Money For Lunch – 5 Important Tips to Consider When Buying Waterfront Properties

5 Important Tips to Consider When Buying Waterfront Properties

April 16, 2018 10:53 AMComments Off on 5 Important Tips to Consider When Buying Waterfront PropertiesViews: 17

Click here to get this post in PDF

Buying a house is never an easy process. However, it can be even more complicated when you want a waterfront property. This is because of the legal considerations and unique challenges associated with these properties. It is important for every homebuyer to have the right information and make an informed decision. Here are five things that you should consider when buying your waterfront home.

Focus on the land itself                                       

When purchasing a waterfront property, it is important for you to focus on the property itself instead of the house. You should remove the house from the equation and critically think about the property and surrounding water body.  This is important because you can always fix the home, but it will be challenging to change your property and its surroundings.

Consider insurance costs and risks early

Insurance covers tend to be more expensive for waterfront houses because of the special challenges associated with them. You will require more coverage when compared to standard homeowner’s insurance policies. This is because you will have increased risk of damages from the elements, for example, high winds and the surrounding water. It is best to investigate the risks you will be exposed to by living in the area and determine the right insurance policies for your home.

Property history 

When buying a waterfront property, you need to research on its history. A good real estate agent can help you get valuable information regarding the property and its history. You should consider different aspects such as the floodplain and the development history of the land. You should also conduct a seismic assessment and risks you will be exposed to when residing there. It is also good to check the weather patterns and potential risk of wind or flooding. For an excellent real estate purchase. check out lakerealty.com.

Building restrictions

There are practical or regulatory restrictions that may apply when building structures on the waterfront property. You should determine whether you will need additional structures such as a new home, a dock, or seawall in the future. You must ensure that there are no legal issues hindering further development of your property and the land close to the water will support your structures. You can check out permit information on the local government’s website for detailed information.

Consider the property value

Waterfront properties can be worth almost double that of the non-waterfront homes because of the high demand and low supply. The value of the property will be influenced by different factors such as noise levels resulting from water activities and flood risks. Be sure to know the value of the property by considering the homes sold in the location you are considering. This will give you an idea of the value of the property you want to buy.

Buying a waterfront home is more complicated than normal real estate transactions. This is why you must hire the right real estate agent to assist you through the entire process. Seasoned agents have in-depth knowledge on waterfront properties. They also have professional industry networks and will help you have access to countless properties and assist you in making the right decision.

 

 

Tags:

Comments are closed