Tips on Purchasing Waterfront Property
Considering buying waterfront property? Well there’s a few things you need to know. While buying a house can be a complicated process in general, purchasing waterfront property is much more complex, so it’s important to do the necessary research before moving forward. Here are a few quick tips to consider as you navigate the waterfront housing market:
Find An Agent Specializing in Waterfront Property: This may seem unnecessary, but the added knowledge and experience from a real estate professional who specializes in waterfront property can save you down the road. They’ll know the right questions to ask and what to look for when determining the value of a property.
Consider the Land, Not Just the Property: Due to waterfront property being more scarce, the value tends to be higher. This value includes not only the house, but the land around it. Even if you love the house that’s for sale, make sure you completely consider the property around it before committing to purchase. Discuss this with your lender and real estate professional to determine your property value versus your land value.
Set Up Financing ASAP: Due to waterfront properties being in higher demand, lenders tend to only consider extremely qualified buyers. It’s possible that you may have to look into getting a jumbo loan or restructure your other financing, so it’s best to get that taken care of early as possible so you don’t have to rush to get it all done later.
Learn the Responsibilities: With waterfront property comes more landscaping tasks and maintenance requirements. Make sure you check with your lender and the local Homeowners Association to review any mandatory fees or rules concerning the upkeep of your property.
Talk To Neighbors: Visit some of the surrounding homes on the water and ask them what it’s like living in the area. This would be a perfect time to ask them questions about any of your fears/anxieties concerning the purchase of waterfront property. Chances are they’ll be more upfront and honest about certain characteristics that the buyer might be trying to hide.