Investing In The Right Waterfront Property

15 November 2017
 Categories: Real Estate, Blog

Bodies of water can provide homeowners with peaceful and serene views from their living spaces. Because the views associated with home situated near water are so desirable, waterfront homes can be costly. Investing in the right waterfront property ensures that the money you spend will secure you the water-adjacent lifestyle you are looking for.

Here are three tips that you can use to narrow your options when looking for the perfect waterfront homes in the future:

1. Work with a local real estate agent.

Finding waterfront homes that can be purchased at an affordable price can be tricky. There are many factors that can influence the price of a waterfront property, so you need to be sure that you are working with a local real estate agent who has intimate knowledge of the area.

A local real estate agent will help you avoid homes that might be listed at a low price because they are difficult to access via the water or they have been subject to structural damage in the past.

2. Pay more attention to the property than the home built on it.

As you are looking at waterfront properties to purchase, you need to be sure that you are taking the time to evaluate the physical lot independent of the home that is built upon it. One of the allures of a waterfront property is the easy access these homes provide to the recreational activities associated with living near a large body of water.

If your dream home is situated on a lot that has a murky swimming area or a shallow shoreline that prevents boat access, then you may find the property won't meet your long-term needs. You can always renovate an existing structure or construct a new home, but you cannot change the physical attributes of the lot, so these attributes should weigh heavily in the decision-making process as you purchase a waterfront home.

3. Identify hidden costs.

If you are trying to stay within a certain budget as you purchase a waterfront home, then you will need to understand how hidden costs can affect the price of ownership. In addition to the purchase price of the property, you will need to identify insurance costs.

Waterfront homes also require constant maintenance to prevent exposure to moisture from leading to deterioration, so you should be prepared to factor in the cost of maintenance when calculating how much you can afford to spend on your new waterfront home.

Working with a local agent, evaluating the lot and structure independently, and identifying hidden costs will help you locate the perfect waterfront property to meet your future needs.