Did you know that nationally waterfront homes are worth a total of $134 billion? If you are looking for your dream waterfront property and are not sure where to start, we are here to help. We have put together this short guide to share our top tips while you are out shopping for waterfront properties.
Keep reading to learn what to consider when buying waterfront homes.
1. Research the Body of Water
You want to take the time to do in-depth research about the body of water that the property is sitting on. If you plan on buying a boat, see if the water is deep enough for you to keep the boat there and take it out on that body of water. For those that want the water to swim then you have to figure out how the quality of the water is and whether or not you can swim in there.
2. Flood Insurance Requirements
With so many pros and cons of waterfront homes, you want to make sure that you take the time to figure out what your flood insurance requirements are. In some areas, flood insurance can be a lot more expensive than others because the area is more prone to natural disasters.
You can get an idea of how much flood insurance is in the area you’re considering buying on the official site of the National Flood Insurance Program (NFIP).
3. Inspections Are Key
Under no circumstances do you want to skip the inspections on a waterfront home. Water can create many problems for a home so you want to make sure that there are no water intrusion issues on the potential property. You might also want to consider having a septic inspection if the home is not hooked up to public sewers.
If you buy a home with a faulty septic system you are looking at spending thousands of dollars to either replace or repair the system.
4. Hidden Costs
Sometimes there are extra expenses that you might not be aware of. For example, sewer and water rates might be more expensive than inland rates. There might also be dock and lift fees or well upkeep fees and septic tank upkeep that you are not aware of.
Take the time to ask your real estate agent or the previous owner and of course do your research too.
5. Walk the Property
Do not assume that the waterfront is what you see in the pictures, take the time to walk the property carefully. Check if the water smells funny when you are outside or if the water in the lake is full of debris and weeds.
Keep in mind that you won’t be able to change your water as easily as you can change your landscaping on an inland property.
Ready to Buy Waterfront Homes?
We hope that now that you have our top tips on buying waterfront homes, you can make an informed decision while you are out comparing waterfront homes for sale.
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