HOW TO:
Buy a Waterfront Home We are a land of oceans, streams, rivers and lots of lakes and living on each has different advantages and disadvantages. Each type also has a different purchase process. The process for buying waterfront property in Maine is entirely different from buying waterfront property in Wisconsin. Before you start shopping for a waterfront home, there are things to consider. From financing to insurance, buying a waterfront home is a unique real estate experience.
Why do you want waterfront property? Middy Matthews
The right property for you depends on how you intend on using it. Your needs also dictate how closely you'll need to scrutinize not only the property you may purchase, but the property surrounding it as well.
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In Hawaii, for instance, all beaches, situated within the "upper reaches of the wash of the waves." are publicly owned. In fact, across the country you'll find many municipalities own the land on which the wave's crash or the water laps. Boat owners in Minnesota and Wisconsin all have their own boat size and motor size regulations. Some don't allow motorized boats at all.
Is there a HOA? As you can imagine, the Conditions, Covenants and Restrictions (CC & Rs) laid out by a HOA in a waterfront community may be quite different from your run-of-the-mill subdivision HOA.
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Today's consumers want resources they can turn to and facts they can trust to ensure they're getting the best return on their investments. When it comes to the sale of their home — often the biggest investment a family has — that trust and confidence is even more crucial. That's why I've put together some powerful information for my valued clients and customers that shares both traditional and non-traditional methods for getting a higher price in less time... and with fewer headaches along the way. Call me today for answers to your real estate questions.
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It's a wise homebuyer who runs these documents by an attorney. Not only are they full of legalese, but you may miss something that might diminish your enjoyment of your new waterfront home. Check the HOA dues as well. They can be pricey in waterfront communities.
Know the maintenance costs, down to the penny. Homes along the coasts are subjected to wild weather, including hurricanes. All these elements can erode a home's exterior, meaning increased maintenance costs for the owner. The current owners should be able to give you an idea of what routine maintenance they do every year.
How much will it cost to insure the home? Be mindful of the natural disasters common in areas packed with waterfront homes. Homes in an area that experiences windstorms may be required to buy windstorm insurance to cover what the homeowner's policy doesn't. And, we're all familiar with a hurricane's devastation to families, homes, and finances when homeowners aren't adequately insured. Your first step to considering waterfront property is to find the right real estate agent and then a lender who can counsel you on the different financing options. Then, and only then, is it time to go shopping for your new waterfront home. Please reach out to us with questions. We're here to help.