Looking for a new home is already a challenge, but it can get a little trickier if the home you’re eying happens to be a waterfront property.
Purchasing a waterfront home comes with legal considerations as well as different challenges, so arming yourself with the right information is very important if you’d like to make the best, most informed decisions for your purchase.
Below are a few things to keep in mind when buying a waterfront home:
- The property itself is more important than the home
The property itself is a bigger selling point than the house that sits on it. Keep in mind that you can always fix or renovate the house, while you can’t really do much to alter the property.
With that in mind, make sure you’ll really enjoy the body of water that comes with it. Can you and your family swim in it? Does it come with boat access? Is the weather great for water activities? These questions will help guide your decision.
- Do some research and look into the home’s history
Make use of local government resources to view the development history of the land, which will allow you to examine the floodplain and its proximity to various structures.
It’s also a good idea to consider getting a seismic assessment and to take note of weather patterns to get an idea of the potential impact of floods and winds to the property.
- Take risks and insurance costs into account early
Insurance companies have a steeper price for water properties because of the unique challenges they bring to the table.
Homeowners will need more coverage for a waterfront home, mainly because of the increased risk potential and possible damage due to elements.
Along with standard home insurance, you may need to get coverage for other items such as flood insurance, boat insurance, and personal liability insurance, especially if you and your family look forward to partaking in many water-based activities.