Looking for a home with lake or ocean views? While buying a waterfront home can be a great investment, it can also be challenging. Whether it’s a lake house or a beach house you want, we recommend learning the ins and outs of waterfront homeownership before you commit. Here are 10 tips for buying a waterfront home in today’s market.
10 tips for buying a waterfront home
1. Carefully Inspect the property
Water might be easy on the eyes, but it’s hard on a building. Inspect carefully and comprehensively for water intruding into the house from the high water table. Also, check for corrosion on your exterior because of salt air. In addition, check for mildew and mould issues from higher moisture levels in the air. An expert inspection can help you understand what you might be up against. Surveys, elevation certificates, water quality tests, and other land and water-based inspections that you might not have done on a regular house can be very important with waterfront property.
2. Choose the right water
Waterfront properties aren’t all the same. If you want the smell of salt air, there’s no substitute for a beachfront property. However, if you want to hear waves crashing against the shore, a property on a bay might not be the right place for you. Property on a large lake gives you the ability to sport about in a powerboat. But if you want peace and quiet, you might be better served by being on a smaller body of water that’s devoid of noisy powerboats and peering eyes.
3. Walk the property carefully
Spending some time on the water helps you see if the property is as good as you think. For instance, you could have a beautiful view, but not have good access to the water. On the other hand, the lake that looks fantastic from the window could be choked with weeds and debris. When a house has an unattractive backyard, you can change the landscaping. With a waterfront home, you’re also buying the water, so getting it right is crucial.
4. Check insurance requirements
Insurance rates tend to be much higher for waterfront homes than traditional homes. Why? Proximity to water often means potential damage from natural disasters and the elements. If insurance is available, it could be cost-prohibitive, so it’s best to know before you sign a contract. When seeking homeowner’s insurance, make sure you speak with an agent about all of your options.
5. Look for hidden costs
Waterfront properties can sometimes carry additional expenses that buyers might not be aware of. For starters, water and sewer rates can be more expensive than inland rates. Boat dock and lift fees, as well as septic tank and well upkeep, are additional potentially hidden expenses to inquire about as well.
6. Prepare yourself for regular maintenance
It’s no secret that waterfront properties require a good deal of maintenance and upkeep. This wear-and-tear is often weather-related (i.e., heat, humidity, storms and other natural disasters). Homes by the beach may also be negatively affected by the salt air. Lake homes with water docks will also need regular maintenance and upkeep as water exposure can significantly age things. Before buying a home, it’s important to understand the full scale of these needs.
7. Don’t skip the inspection
While it’s tempting to skip an inspection when trying to appeal to sellers, it’s not always a smart move. This is especially true when purchasing a waterfront property. Given how vulnerable lake homes and coastal homes are to natural disasters and weather-related wear and tear, it’s important to know exactly what you’re buying. Otherwise, you could end up having to pay for expensive repair costs and necessary updates.
8. Make necessary updates when you buy the home
When buying a waterfront home, make necessary updates early on to avoid facing expensive repairs or expensive damage later. Unfortunately, waterfront homes tend to take a beating over the years. Even newer construction homes will need the occasional update.
9. Don’t overlook climate change concerns
No doubt about it: climate change should be a serious consideration when buying a waterfront property. Rising sea levels and increasingly severe weather could negatively affect waterfront homes in the future.
10. Work with an expert agent
Waterfront property isn’t simple. Between the title issues, the structural issues and the unique way that the market looks at the property, many real estate agents can’t effectively help you through the purchasing process. A real estate agent that specializes in waterfront homes and land will know which questions to ask, who to involve in the transaction, and how to help you achieve your dream of homeownership on the water.
