As of 2017, nearly 10 million Americans reported owning a second home. And many more…
Waterfront homes are a popular purchase in Florida where the population grows by around 1,00 people per day. Not only are you purchasing a piece of real estate, but you’re also buying a lifestyle. What do you need to know if you’re planning on purchasing waterfront property for yourself? Here are six tips for buying a waterfront home.
Figure Out Financing First
Before shopping for a waterfront property for sale, you’ll need to figure out the financing first. Getting a mortgage pre-approval is critical because sellers are often advised by realtors to only accept offers from individuals that acquired a pre-approval. The market for these types of homes is also highly competitive so having your financing in place can help you immensely when there are multiple offers.
Acquire An Experienced Real Estate Agent
You’ll want to look for a real estate agent who is specifically experienced in waterfront homes. Get recommendations from family and friends and check out online reviews. Meet with agents and ask plenty of questions to determine if they will be a good fit.
Do In Depth Research On The Body Of Water
You’ll want to gather information regarding the body of water near your investment property. If you plan on boating, inquire about the water depths. Various boats require different depths and you want to make sure the depth of the water will be right for your boat size. If you’re planning on swimming in the water, you’ll want to know if it’s safe to do so.
Determine Association Fees And Rules
Since many waterfront properties are a part of associations, there are typically certain rules you’ll have to follow as well as fees to pay. Ask your real estate agent what fees the association charges and why. You’ll also want to know about any regulations because they will impact what you’re able to do with the property. You may plan to build a large dock after you purchase your home, only to find that the association won’t allow it.
Obtain Flood Insurance
Obtaining flood insurance may or may not be required, depending on where the property is located. Certain waterfront homes are more prone to flooding than others. Flood insurance will help protect you from and pay for any damages that may occur.
Schedule An Inspection
Scheduling an inspection is critical before agreeing to buy any luxury waterfront homes for sale. An inspector can make sure there are no issues with water intrusion and determine if the property is hooked up to the public sewer system. Many waterfront properties are generally not hooked up this way. A faulty septic system can cost thousands of dollars for replacement or repair, so it’s definitely a wise idea to have it thoroughly inspected.
Purchasing a waterfront home can be one of the biggest investments you’ll ever make. Make your decision wisely by doing careful research and following these tips. You’ll be able to enjoy your place and relax in style knowing you chose the perfect place to call home.