Buying a Waterfront Home? Here are Some Top Tips to Guide You
Have you always dream of owning a waterfront home, and you finally have the chance to do it. Do not assume that because you bought your current home successfully you can buy a waterfront home using the same methods. Waterfront homes are different, and if you are not careful you may end up with a property that is worthless. Buying the right property is super critical. Before you buy take into account the following:
• Make sure that the property is inspected by a licensed home inspector for damage from the elements. Beachfront homes are susceptible to the elements because they are so close to the water. Oftentimes they suffer structural damage, and if you don’t have a thorough inspection done you may buy a property that will cost you a lot of money. Make sure that the walls are sound and that the beach and attic are in god condition. Look at windows and doors too as well as the insulation.
• Don’t just look at the structure. Look at the property too. You may find that although the home is beautiful it is surrounded by land that doesn’t allow you to do much. You may find, for example, that it is on the edge of a cliff, or that it is so rocky that you cannot take your boat out to the water.
• If you will be living in your beachfront home full time you should take convenience into account. How long, for example, does it take you to get to your job, or to commute to the nearest school? How far do you have to go to get groceries?
• If you are an outdoors person make sure that you get easy access to the sea. You don’t want to buy a waterfront home only to find out that you have to drive for half an hour to the nearest beach, or that you cannot swim in the ocean because it is polluted.
• Find out whether you are allowed to make any moderation’s to the home. You may buy a beachfront home with the idea to add a jetty, for example, only to find out that local authorities do not allow this. If you are purchasing a condo – you will want to review the condo docs. You should also find out what activities are allowed on the beach – some beaches restrict some activities.
• It is harder to get financing for a beachfront home than a typical property. Since these homes are more expensive lenders are usually reluctant to issue mortgages against them. To make it easier to get a loan you should save a significant amount – if you have a bigger down payment you will find it easier to get a loan.
• Don’t deal with just any realtor – find the right one who specializes in beachfront homes. As mentioned earlier, these homes are unique because of exposure to the elements, and only a realtor who has experience with beachfront homes can find you a good property.
• If you will not be living in your waterfront home full time you should consider renting it – people love to vacation in beachfront homes, and you will make some money in the process.
Use these tips to find yourself a beachfront home you will love.