Are you considering a waterfront property as a primary residence or vacation home? Owning a waterfront property is a dream for many, but there are important things to consider. before you jump into buying one.
What To Watch Out For When Buying Waterfront Property
Property Inspection
One of the most important aspects of buying a waterfront property is the home inspection. It is vital to determine if the home you are considering buying can withstand the water surrounding it. Most of the time waterfront properties are located in wetlands, flood zones, and along riverbanks. This means that they are more prone to flooding and water damage. One of the things you want to look for is that all of the structures are far enough from high water marks so that they won't experience seasonal water or flood damage. Make sure you look at all structural support, such as stilts/pilings, storm shutters, and a solid foundation. You want to make sure you are aware if the home has previously flooded and if so that it was repaired properly.
Insurance
If you own waterfront property then you want to make sure you have flood insurance as part of your waterfront property purchase. Your insurance should cover floods, homeowners, and windstorms. You want to have the maximum premium in case of these events. Get a quote for your insurance before you purchase the property.
Hidden Costs
When you own waterfront property, you don't own the water. The only way you would own the water is if you purchase a private pond. Typically the Federal, State, and local governments own and oversee the eater. This can mean there are costs to leasing the land bordering it. Work with an experienced agent so you understand all of the costs associated with your potential property.
Additional Responsibilities
When you own a waterfront property you have additional responsibilities when it comes to maintenance due to the wind, water, and sun exposure. You want to make sure you have a great understanding of what your responsibilities are to maintain your property. the best you can and retain its value.
Are Waterfront Properties a Good Investment?
Waterfront properties cs come with additional costs, maintenance, and other challenges but there are also many great benefits. Waterfront properties are highly desirable and oftentimes used as rental properties. Before you use your property as a rental, take your time and do thorough research to understand your rates and any tax implications. You want to handle the. the business side of this appropriately.
In Conclusion
Whether you purchase a cabin overlooking a river, a house right on the lake, or an oceanfront view, a waterfront property can provide you with incredible amounts of fun. Waterfront properties uphold their value and can be a great source of additional income for owners. To learn more about waterfront property available in Palm Beach and connect with a professional real estate agent, contact us. We are here to assist you with all of your buying, selling, and investing in Palm Beach needs.
