The waterfront property is different from other types of property. It has a unique aesthetic and versatility so you can land and water at the same time. However, it is more complicated to buy than land-locked real estate.
Here are the top 10 tips about making your waterfront property buying experience more successful:
Inspect carefully and comprehensively.
Water may be easy on the eyes, but it can be difficult in the building. Whether you are entering the basement from high water levels, damage to your body due to salt air, or mildew and mold problems from high humidity levels in the air, an expert inspection can help you understand what's going on. Surveys, elevation certificates, water quality inspections, and other land and water-based inspections you do in a typical home are important to waterfront property.
Choose the right water.
Not all waterfront property is the same. If you want the smell of salt air, there is no substitute for beachfront property, but if you want to hear crash surf, a property in the bay may not be the ideal place for you. The property in a large lake offers the ability to play the powerboat, but if you want peace and quiet, the noisy powerboats and the small labyrinth can be very useful for you.
Walk the property carefully.
Spending some time in the water can help you see if the property is as good as you think it is. For example, you may have a beautiful view but no good access to water. On the other hand, the beautiful looking lake from the window may actually be suffocating with weeds and debris. When the home has an unattractive backyard, you can change the landscape. With a waterfront house, you also buy water, so it is important to get it right.
Check insurance requirements.
Waterfront properties are often flooded and some beachfront homes are also prone to hurricane or earthquake damage. If insurance is available, it can be cost-effective, so it is advisable to know before you sign the contract.
Look for hidden costs.
Waterfront properties can sometimes cause additional costs unknown to buyers. For starters, water and wastewater rates are more expensive than inland rates. Boat dock, lift fee, septic tank and well maintained are additional hidden costs to investigate.
Research the shoreline’s history (and future).
Water and dirt combine for fun, and sometimes the shore moves. If the water level rises, you may lose your property. If the water line is moving, your waterfront home can walk a quarter-mile from any water.
Look for a deal.
Having a waterfront property is a dream come true. For others, not so much, it creates some motivated sellers. If you can find a motivated seller and move on quickly, you can play a big role in helping the owner avoid that problem.
Consider supply & demand.
On the other hand, if there are too many assets in the market for a price that seems like good deals, it could signal a weak market. However, consider what is most important to you in the buying decision before proceeding.
Work with an expert agent.
The waterfront property is not easy. Between title issues, structural issues, and the unique way of looking at market property, most real estate agents will not be able to help you through the buying process. A real estate agent who specializes in waterfront houses and space knows what questions to ask, how to deal with them, and how to help you realize your dream of being a homeowner on the water.
For more tips on buying or selling a waterfront property, read here
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