A waterfront home purchase can be a dream come true. But there can also be drawbacks, making it necessary for prospective buyers to carefully explore all aspects of each property they are considering for any potential issues before making a commitment.
If you are interested in purchasing a waterfront property and would like to better understand some of the issues you may face, here are some helpful tips.
Consider the property first
While waterfront home listings tend to focus on the home itself, prospective buyers should first consider factors about the property. While the home can usually be renovated, remodeled, or even torn down and rebuilt, many aspects of the property are likely to be unchangeable.
Property considerations prospective buyers should consider include:
- what type of access to the water is included
- will the property make boat access or swimming possible and enjoyable
- what rules, restrictions, or other obstacles exist that might limit the use of the property
Before deciding to purchase a particular property, prospective buyers should also carefully inspect it and research any applicable zoning restrictions and development plans for the area.
Invest in inspections for all structures
Damage from water, salt, and wind can weaken structures and create the need for more frequent maintenance, including applications of paints, stains, and sealants. Investing in detailed inspections of all parts of the structure will help prospective buyers determine whether damage or other issues exist that could impact their interest in the property.
In addition to structural inspections, buyers should also invest in professional septic and water system inspections. This is necessary because the location of waterfront properties may require septic and water system modifications for environmental or topographic reasons.
Verify insurance availability and costs
Waterfront property buyers should also take time to determine what types of insurance they will need and price coverage for each property they are considering. Depending on the specific location, prospective buyers may find that they need multiple policies, including a general hazard policy for the home and other structures and improvements, a policy for wind damage, and a flood insurance policy in order to protect their investment.
Partner with a waterfront homes specialist
The process of selecting and purchasing a waterfront home can be quite complicated. Prospective waterfront property buyers can better manage the process by partnering with a real estate agent who has experience and a verifiable record of success in the listing and selling of this type of property.
To learn more about waterfront homes, reach out to a local real estate agent.
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