No matter where you live or what real estate agent you speak with, if you’re interested in purchasing a waterfront property, there are two things that they are going to tell you. One, is that they tend to be hard come by and this brings us to the second point: If you do happen to find one and you really like it, you need to be prepared to spend significantly more than what you would for other properties. This doesn’t mean that you have to totally break the bank in order to have a great waterfront property, though. And to prove that point, we wanted to provide you with some tips on how you can make this kind of purchase without spending all of your money in the process below:
Find a waterfront specialist.
Although all real estate agents are professionally trained in how to help people buy and sell property, the reality is that only those who specialize in waterfront properties can actually help you to get the best kind of deal on one. So, as you’re looking for a reputable agent, make sure to inquire if they have sold waterfront properties before.
Make sure to focus on the property.
One mistake that a lot of homebuyers make is focusing so much on the house itself that they don’t pay as much attention to the land. Then, after a few weeks (or months), they discover that it’s hard to get to the water, that the rains can cause flooding or that the view is not as good as they initially thought. All of this can bring you to the conclusion that it’s not as good of an investment as you might have thought. For this reason, be sure to focus on the property first and the house second.
Start the loan process early.
Being that waterfront properties tend to be more expensive, it’s not uncommon for them to take a longer time to process. That’s why it really is best to begin the loan process even before choosing a house. That way, you can end up getting a better interest rate on one of the many cheapest short term loans.
Thoroughly research home insurance.
Say that you went to a website like LakeHomes.com and you found a house that you really like, and also can afford. Well, before making an official offer, something else that we recommend you do is look into how much the utilities (potentially) are and also home much the house insurance is. We say that because home insurance for waterfront properties also tend to be a bit on the costly inside. In fact, in some cases, people are recommended to take out three different ones: wind, flood and a general hazard policy too.
Be willing to do some repairs.
Purchasing a new house that’s out on the waterfront is going to be a pretty penny, but if you’re willing to buy a home that needs some repairs, you can general get it at a lower price. Just make sure that if you decide to go this route that you look for a contractor that’s affordable so don’t be opposed to considering a house that needs a bit of work. For more information on things that you should consider when buying a waterfront property, visit Liz Moore Waterfront and put “things to know before you buy a waterfront property” in the search field.