How to Buy Waterfront Property

You have made the decision to buy a luxurious waterfront home in Florida but what are the key factors and things to look out for when you do? Let’s have a look at the things you need to be aware of before you agree to your purchase your dream home.

Firstly, contact a lender and find out exactly what you can borrow to purchase your new waterfront home. Having that pre-approval clearly shows the price range you can afford and gives the sellers peace of mind that you are serious about buying. It may also give you priority over someone who is just a potential buyer.

Finding the right realtor with extensive knowledge of purchasing waterfront homes is imperative to setting yourself up for success and avoiding any costly surprises. Purchasing a waterfront home comes with its own set of challenges and requirements. Read our article on how to find a realtor here.

You need to consider that waterfront properties are susceptible to to elements that can cause extreme damage. Be sure to have a comprehensive inspection on your desired property, flooding, saltwater corrosion, mold, and mildew can be big factors that can have an impact on the structure of a home. It is also advisable to have a water quality test, a land survey, and check for any pests that might be a problem.

Be sure you understand the shoreline restrictions and what the requirements are for constructing structures like piers or docks. Check for tidal wetlands and protected areas and find out what activities are allowed within these areas. Ask about rules regarding seawall and dock additions and what boating activities are allowed. Waterfront owners generally own the land and have access to the water, in some cases of bayfront homes owners may own the land under the water for the purpose of building a dock, setting down anchors, and fishing.

Some waterfront properties may have building restrictions so be sure to discuss with your realtor what renovations you plan on with your new home and they can find out if it is possible. The last thing you want is to purchase your new home and then find out you can’t adapt in the way you want.

Finally calculate hidden costs, you may have to put extra money aside to treat corrosion or water damage, boating fees are also an extra cost, as well as higher property taxes and insurance. Be sure to get proper insurance that will cover you for wind, flood, and general hazards.

Ready to buy your waterfront property? Start your search here!