Things to Consider When Buying Waterfront Property

28 Jul

Things to Consider When Buying Waterfront Property

Many people dream of having a house on a waterfront property. Having a home on the lake, river, or ocean creates a peaceful ambiance that makes life a little more relaxing and in tune with nature. You can sit on your deck and enjoy your morning coffee overlooking a beautiful scene or witness the splendor of the sunset each night without having to leave the comforts of your own home.

Purchasing waterfront real estate can be one of the biggest investments you will ever make. There are several things that factor into the purchase of waterfront property, and below are a few things you should consider when pursuing that type of property:

  1. Hire a real estate agent. It will help if you hire real estate agent, preferably once experienced in residential properties overlooking water. Real estate agents can help you get the best value for your money because they have knowledge about the pros and cons of living in any given area. They are also aware of special legal procedures and permits that may be required when purchasing a waterfront property that are different from normal homes.
  2. Do your own research. Make sure that the area meets your needs. For an instance, be sure all of the basic utilities, such as gas, electric, water, and sewage, are hooked up to your home. If there are special systems that are used instead of main utilities services, you need to know how they function and if they are reliable. If you work from home, you need to be sure that there is reliable internet access.
  3. Make sure that your property is not in a flood zone. You can check city or county flood maps to make sure it is not in flood zone. If it is in a flood zone, verify what the insurance costs will be. Ask neighbors for insight, such as how often flooding occurs, when the last time was that it happened, and how high the water reached.
  4. Conduct formal inspections. Inspections are essential especially for lake homes. Make sure that the foundation of the property hasn’t given way to rot or eroding soil. Look for termite damage because homes in close proximity to water are more prone to having termites.
  5. Understand the laws. Waterfront properties are usually bound by additional laws and  permits that do not apply to normal properties.  Understand how your property line is determined, be clear on what structures you can or cannot put on the property, and find out if there are any annual filings you need to make for permits, etc.

Jennifer Fields
Oklahoma City & Edmond Real Estate Agent


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