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What to Consider Before Purchasing Waterfront Property

Waterfront property is always popular, no matter if it’s lakeside or seaside, Florida or Michigan. There are multiple reasons you might be interested in waterfront properties for sale. Not only does this property tend to have a great resale value, but it offers unparalleled views, as well as opportunities for outdoor excursions, whether you’re a sunbather or a fisher.

Although it’s a good time to buy property — the housing market dipped low and is only just starting to climb back, allowing savvy buyers to pick up great property for less — this doesn’t mean that all real estate is equally valuable. Here are several tips for making sure you pick up a quality new house or condo.

How to Choose a Waterfront Property

  • Consider how you plan on using the home — not just for what, but when, as well. Certain property is more ideal for swimming, but less ideal for jet skis. Similarly, some homes aren’t really meant for year-round homes. In Maine, for example, some seasonal homes are intended for the warmer months only — during winter these homes lack central heat and full insulation.
  • When it comes to the waterfront, property is, ultimately, more important than structure. It’s easy to fall in love with a house since it’s what we’re accustomed to looking at. But if the land isn’t very private, or it’s hard to get to the water, you might find yourself shortchanged when it comes to waterfront advantages.
  • Know what the standard is for insurance in the local area. For example, many waterfront properties in Miami are insured for wind, flood and general hazard policies.

What to Think About Before Closing a Waterfront Real Estate Sale

  • Work with a real estate agent who specializes in waterfront property. When this property is good, it’s great — when there’s a hidden issue like oyster beds in the water, bad property will turn out to be very difficult to resell when the time comes.
  • Get pre-approved for a loan. Great, cheap waterfront property will often go quickly, especially if there are international buyers in the mix. If you need an extra week to sort out your financials, your offer for your dream home might get passed over.
  • If you don’t plan to live there year-round, talk to a waterfront property management group about either renting out your property, or perhaps choosing to invest in a long-term rental yourself.

Have you talked to a waterfront property management group? Let us know in the comments.

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