Many people dream of owning waterfront homes, but not everybody understands the challenges of owning a waterfront property. You may not be able to enjoy your waterfront home if you aren't careful with the purchase. Avoid these mistakes if you don't want that to happen:
Letting the Excitement of the Water Blindside You
The excitement of owning a waterfront home, especially for first-timers, is understandable. If you aren't careful, you can be so much enamored by the water and forget other important aspects of the purchase. Remember that you are not buying the water; you are actually buying the property and the water is just an added bonus. The condition of the house, the need for insurance, the property taxes, and the maintenance costs still matter. Having a real estate agent's help will help you keep a cool head throughout the purchase.
Buying a Boat before Buying the Property
Just because you will be living close to water body doesn't mean that you can sail or ride a boat on it; the local rules and regulations have a say on the matter. There may be regulations on the kinds of boat you can use on the water; for example, some areas outlaw engine boats. There may also be a restriction on the size of boats you can take out on the water. Apart from that, you can start a property purchase process only to have it fall through at the last minute; what then will you do with your new boat? Therefore, handle the property purchase process first before buying a watercraft.
Assuming That the Land In Front Of the House Will Be Yours
Talk to several owners of waterfront properties and you will learn that some of them don't own the land between their properties and the water. Therefore, don't automatically count this part of the property as yours. It may be a public land that you can't develop the area (say build a shed on it) or fence it.
Ignoring the Risk of Flooding
Lastly, even if you haven't heard reports of flooding in the area for some time, assume that it does have a flooding issue. All water bodies can flood the land around them, which means your potential house should be designed and constructed with the flooding risk in mind. The risk of flooding will also affect your home insurance rates, which is another cost you should add to your cost of home ownership.
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