near the beach with a stunning view, waterfront apartments are bound to be an attractive option if you are on the lookout for a new residence in a city area. While these apartments near the water definitely have their advantages, they can also have some downsides that some tenants just don't care to live with. Before you take out a loan for a waterfront apartment, make sure that this is the right fit for you by getting to know a few of the pros and cons.

Pro: Living near the water can mean private access to secluded beach areas in some cases. 

Invest in a waterfront apartment, and chances are you can make your way down to the water pretty much any time of day or night. Plus, many waterfront apartment complexes offer private access only, which means there will be no tourists wandering about. 

Con: Water travelers will likely have a view of your apartment, which can compromise privacy.

Even though the area around the beach may be deemed private, for the most part, water is freely accessible without a lot of control. Therefore, you may have to deal with boaters and other water travelers having a clear view of your apartment, balcony, or private-access beach area. 

Pro: Waterfront properties are always in high demand. 

If there is one thing you can pretty much guarantee, it is that the value of your waterfront property will probably remain steady through the years. This is because these properties are highly sought after, which means even when other properties are still sitting in a slow market, your waterfront property will still be just as desirable to buyers.

Con: Owning a waterfront apartment can mean more expensive maintenance costs. 

Living on the shoreline can bring about a few more maintenance concerns for your property. For example, salty air near the ocean and higher moisture content in the air can mean more protective measures have to be taken through the year. However, most of these maintenance costs in an apartment will be shared with other tenants, which makes them a little easier to bear. 

Pro: Entertaining is always excellent at a waterfront apartment.

Picturesque views, a tranquil setting, access to water activities–there are a lot of reasons why guests will love coming to visit you when you live in a waterfront apartment. If you are the constant entertainer, your investment in this form of real estate is bound to be an intelligent one. 


About Me

Do You Need Private Mortgage Insurance?

Welcome to my website. My name is Larry Silva, and I want to talk a bit about private mortgage insurance. You may have heard the term PMI mentioned when you were in the process of purchasing real estate. When I first heard my lender talking about PMI, I was very confused. It was my realtor who sat me down and explained what private mortgage insurance was and when someone is required to purchase it. He told me that PMI is not lifelong insurance; it can be cancelled when the mortgage principal balance reaches a certain point. Once it was explained to me, private mortgage insurance was no longer a mystery or a confusing concept. I would like to pass on what I learned and hope that you find it to be of value.