The waterfront real estate is a dream for many people, and deciding where to buy is only one consideration to make. Be it a lake, river, or ocean; it is not a good idea to rush into the decision sonce it’s a huge investment. Keep it mind things like property features, weather risks, insurance cost, and legalities in order to be a well informed buyer. Looking at the five top tips from real estate agents shows what some important factors are when looking into any waterfront property. It helps to develope a buying strategy depending on how you plan to use the property. Maybe you plan to buy, develope, and keep the property, or maybe you to plan to sell it after it is developed. In any case, be aware of zoning requirements, environmental issues, and any possible risks.
Top 5 Tips:
- Focus on the property
- Look into insurance costs
- Understand building restrictions
- Property fits lifestyle
- Consider weather and seasons
It’s better to focus on the property rather than the house because it is easier to reovate the house than the land. Looking into the costs of insurance and assess any environmental risks by investgating the weather patterns in the area. Learn what your responsiblities and rights are as a homeowner while finding property that fits your purposes. It’s important to have access to the amenities you plan to use and knowing what any building restrictions if you plan to develope or add structures.
Property and Building Restrictions:
Location is a main factor and is often the first thing to consider; also keep in mind that the ratio of land value to overall property value is usually higher with waterfront properties. Features to keep in mind are view, proximity to the water, privacy, the type of land, boat traffic, and neighboring properties. Know if the view is protected by home owners’ association regulations, what your easement rights are, and what you are responsible to maintain before deciding to buy. With strict regulations and several government agengies involved in waterfront decisions, it is important to understand all building, construction, and zoning requirements beforehand. If you are considering shared waterfront properties, know your rights and what’s community areas. Also find out what existing features you are responsiable for such as a prexisting seawall.
Weather and Insurance:
The weather can be a big risk in waterfront properties with the most common being flooding, and this means there are other types of insurance you may need. The increasing number of natural disasters will impact the insurance market and how they react in advance. If an area, like costal regions, has a lot of hurricanes, it can affect how people view the area and in turn lower value; however, it causes the insurance companies to reassess risks and raise premiums. The potential damages from extreme weather events may be more of a risk than a homeowner can handle, espeacially when they have to repair damages to the property multiple times. Researching the hstory of the weather in the area is one way to determine how much of a risk the environment is and what insurances costs will be.
Always keep in mind what you intentations and desirable amenities you are looking for to meet yourlifestlye choices. A surfer wants an ocean front property, but a fresh water fisherman wants a lake or river. People who entertain regularly might want a secluded property, families with younge childern might look for shared properties with a community playground, and a couple who owns a boat will likly want property with a boat ramp or dock. Depending on whether you plan to live there year round or rent it in the off season, it is important to know the distance to stores and towns.