According to recent estimates from the US Census Bureau, nearly six percent of Americans own…
Florida is a booming tourist destination with record numbers of visitors. Visit Florida, the official tourist organization for the state said that 111 million people visited the state in 2018 alone. The number of visitors to this state has increased to over 100 million annually over the years.
Being a “Sunshine estate” during the winter periods, a second home in Florida is a good idea for people living in another state. This feature explains the increased property demand in the state.
These tips will make your process of finding waterfront property for sale way smoother.
Find a Realtor
For the best real estate agent, you need someone very familiar with the local market, especially in your areas of interest. Also, get someone who has experience in negotiating deals in your price range. It is advisable to hire agents with relevant memberships and professional accreditation.
The right agent ensures you have all the information at your fingertips at the start of your search. The expert will also guide you through all aspects of buying that waterfront property that’s up for sale.
Narrow Your Focus
One of the common mistakes made by buyers when searching for a waterfront property for sale is to think that every listed property is an option for them. Buyers find it challenging to make a decision when there are many options available. However, if there are fewer options available, you will make a decision faster and be happy with it.
You may have to zero in on specific neighborhoods and homes to avoid gathering a lot of confusing information. Doing so will reduce the chances of being spoiled for choice and will save you a great deal of time.
Know the Area
During odd hours such as Friday evenings, take a drive by the potential neighborhoods, you may get information which you would rarely find online. Maybe the area is synonymous with loud parties, and these aren’t your thing. Your opinion on the waterfront property for sale may be significantly affected by this “tour” of the neighborhood. You may then shift your focus to another side of Florida that’s quieter.
Do an Inspection
Properties along the Waterfront get exposed to weather factors that can cause damage to the house. High humidity, fungus, floods, and molds cause damage to homes. Inspection by experts on water quality, pests, and a land survey will enlighten you on what you’ll need to deal with on the acquisition of the waterfront home.
Be familiar with Property Rules & Restrictions
Especially for that luxurious waterfront property for sale, find out if there are restrictions that affect activities on it. Always inquire from government agencies on the requirements to put up structures such as piers and docks. There may be a resource protection area on the property, or some activities may not be allowed inside it.
Also, find out what services will be taken care of by community associations and what you need to handle. For instance, you may find out that the state requires the association to take care of landscaping and stormwater runoff systems. On the other hand, you might be responsible for air conditioners in the rooftop and shared walls with your neighbors.
What will the Insurance Cover?
Waterfront home insurance policies may be of higher pricing in comparison to other real estate assets. This difference is due to the unique challenges of extreme weather and strong winds from nearby water bodies.
Waterfronts across the world rank higher on the flooding risk scale, according to insurance companies. As such, the Insurer will charge you a higher premium for flood insurance. Inquire from online resources and realtors on costs regarding insurance premiums. This strategy will help you to plan your finances accordingly.
When looking for a waterfront home, there’s significant research and consulting to be done. Due diligence and the right realtor will get you a good deal. Purchasing your dream property is not an everyday affair, so do not rush anything.