A waterfront property is one of the best real estates you could ever buy. If you are in the business of building new homes, you can almost be sure of a return-on-investment. Buying property near the water means that you have the dual advantage of land and water ownership.
Top Tips on Buying Waterfront Property
When looking for the best house or new homes, you should pay attention to particular things. We will share with you seven guide tips on how to buy property near the water. Our waterfront property tips below will help you in the buying process.
1. Know What You Want to Buy in Exact
One key waterfront property tip is, you have to know the exact kind of house you want- its structure, building materials used, old or modern design, among others. The moisture level can be tough on building material, and the quality inspections are a bit more stringent. Therefore, you need to exercise some keenness.
2. Know the Reasons Why You Are Buying the Property
You could be buying the property to live in, for use as a vacation home, or as an income-generating piece of real estate. All of this will determine how much you should invest.
3. Hidden Costs
There are several hidden expenses you have to know. You may need to spend a bit more for sewer, water, and maintenance of the septic tank than you would for the inland property. Even maintaining the home can be costly due to the moisture levels and corrosion from the saltwater if you’re near the ocean.
Insurance premiums may also be higher due to the risk factor of living near water. Such properties are subjects to damage from hurricanes, tsunamis or earthquakes. which will impact on the insurance cost.
4. Know Your Water Requirements
You need to be clear about your water requirements. The physical location of the property will also affect factors such as access to the water, views, lighting from the sun, wind direction, among others.
The kind of activities you will undertake is also an important consideration. If, for example, you’re buying the property for a peaceful environment, consider a smaller body of water. You will avoid having to contend with noise from powerboats and other people using the same water.
5. Work with a Property Agent
It may be a good idea to engage the services of a real estate agent, whose expertise is property near water bodies. They will have a good understanding of the market and can save you a lot of headache in the future.
6. Inspect the Property
If you are buying a ready house, you need to inspect the structure thoroughly. Engage the services of a valuator to give you proper advice.
7. Understand the restrictions
There are certain restrictions around a property near the water. Do your research and find out which conservation, legal and zoning restrictions exist. Some are under the Wetlands protection act and will impact on what you do with the property. Engage the services of a lawyer to explain the legalese to you.
Ready to invest?
Buying the best waterfront property will require that you take your time to do some research. You need to go into the process with a clear understanding of what you need and what you can expect.
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