When it comes to real estate, there are lots of different types of properties. Considered the cream of the crop, however, in the minds of many, is waterfront property. At the same time, you’re getting water and land. Its unique versatility and beauty are hard to rival. So, it only makes sense that buying a waterfront home would be an exceptionally desirable goal.
Let’s say you’ve given it a lot of thought and are seriously considering purchasing waterfront property – either for a second home or your main residence. We’d like to offer some advice. To have a more successful and enjoyable waterfront property purchasing experience, here are some tips to keep in mind.
Devise a Property Strategy
Is this going to be a second home for you and/or your family? Will it just be a vacation home? Will it be your full-time, private residence? If it’s going to be a vacation home, might you consider renting it out when you’re not staying in it? Think carefully about a plan for how your waterfront property will be used.
Supply and Demand Considerations
If all sorts of people are clamoring for waterfront property, this may not be the time to buy. The law of supply and demand dictates the prices will be much higher, in that case. Once the waterfront market cools down a bit, start thinking about purchasing.
Shop for a Deal
Whatever the reason, there’s always someone who’s looking to move away from their waterfront property. That’s the kind of person you want to deal with when searching for your own waterfront property – provided they’re not moving away for reasons that would make it a bad move for you.
Examine the Shoreline Carefully (Future and History)
Sometimes, shores move. Will you lose your property if the water level rises? Look at both the past and what’s anticipated for your shoreline.
Other Hidden Costs
The thing about “hidden” costs is that you don’t see them right away. Make sure that, compared to inland rates, your waterfront sewer, water, garbage rates, etc. aren’t extensive. There could also be septic tanks and well upkeep to pay for, lift fees, boat dock fees, and more.
What Kind of Insurance Is Required?
Earthquake damage and or hurricanes may call for a specific depth of insurance. Flood damage may also figure in. Do lots of research on this.
Carefully Go Over the Property Foot by Foot
How is the water access? Look carefully at it and all of the lands around the home (as well as the home itself). Spend some time out on the water to make sure you get a good look at the property from all sides. Is there a pier? What’s the condition of that?
It’s All About the Water
Water is water, right? Oh, so wrong! You’ll love it at the beach if you long to hear waves crashing day and night, and if you enjoy the smell and effects of salt air. On the other hand, you may simply want to go with a river, pond, or lake if seawater isn’t your idea of paradise. Do you want a lot of nature’s noise or peace and quiet? Think about a small body of water versus a larger one – which suits you best?
Comprehensively and Carefully Inspect
Let’s face it, a body of water is hard on a building, even if it’s easy on the eyes. Numerous home issues can result from water coming up into your home. Know what you’re up against. An inspection should be considered before purchase. Also check the local records.
Best Tip of All – Work with an Exceptional Agent – NJLux Real Estate
My name is Joshua M Baris. I’m a Bergen County realtor who deals with For Sale Bergen County luxury homes and New Jersey listings involving luxury real estate
Let’s talk about waterfront real estate! There are numerous ways to reach me. Call me at 201-771-1969 or email me at josh@njlux.com. You can FB message me at m.me/njlux or, if you choose, open the lines of communication by using my website’s convenient online form.
