What To Consider Before Buying A Luxury Waterfront HomeMarch 10, 2022
When buying a Luxury Waterfront Home, you are not just purchasing a new home. You are also gaining access to an entirely different lifestyle that can arguably be more rewarding than life in your traditional dry lot home! When water is involved, there come countless unique considerations for buyers like yourself. Here is what to consider before buying a luxury waterfront home.
- Coastal erosion concerns.
- Environmental regulations.
- Protection from storm surges or flooding (depending on where you live).
- Boat docking availability/feasibility over time as natural changes occur around waterways.
These factors all contribute to making this purchase quite complex. Therefore, before you start your search for waterfront homes in Fort Lauderdale, I recommend you consider these 7 factors before you do.
Make sure your financing is in order! I can’t tell you how many times I’ve heard horror stories of people whose financial situation changed right before closing, leaving them with no property. Get your finances in order before you even start looking for a waterfront home!
Consider hiring an experienced real estate agent who is savvy about waterfront properties. An excellent resource to find an agent in the area is www.JoshDotoligroup.com. To ensure that you hire the best realtor out there, ask all your questions during their interview. These are some of the critical things to consider when interviewing a potential agent:
1) What is your favorite part about being a real estate?
2) How long have you been in this industry?
3) What types of properties have they sold?
4) How many waterfront homes have they sold?
5) How long does it take for me to sell my property with you as my realtor?
When buying waterfront property, be aware that it’s not like buying a traditional dry lot home. There are many things to consider. It’s crucial to hire a realtor who is experienced and knowledgeable enough to help you run the process as smoothly as possible. A professional realtor knows what buyers should be considering when looking at this type of home purchase!
Ask Yourself Why Are You Buying a Waterfront Home?
Do you want to escape the city rat race? Is your plan to enjoy your life more? Are you planning on spending time near the water, boating, fishing, kayaking, etc.?
If that’s the case, then you need to choose a waterfront home with good dockage. You also have to be prepared for what is required. Before buying a new waterfront home, pause and think about why you are doing it. People often decide to purchase these homes for many reasons, but some make more sense than others. First of all, how do you plan on utilizing the water frontage? Is it for boating and pleasure? The water frontage is the most expensive attribute in any property. Additionally, consider these aspects when shopping for a waterfront home: privacy, views of water frontage, depth and width of the canal, seawall integrity, etc.
Learn About The Body of Water
If you’re boating, it’s necessary to research the depth – not all depths are suitable for boats. For example, sailboats and pontoon boats require different depths. If watersports like fishing and snorkeling are of interest, then study the water quality, marine life, or potentially dangerous native fish species!
If you are buying a waterfront home, it is essential to learn about the flood insurance requirements.
First, this type of property insurance protects against damage caused by flooding. Before buying a waterfront property in Florida, which might be at high risk for floods due to its location near water bodies or coastlines, one needs to understand that Flood Insurance can sometimes cost more than expected. To find out how much coverage will cost and what factors affect rates on your particular policy, contact an agent online who specializes in individual policies.
When you buy a waterfront home, you need to consider the different maintenance responsibilities that come with it.
For example, seawall maintenance could end up costing a homeowner nearly $1,000 per square foot to fix. Make sure the integrity of the seawall is in stable condition. If you are keeping a boat at your home, make sure the dock has the proper setup to accommodate your particular boat.
Make sure to conduct a home inspection before buying a waterfront property.
Water intrusion in any circumstance can result in huge issues for the house. Home inspections should be completed by a professional who has years of experience expecting waterfront homes. You may even want to have an independent inspection on the seawall itself since it could be a costly repair. Lastly, You should also ask for septic inspections because most homes on waterways are not connected to public sewers.
Ask Around The Neighborhood
Before moving to a waterfront community, it is recommended that you talk with the locals about their experience there. A quick chat can give you insight into any potential problems in the area as well as the pros and cons of living there. It will also help you know if this neighborhood would suit your needs or not overall! If you are interested in purchasing a luxury waterfront home, contact us today at the Josh Dotoli group.