The Waterfront Neighborhood : Buyer’s TipsAugust 11, 2016
Buying any home can be a challenging process and most of the time includes items such as a pre-approval, paying points, contingencies, etc. Take the regular home and put it by the water, and it becomes even more complicated. Luckily, many real estate agents specialize in waterfront homes and know the ins and outs of this ever changing process. Here are a few tips for buyers of waterfront homes.
Find a Waterfront Home Specialist
Not every real estate agent has experience with waterfront homes, but in navigating the purchase of a waterfront property, you need a waterfront specialist on your side. Choose carefully and select the agent who can help you find a great waterfront deal in the right location.
Get Pre-approved Early
Waterfront properties tend to sell for a higher price, which means you will likely be looking at a jumbo mortgage instead of a traditional mortgage. Getting your pre-approval early will make the process go a bit smoother and will help when you show the seller you’re a highly qualified buyer.
Understand the Insurance
Of course, you will need homeowner’s insurance, but it’s different with a waterfront property. For example, if you buy a waterfront home in Florida, you will need a flood policy, a wind policy and a general hazard policy. Typically, they all come from the same insurer, but you should be aware of the cost involved before you start shopping. Shop carefully and look at the details.
Fit the Property to Your Lifestyle
There are several types of waterfront homes from beach homes to lake homes to those found on a canal giving access to larger bodies of water. If you plan to boat often, you may want a home with a dock. However, if you prefer the beach and the ocean, you may not want to live on a lake or other type of waterway. Select the waterfront to meet your lifestyle.
Look at More than the Structure
The home may be perfect, but does it fit with everything you need? Is it hard to get to the water or is the water mucky where you want to swim? Maybe the view isn’t so great from the home. When you look at a lakefront, oceanfront or any type of waterfront home, make sure you look at more than just the home itself.
Understand the Responsibilities of a Waterfront Homeowner
Owning a waterfront home isn’t the same as just a regular home. You may be a part of a homeowners’ association with specific maintenance and upkeep requirements. It’s important to understand what you’re responsible for before you buy a waterfront home.
A waterfront home provides plenty of great benefits. However, it’s important to know what you’re getting into before you buy into this lifestyle.