Posted on: 30 March 2017
Most people like the idea of living in a waterfront property, but they do not realize what is involved in purchasing one. There are unique challenges that come with buying a home near the water, and if you do not understand them, you could end up making a poor decision. Here are some tips to help you find the right waterfront property.
Pay Attention to the Surrounding Property
One of the biggest mistakes you could make is focusing solely on the home and not the property on which it sits. It can be easy to fall in love with a great view and visions of enjoying water activities, but if the home's surroundings are not ideal, you could lose interest in your home quickly.
For instance, you need to consider the privacy of the home. If there are other homes nearby, how close are they? You also need to factor in the condition of the body of water near the home. If you want to swim, fish, or do other water activities, you could be disappointed if the water is too murky for these activities.
Research the Possible Association Rules and Fees
It is likely that a waterfront home you are interested in is part of an association, such as a homeowners' association. However, since the property is located on or near water, there is an additional association you might have to worry about when it comes to rules and fees.
For instance, a home that is located on a lake might be part of a lake association. If so, you will be responsible for paying fees to maintain the condition of the water. There could also be rules that dictate what you can and cannot do on the property.
Before buying a property, know what the rules and fees are. You also need to understand what the possible penalties are for failing to follow the rules.
Know How Utilities Are Set Up
Depending on the location of the waterfront property, you might lose the convenience of municipal services. You might be responsible for everything from a septic system to obtaining your own clean water. If you are new to this, you need to understand what you could face.
If there are no services already connected to the home, you need to not only research what is needed but understand the costs involved with setting them up.
An experienced real estate agent can help you determine what other steps you can take to ensure the waterfront property you want is the right one for you.Share