If you're buying a home in Palm Beach County chances are you'll probably get a waterfront home or have a lot to choose from. There are numerous waterfront properties all throughout Jupiter, Palm Beach Gardens and Juno Beach, specifically communities such as Admirals Cove. If you're considering a waterfront home there are some things you need to be aware of before you purchase. Here are 10 things you should know about buying waterfront property.
#1. The land may be more valuable than the house.
It all depends on supply and demand and because there are several waterfront properties in the Florida area this might not be as prevalent as it is in other places, but regardless, waterfront property can be valuable no matter of what type of structure is actually on the land. Sometimes the ratio of land value to total property value could be much higher with waterfront property.
#2. Use a real estate agent that is proficient in purchasing waterfront property.
Here in Florida this might be common practice but you still would want a real estate agent that knows about waterfront property, boating properties and the challenges of buying a waterfront property.
#3. Start checking out home loans early in the process.
Waterfront properties will typically fall under the jumbo mortgage category. Lenders will only consider well-qualified buyers so it helps to have your financing under control and ready to go before looking at any properties.
#4. Insurance could be different.
As with loans, check into insurance early because waterfront homeowners in Florida must purchase three policies: a wind policy, general hazard policy and flood policy and they don't have to be all under the same insurance company. Your real estate agent will also have information about the details on insurance requirements for a particular property.
#5. Speak with the neighbors.
If you're considering a particular house in a certain neighborhood talk with the neighbors about any challenges they may face or if they enjoy living there. Are there any water related problems? What about weather? These are all things to consider in speaking with neighbors that have lived in the community at least a year or more that can really give you some insight.
#6. If you are a boater, check with guidelines and depths.
Water depths and tides can be essential elements to the success of living in a waterfront home. Are there different boating preferences, requirements or homeowner association rules that you will need to abide by? Are boats even allowed at the new house? You'll want to verify size requirements and depth.
#7. Be considerate of the weather.
Waterfront homes tend to take on a lot more natural elements than a home that could be landlocked. Their exposure to weather and storms will be much greater and a home on the beach could have some issues with salt air corrosion. This is another thing to ask neighbors about and your insurance provider.
#8. Does the home take full advantage of its location?
It's best to visit the home during different times of the day so that you are aware of sunsets, sunrises, views, lighting and all of the details that you might miss until you actually live there. Is the home situated in a practical space on the lot or is it too close to the water's edge? These are all things that you might need to consider.
#9. Can you make changes?
If you want to make changes to the waterfront property you'll need to double check with any homeowners insurance or requirements from the city. Perhaps you would like to add a dock or a seawall which will need permits and requirements from the city or the homeowners association. You'll also want to know what type of activities are allowed on the water such as swimming, motorized boats or other watercraft.
#10. Make sure you get a home that matches your lifestyle.
Just because you want a waterfront property doesn't mean that every waterfront property will suit your lifestyle. Think about your general routine and really what you're looking for in a waterfront home; fishing, swimming, boating, or simply the view? Find a home thats going to meet your needs and your lifestyle.
If you're looking for a waterfront home there's no better real estate agent for waterfront property than Todd Blair. Be sure to give him a call to search all homes in Admirals Cove and similar waterfront homes in Palm Beach County.
Guest Post by Tina Droessler - Tina is an expert in homes in Palm Desert and can help you find the right property in her neck of the woods.
Image by Axion23 Flickr