What to Know About Buying Waterfront Property

Tuesday, July 21, 2020, 6:00 AM | Leave Comment

Many people have a clear picture of what their dream home should look like and that picture includes a waterfront view.

If you are in this category, you need to exercise the utmost care when buying a waterfront property.

As breathtaking as these properties may look, they come with some challenges.

Before buying any of such properties, you must make sure you are prepared to confront and effectively handle these challenges.

To help you understand what these challenges may seem like, here are 4 things you should know about buying a waterfront property.

What to Know About Buying Waterfront Property

  1. Flood Insurance Is Necessary

    A clear sight of water from a distance or the comfort of your couch is one everyone wants to behold. However, what you may not find interesting is when water finds its way into your basement or backyard. So, when buying a waterfront property, make sure to find out the flood situation of the environment and start figuring out the best flood insurance plan. Several flood insurance schemes are provided for by the federal government. These insurance schemes are there to protect you when your property gets flooded.

    Related: Do I Need Additional Homeowner’s Insurance on a Waterfront Home?

  2. Regulations Are Guiding What You Can and Can’t Build

    Many buyers get carried away with owning a waterfront property that they forget about the regulations in place with regards to what you can build. For waterfront properties, many government agencies provide for a list of regulations to be followed by owners of these properties. These regulations provide in clear terms what can or can’t be built into the water. So, while you are dreaming of building a pier or boathouse along the water front’s shoreline, make sure you are aware of the regulations.

  3. Who Will Be Responsible For Maintaining The Barrier Wall?

    The barrier wall of waterfront sometimes referred to as the bulkhead is usually made of rock and stones. This bulkhead aims to separate the property from the water. Just like what you can build into the waterfront, the care of this barrier wall is sometimes determined by regulations. While in some places, homeowners are responsible for the maintenance, in others the community or homeowners association bears the responsibility. When buying a waterfront property, get a specialist to inspect the bulkhead and determine the cost of maintenance. This way, you are sure it is a cost you can bear yearly.

    Related: What the online listing doesn’t tell you about a property

  4. Improvement That Can Be Made To the Water Front

    When buying a waterfront property, you might want to find out what improvements you are allowed to make on the home. This is because depending on where the property is, there are restrictions on what improvements can be made. These restrictions could limit the height you can build past, how close to the shoreline you can build, or the kind of materials to be used in building. While there are good reasons why these restrictions are made, you should find them out before buying the property.

    More: Pros and Cons to Beachfront Property

Knowing all of these before buying a waterfront property is necessary to guarantee that you are buying safely. It also helps you to know what to expect from the property and how to confront any challenges that may arise. A waterfront property is a good property to own provided you know all the necessary details as it has been provided above.

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