Basics of Property Management: Screening Potential Tenants

Six Priorities In The Purchase Of A Waterfront Home

28 October 2021

Jesse Obrien

There can be many advantages to buying a waterfront property. However, it's important to be aware of the priorities you need to focus on when buying a waterfront property to make sure that you're making a good investment and buying the right property for your preferences and needs.

The following are six priorities to keep in mind in the purchase of a waterfront home. 

Having a home inspection done that looks out for signs of water damage

Water damage is an especially big concern when it comes to evaluating the condition of waterfront properties. You need to make sure that you're having any waterfront property you're interested in buying checked for water damage. This allows you to make sure that the property in question is in good condition and doesn't need any costly repairs. 

Evaluating the location and the local real estate market

Waterfront properties tend to be especially costly due to their scenic value. That's why it's a good idea to look at buying a waterfront property as an investment that will hopefully increase in value over time.

Evaluate the local real estate market in which your waterfront property. Buying property in an up-and-coming area where properties are likely to be increasingly sought after in the coming years is important for making a good investment with your waterfront property purchase. 

Becoming aware of any community regulations in place

Some waterfront communities have regulations in place that you'll have to follow as a property owner. For example, you might be limited in terms of what renovations you can do on your waterfront property according to community regulations.

Another possible responsibility you'll have is contributing to maintenance of a bulkhead that is in place to protect properties in a community from exposure to water. 

Do your research on community regulations so that you know what will be expected of you as a resident. 

Failing to learn a bit about the neighbors

Pay attention to the surroundings when you are touring a waterfront home and try to get a feel for what the neighbors are like. Waterfront neighborhoods can vary widely in terms of what type of social atmosphere they offer. This makes it important to think about what types of neighbors you hope to have when you're evaluating available waterfront properties. 

Gauging flood and storm damage risks.

Homes on the water are sometimes at risk of becoming damaged due to flooding and inclement weather. That's why you should evaluate the local climate and the flood risks of available waterfront properties before purchasing one. 

Dealing with flooding in your property is inconvenient and stressful even if you're insured. That's why you want to look for waterfront properties that are well fortified against potential damage due to the weather. 

Being certain that you're adequately insured

Homes along the water generally need more insurance coverage. In particular, you need to make sure that you're carrying flood insurance on a waterfront property. 

Remember that flood coverage is not typically included in a standard home insurance policy. This means that you'll need to purchase a separate flood insurance policy or add-on flood coverage for your home insurance to protect yourself financially when you buy a waterfront home.

For more information on waterfront property for sale, contact a company like Prince of Wales Realty. 

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