Tips To Help You In An Upcoming Waterfront Home Purchase Decision

Posted on: 20 April 2021

Homeownership comes with its set of decisions and evaluations, especially when you are looking to buy a beautiful waterfront home where you can spend your spare time outdoors. Here are some ideas to consider when you want to buy a waterfront property.

Understand the Costs

As you search out the right waterfront home to purchase, you will look at the price of the property as part of your analysis. The total purchase price is going to be negotiable and a major part of the purchase decision, but it is not the only cost you need to consider. 

In addition to the cost of the home, land, and other improvements, you should look at your cost to maintain the property when you take ownership. This will include items such as insurance on the property. The property is a waterfront property and is going to be subject to more extreme elements than a proper inland, so you need to shop for the appropriate insurance, including hazard, flood, and wind insurance policies. Ask your insurance agent about a cost estimate for these policies and any other insurance your mortgage company will deem necessary with their lien on the property.

You may need to calculate costs for the utilities on the property. Most homes will come connected to city sewer, electrical, and gas, but in a waterfront home, the access to basic utilities may be a bit varied. For example, a remote home may not have access to the city sewer system but will be connected to a septic system. And if you want to have internet or cable television in the home, check with local carriers to make sure these basic services are available to the property in its location. You might need to purchase satellite internet or television service to have access to this at the property.

Consider All Areas of the Property

In part of your home search and decision in a home purchase, you should look at the home and all details of the property. For example, you should look at the physical home and its size, floor plan, layout, and condition, but you should also look at the yard surrounding the property and the access to the shore. If a property is located on a lakeshore, what type of beach is included on the property, and is it rocky, sandy, or on the edge of a steep cliff? You should look at the quality of the water and whether you can swim in the water or if it is swampy or full of algae at the shore. Is there a dock or a swimming area where you can enjoy the water, or are you only worried about the quiet evenings and view from the home's porch? 

Hire a property inspector to check out the home's shoreline, especially if there is a seawall that will need upkeep and maintenance. And if there is a dock or boathouse, be sure to have these areas inspected before you make your decision.

For more information about waterfront homes for sale, contact a local real estate office.