Avoid These Blunders When Buying A Waterfront Property
Posted on: 3 April 2018
Waterfront properties are considered more luxurious and valuable than other properties, but buying one may end in disappointment for you if you aren't careful. Here are some of the mistakes you should watch out for if you don't want disappointment when you're shopping for lakefront property real estate:
Forgetting To Inspect the Bulkhead
Property inspection is one of the most important parts of the home purchase process. However, some people focus on the main house at the expense of other structures on the lot. This is a mistake because, when you buy a home, you buy it with everything on the lot (expect them to be included in the appraisal, too). In particular, don't forget to get the bulkhead (barrier separating the home from the water) inspected, because it is important for your safety. The inspection should be done by a specialist experienced in bulkhead inspection.
Neglecting Flood Insurance Quotes
Homes located near water bodies face a high risk of flooding as compared to homes in other areas. This is why home insurance companies have specific conditions for insuring waterfront properties. The insurance costs also tend to be higher than for inland homes. In fact, if a waterfront property isn't properly constructed, it might be difficult to find insurance coverage for it. Therefore, before buying a waterfront home, seek a few insurance quotes to confirm that you can get coverage and get it at a reasonable cost.
Failing To Evaluate Restrictions
Living near a water body doesn't give you the right to use the water in any way you like. In most cases, local laws and regulations restrict what you can do in your home or on the water. It is not uncommon for some local authorities to restrict the use of certain watercrafts or activities that can be performed on the water. Know what these restrictions are so that you don't buy a home only to realize that you can't enjoy your favorite water activity.
Ignoring Why You Want To Live Near Water
Lastly, you should also know why you want a waterfront property in the first place to help you confirm that you will achieve your objective in that home. For example, if you want a waterfront property because they appreciate in value fast, you need to confirm that properties in that neighborhood also appreciate fast. Or maybe you love waterfront properties due to their stunning view; will you be able to enjoy that view or is something blocking it?
Hopefully, the advice above will help you with your purchase of a waterfront property. Having a real estate agent to help you with the purchase will also go a long way in helping you avoid disappointment.
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