5 Things to Consider Before Purchasing Waterfront Property
Buyers beware: you might be buying the home of your dreams. Waterfront property is the dream of many homeowners. However, not everyone can afford a waterfront property, which makes them so exclusive and unique. Moreover, there aren’t a lot of waterfront properties on the market. Why is this? – Mainly, this is because you’d have to be out of your mind to let go of one in the first place. However, once and a while a waterfront property does show up on the market. If you are thinking of purchasing a waterfront property, there are a lot of things to consider first. Here are five things to consider before purchasing a waterfront property.
- Make sure that you are in love with the view and not just the idea of living on the water. Many people make the mistake of purchasing a waterfront property and then realize that the beach isn’t that great or the location really isn’t all that exclusive. So, make sure that you thoroughly inspect the property first. Make sure that it is private and exclusive. Also, make sure that the water is good quality. The last thing you want is to buy a home on a body of water that is known for being infested with alligators, mosquitos or jellyfish.
- Make sure you choose a waterfront property that matches your unique needs. For instance, if you like to swim in the morning, perhaps purchasing a home on a crowded beach with lots of waves and a riptide isn’t such a great idea. If this is the case, perhaps you need a lake house and not a beach house. Making sure you know exactly what kind of body of water you want to live on is critical, or you can make a classic waterfront house-buying mistake.
- Be sure to get approved for a loan far in advance. Because waterfront homes come along only so rarely, it is important to have the financial back up in case one does and in case you want to put in an offer. Also, you want to make sure to get approved for a loan in advance, because purchasing a waterfront home can be a risky investment, so the process of getting approved for a loan can take a little while.
- Make sure to have a real estate agent that is experienced in the buying and selling of waterfront homes. Buying a waterfront home can be a tricky matter, so you want someone by your side that can find the right property for you. Not only that, but you want someone who has insider knowledge on all the best deals. For instance, if you visit LindaAGary.com, you will see that she has almost 40 years of experience selling waterfront properties in Palm Beach, Florida. This is experience you can trust.
- Homeowner’s insurance will be expensive. There is almost no way to get around the fact that homeowner’s insurance will be through the roof if you purchase a waterfront home. This is mainly because living so near the water can provide a number of risks, like mold infestation, saltwater erosion and floods. However, if you can afford a home by or on the water, you can probably fit the bill for the insurance too.