According to recent estimates from the US Census Bureau, nearly six percent of Americans own…
Most Americans dream of having a vacation home tucked somewhere cool in the beach area. Certainly, waterfront homes in prestigious locations like Fort Lauderdale, Florida, are attractive and nice to have assets. It’s no surprise that waterfront properties for sale are always in demand each passing season. As such, buying waterfront property is not a walk in the park, especially in areas with high demand. Good thing there are real estate agents who will guide you through the buying process and make it problem-free.
Here’s what the top real estate agents like Henri Vezie want you to know when buying homes for sale on the waterfront.
1. Prioritize the Location of the Home
When inspecting a waterfront home you’re seeking to buy, you may be too preoccupied with the structural integrity of the house and miss the most important aspect – location. Remember that you cannot change the location of your waterfront property, but you sure can make some renovations to the house after purchasing. The primary purpose of buying a waterfront home is to easily access the water and the beach or have a scenic ocean or lake view. As such, you should focus more on the property’s location.
You may be attracted to a waterfront home because it’s newly built or well-renovated but later find out that you have little or no access to the water. You may also later find out that the water has oyster beds, and you can’t get your boat into the water. Indeed, you must conduct proper due diligence before buying waterfront real estate for sale. You want a home that has a strategic location with a panoramic ocean view and one that’s also structurally sound. Luckily, real estate agents that specialize in waterfront real estate will help you get the perfect waterfront home.
2. Organize for Mortgage Early
If you’re seeking to buy waterfront real estate using home loans, you should consult your mortgage lender early. Ideally, your lender will assess your credit standing and know the maximum amount you can get. You should get a desktop underwriter loan commitment or a preapproval letter from your mortgage lender. This will help you and your realtor look for waterfront homes within your budget.
Getting your mortgage loan early will help you get your ideal waterfront home before it’s off the market. Luxury waterfront homes for sale in top locations such as Fort Lauderdale are always in demand. This means that if you delay making an offer for the property, another prospective buyer may buy the home or make a competitive offer that jerks up the price. You can only commit to buying a home when your loan is preapproved. That’s why you should consult a mortgage lender before scouting for waterfront real estate for sale.
3. Consider the Local Water Rights and Other Regulations
Multiple regulations guide property owners on what renovations they can make on their waterfront properties. The experienced real estate agents will tell you beforehand what you’re allowed to do with your waterfront property. The State of Florida is the governing body that regulates the use of Florida’s beaches. As such, Fort Lauderdale waterfront homes are subject to the State’s regulations.
These regulations may dictate what type of watercraft you can use on the water body and the renovations you can add to your waterfront home. For instance, you may not be allowed to add a dock or seawall or ride jet skis and speedboats. A local realtor conversant with the local water rights will help you understand these regulations before you agree to a deal.
Florida is one of the best places to buy waterfront property. With a total population of more than 21.31 million, you can bet that the demand for waterfront property in the sunshine state is sky-high. Fortunately, you’ll find reputable real estate agents who will help you find the perfect waterfront home in the state.