Waterfront properties are favored over other types of properties owing to the facilities they offer the occupants. Whether buying property on a lake or sea for your family or for purposes of renting, the aim is to enjoy the provisions of the body of water that you cannot obtain with your primary home. Waterfront properties, however, come with other issues which many people do not know about. Seeking, deciding on and buying one is more complex than your usual real estate properties as you will learn. But, you need not fret as we have combined the best tips to help you with making the best choice.
If you want to buy a waterfront property, you need an agent skilled specifically in this type of property. Do not pick on just about any other agent who says they know stuff about real estate. Be free, and ask how much they know about waterfront properties and how long they have dealt with them. Remember that they are out to make money by pushing sales. For all you may know, they could be knowing very little about this field.
Waterfront properties are likely to cost more than their usual counterparts owing to the facilities they offer. In that regard, the financing process becomes more complex as more facilities are thrown into the mix. Therefore, when financing for a property on the waterfront, start the process early or you may miss out on a lucrative deal. Comparatively, mortgage loans for waterfront properties take longer to come through than other types of properties. Also, ensure you have everything in place in terms of the facilities and extensions you aim to add onto the property you intend to buy. It may dawn on you that the extra cottage closer to the water is not allowed by the local government laws.
Unlike other types of properties waterfront properties require a more complex insurance structure. You will have to insure your property against floods, violent winds and general hazards. These policies, in some cases, cannot be found under one roof. So you have to dig for that to ensure you have the best insurer on your case. Aside from the insurance, the level of exposure to the elements for waterfront properties is relatively higher than that borne by our types of properties. Ensure that the property is fitted with the very best materials to withstand strong winds and the salt air as you will incur a lot in terms of maintenance costs.
Asking the right questions
Besides your agent, you will need hard, cold facts (without the business jargon that is) from the people who live in a given area. Ask them to tell you if the property you are interested in having any problems your agent is not telling you of. Ask them why the previous owner vacated it. You may discover so much from simply chatting with a knowledgeable neighbor. Such talk can save you thousands.