Searching for a waterfront home has never been easy for many people. The process of buying a waterfront home is a bit more complicated than buying a standard home – and it costs more.
But the cost is nothing compared to the fun and excitement you’ll have when your dream comes true – swimming, fishing, boating and sunbathing on your own property.
However, you’ll need to get your home mortgage pre-approval completed early. This way, you’ll be able to know your target price range and save time that could have been wasted searching for homes outside that range. Also, find a real estate agent who specializes in waterfront properties. Your agent should know the area well and be able to advise you on water access restrictions.
Below are some important factors to consider when buying a waterfront home:
- Hire a real estate agent specializing in waterfront properties
An experienced real estate agent with detailed knowledge of waterfront homes will help you get the best deal and be in a position to give you expert advice on how to handle the differences. Your real estate agent should know about the area and inform you about the regulations in the area.
- Considerations when making a waterfront home budget
Before you buy a waterfront home make sure you understand the importance of figuring out financing. Although a big number of waterfront home buyers will need a mortgage to purchase their waterfront homes, some will opt to purchase their waterfront homes with cash.
Another important reason why you should have your financing in order is that the number of waterfront homes for sale is usually less than the number of non-waterfront properties, and may result in a fierce competition.
- Flood insurance requirements
As a waterfront homeowner, you’ll need to obtain a flood insurance policy due to proximity to the water. In places like Florida, you’ll have a to buy a flood policy, wind policy, and general hazard policy.
- Check if the waterfront structures can withstand the weathers
The elements cause a lot of damage to waterfront homes due to the nearness to water. Make sure you check the external features to ensure everything is in order.
- Waterfront homeowner responsibilities
Like many waterfront homeowners, you’ll be part of a homeowners association. Make sure you understand their own set of expectations and bylaws.
- Get insider information from locals
Talking to neighbors will give you a chance to learn about community events and the local weather. You’ll be surprised to learn how residents in waterfront communities are close to one another. You’ll also learn about potential problems and the positives of living there.
Purchasing a waterfront home is more complex than purchasing a standard home. As you can see, there are several considerations you need to take into account. Therefore, you need to do a lot of research to be more confident in making a good financial move.
Getting the right guidance from an experienced waterfront real estate agent will save you the hassle. Remember, it is only a very small percentage of people who get the opportunity to own a waterfront home.