Take These Measures When Buying Your First Waterfront Property
Posted on: 27 October 2016
Although waterfront properties may sell like hotcakes, you still need to be diligent when buying one. All homebuyers should heed this advice, but it is particularly pertinent to those who have never owned or lived in a waterfront house. Here are three precautions to take before investing in such a property:
Analyze the Special Risks
Waterfront properties are exposed to threats that other properties do not face. Therefore, you need to know what these risks are, whether or not they have caused any damage to the property, and how you plan to mitigate them in the future. For example, you should check for signs of flood damage. Even if there are no such signs, you ought to know how you will prevent flood damage in the future.
Here are further examples of unique risks faced by waterfront properties:
- The increased risk of natural disasters, such as hurricanes.
- The increased risks of siding damage due to the high humidity and salt, which increases the risk of rust and rot.
- The risk of rising ocean levels.
Of course, these risks do not apply to all waterfront properties; some depend on the type of water the property borders. Therefore, analyze the risks the property you are interested in faces, and determine how you will mitigate it. For example, you may need more frequent property maintenance schedules and additional insurance coverage for the house.
Look Beyond the Structure
Another piece of advice is not to focus just on the actual house structure; waterfront properties are much more than that. When buying a waterfront property, you are buying an experience, a view, and a lifestyle. For example, a new property with a bad view of the water and poor access to the water's edge may not be as good as an old property that needs a little work but has perfect access and view of the water. Of course, you also have to determine what's important to you and prioritize them since you may not get your ideal property.
Confirm That the Property Meets Your Special Needs
Lastly, you should also ask yourself why you are gunning for a waterfront property, and ensure that the property you purchase meets those needs. People buy waterfront properties for different reasons, such as:
- The view of the water
- The potential activities, such as swimming, surfing, and boating
- The value (waterfront properties tend to command higher prices than other properties)
Why are you buying the property? If you are into boats, then you must ensure that the property you choose has good access to the water, the water is deep enough for your boats, and the property's rights allow you to build a pier. If you are all about the view, you must ensure that your property owns the land between your house and the water, so nobody can build an obstructive structure (such as a fence) on it.
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