Whether it’s the warm weather, beaches, or the palm trees, owning a second home in Florida has tremendous benefits. So,…
Florida is a dream destination for most people in the world. It’s the reason Florida’s population increases by about 1,000 people each day. From the many amusement parks, diverse population, scrumptious food, to the sunny weather and beautiful beaches, The Sunshine Estate has a lot going for it. Certainly, owning waterfront property in Florida is prestigious and on top of most people’s wish list. Good thing top realtors like Henri Vezie will help you find waterfront condos for sale in Florida’s premium destinations.
These tips will help you purchase waterfront property in Florida.
1. Work with a Reputable Real Estate Agent Who’s a Waterfront Expert
Waterfront properties for sale in Florida’s top locations like Fort Lauderdale usually have high demand. Properties closer to the beach with scenic and clear views of the ocean are especially hard to find, even when you’re willing to pay top dollar for them. You’ll need a real estate agent who is well-versed in Florida’s property market to get waterfront condos for sale in the exclusive locations.
A Fort Lauderdale real estate agent is better placed to help you search and buy waterfront property in Fort Lauderdale. To get the best deals on waterfront homes for sale in Florida, especially if you’re a first-time buyer, you need professional guidance from a local real estate company.
2. The Location of the Property Is More Valuable Than the House
While the design and structural integrity of your waterfront house contribute to the overall value of the property, the big money is on the location of the waterfront home. This is because the view of your waterfront property is permanent, while you can conduct renovations to the house. As most real estate agents advise waterfront property buyers, you should prioritize the location of your property. Select the location that will give you the most utility and convenience depending on what you want from your waterfront home.
Nonetheless, the structural integrity of the house is important, especially if the house is over four decades old. Florida’s building codes require every house over 40 years to be thoroughly inspected. So, you should ask your realtor if the 40-year inspection of the building has been done.
3. Check the Insurance Requirements
Generally, waterfront properties attract higher insurance premiums. Understandably so, because waterfront homes are more prone to weather-related damage such as storms, floods, and tornados. Florida requires waterfront homeowners to purchase wind policy, flood policy, and hazard policy insurance. A good real estate agent like Henri Vezie will inform you which insurance policies you’ll need for your waterfront property and connect you with reputable insurance companies.
4. Seek Home Loans in Advance
If you’re relying on a mortgage to finance your waterfront home, speak to a mortgage lender early so you establish your credit standing. Even before you check out waterfront condos for sale, get a preapproval or a Desktop Underwriter loan commitment from your lender. This gives your real estate agent a good estimate to work with when finding you a suitable waterfront home. Having an accurate budget helps you and your agent narrow down your options, so you can purchase waterfront property sooner.
Because of the high demand for Fort Lauderdale waterfront homes, you may miss a great offer if your lender delays approving or rejecting your mortgage loan application. That’s why you should work with a reliable lender who will fast-track the lending process. Luckily, the top real estate companies have good working relationships with reliable mortgage lenders that understand the real estate industry. As such, your agent can help you get a mortgage loan, search for the best waterfront condos on sale, assist you with insurance, until the last stage when you close the deal.
When buying waterfront condos for sale in Florida, consider the above tips. Your best bet to buying waterfront property in Florida’s best locations is through an experienced real estate agent in Florida. A good agent will help you buy your desired waterfront home with minimum stress.