Buying a home can be an exciting time. Buying waterfront property can be an even more exciting event. It can also be a very difficult investment. Buying waterfront property can bring lots of uncertainty. There are numerous things to consider with a waterfront purchase many of which are not things to think about during a normal home purchase. Professionals who know the ins and out of these purchases have created a list of tips to help when buying properties around water.
Get the Proper Insurance
Flood and hurricane insurance is usually sold separate from normal homeowners insurance. It is crucial to do your homework and make sure you have adequate insurance for these events. Insurance brokers may not always be able to determine if your home was destroyed by wind or water. If you lack one of those insurance policies, it’s likely you won’t be reimbursed during these events. If you are buying a waterfront condominium it is crucial that you find out what kind of coverage you have.
Find a real estate agent who’s a waterfront specialist.
The average real estate agent won’t have knowledge of waterfront properties in your area. Its important to find an agent who understands this type of property and can guide you as to what to look for when making your purchase. What may appear to be a good deal may be the result of many bad things you do not know to be on the lookout for.
Make sure the structure can withstand the weather.
Waterfront homes take more damage from the elements than the average home. It is important to take extra measures to protect these homes. Most experts recommend investing in storm shutters and stainless-steel locks to avoid corrosion from salt air. Adding these protective measure will help to ensure your waterfront investment will last last a longtime.
Search for Underwater Investors
Nearly every beach community has investors and buyers who are in upside down situations. When looking for a good deal it is important to make sure to check the title and loan status of the home in question. This can be done through the county assessor’s office. This is often a great way to find a deal on a waterfront property. A seller is unlikely to accept an offer too far below what he paid originally, but there is always the possibility of finding a good deal.
Find out what you can do with the property.
Changes to a waterfront property can be a great thing. Weather it’s adding a deck or making other changes to the property it is important to start to process of change early. Government agencies have strict guidelines and are often challenging to deal with. You don’t want to invest thousands or even millions of dollars in a property without knowing if you can really do what you want to do with it. Furthermore it is important to find out activities are allowed on the body of water where you lived. Some areas have restrictions on things like jet skis and speedboats.
Purchasing waterfront property can be an exciting yet challenging event. If you follow these tips you can rest assured that your purchase will be a successful one.