What You Need To Know When Buying Waterfront Property

Many people dream of owning a waterfront home, be it a vacation home or their main home. It is estimated that 36% of people who purchase waterfront properties are vacation buyers. The promise of waking up to magical ocean scenery and spending your day on the beach will easily make you pay top dollar for waterfront properties for sale.

Looking at waterfront homes for sale can be an exciting prospect. However, before you write a check and pay big bucks for a waterfront home, consider the following factors.

Know the Rules and Regulations Governing Waterfront Property

It is a different ball game when you buy waterfront property. There are more regulations and building codes that control what you can do with your land. You must consider regulations imposed by the local, county, and state authorities. When purchasing homes for sale on the waterfront, you certainly have many creative ideas for the improvements you will make on the property. Maybe you want to build a dock, a boathouse, or a pier. Or you can’t wait to jump on your jet ski and tour the waterways. As much as you’re itching to make modifications and engage in ocean sports and activities, the local regulations might be prohibitive. Before you purchase waterfront property, establish the following.

• What are you allowed to build on the land?
• What are you allowed to build onto the water?
• Are there height and speed restrictions for boats?
• Which water vehicles are allowed?
• Do you need a permit to fish or engage in recreational activities in the water?

Additional Expenses and Property Taxes Tied to the Waterfront Property

Waterfront properties may attract additional expenses such as flood insurance and bulkhead maintenance. Waterfront homes are more prone to natural disasters such as hurricanes and ocean floods. You would want to know if the property is located in a high-risk flood area and whether it is mandatory to have flood insurance coverage.

A rising demand for waterfront property in recent years has resulted in an increase in selling prices. In turn, property valuations come back with higher property values, which usually leads to an uptick in taxes. That’s why it’s important to ask your realtor about the tax history of the property you’re looking at.

Additionally, establish whether your waterfront home is part of a homeowner’s association. This may call for extra membership fees as agreed by the association. If your waterfront home is protected by a bulkhead, inspect its condition and consider whether you will be responsible for its maintenance. These additional expenses can add up to substantial amounts. Therefore, you should be aware of the extra costs to avoid surprise expenses.

Potential Environmental Issues

Environmental issues are common with waterfront property. Before you fall in love with any waterfront homes for sale, it’s important to assess the property and see if there are any waterfront-related issues. For instance, have there been erosion issues in the last few years? Does the seawall need to be replaced, or is it holding up? It’s a good idea to speak with the neighbors to see what kind of maintenance they need to perform on a regular basis to get a better feel for what living in the area could be like.

What You Will Have Access to on the Property

A waterfront property hardly means much if you’re unable to make use of the body of water it sits adjacent to. Understanding what you’re getting when you invest in a waterfront property is key. Will you have access to a private beach or dock? Does another property owner share the same boathouse or dock that’s on your property? These are all questions you’ll want to be answered before you seal the deal on any waterfront property. Fortunately, your real estate agent can help you get these answers and more.

Trust a Local and Reputable Real Estate Agent

It can be a humdrum job to background-check all waterfront properties for sale. Before you find the ideal waterfront home, it may be too late to buy. Especially in popular destinations like Florida, the demand for waterfront homes is evergreen. With this high demand, you may not have the time to conduct due diligence on every home. But top real estate agents in Florida will have the time and resources to background-check all the properties under their portfolio.

When you work with a trustworthy real estate company, you will get the ideal waterfront home with less hassle. A realtor will help you see the pros and the cons. A real estate agent who deals with waterfront property will have a huge pool of options for you to choose from. Engaging an agent is the easiest way to prospect several waterfront properties until you find one that ticks all the boxes.

Certainly, owning a waterfront home is a dream come true for most people. As much as you want to buy waterfront property next to your favorite beach, you shouldn’t buy one blindly. You must conduct due diligence before closing a deal. You don’t want to buy waterfront property that will add to your headaches.

When you’re looking at waterfront homes, don’t hesitate to ask questions. Your realtor will be more than happy to answer!