If you've decided to make your dream come true and buy a home on the water, you'll have many things to consider. You're not only paying for the house, you're paying for a beautiful view and access to water activities. Waterfront homes are usually more expensive than comparable homes on a typical street. You'll want to make a wise investment to protect your money and to end up with a home that provides you with the relaxing view and access to the water that you want. Consider these tips when you look at waterfront homes for sale.
Learn About The Body Of Water
If you're not familiar with the lake, river, or beach the house is located on, then you'll want to learn as much as you can about the water if you plan to swim, boat, or fish in it. Some lakes may not be safe for swimming or water sports. Some homes may not be on a part of a lake that can support the type of boat you have. Also, you'll want to know if the lake is crowded during the busy season when more people may come to their vacation homes in the area.
Get A Preapproved Mortgage
If waterfront homes are in demand in your area and the supply is low, you'll want to get a preapproval for your mortgage so the seller will consider your bid seriously. Since waterfront homes are expensive, the seller may worry that you won't qualify for a mortgage and they may accept a bid from someone else instead. By getting preapproved, the seller knows you're a serious buyer and that you'll have the funds needed to close the deal.
Find Out About Flood Insurance
Your mortgage lender may require you to have flood insurance on a waterfront home. If so, you'll want to find out in advance how much it will be since flood insurance can be costly. A waterfront home that's elevated above the flood zone may not need insurance, or if it does, the cost could be much lower than a home that's been surveyed and found to be at or below the base flood elevation.
Obtain A Thorough Inspection
You always want an inspection when you buy real estate, but an inspection is even more important for a waterfront property. You'll want the dock and retaining wall checked if you have them to make sure they won't need to be replaced soon. The home and its systems should be checked as well. Strong winds blowing across the water can be hard on houses and roofs. A waterfront home on the river away from the city may have its own water well and septic system. You'll want these checked and tested too. Having a thorough inspection reduces the risk you'll be surprised by the need for expensive repairs once you've moved into the house.
For more information about waterfront homes, talk to a realtor in your area.
Share1 June 2019
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