Owning waterfront property comes with many financial, physical, and mental health benefits. But making the decision to buy one is a challenge in itself. Whether it’s by a lake, ocean, or river, purchasing a waterfront home requires a lot of research and planning.
Here are some of the most important things to consider:
Are the property and its surrounding area in good condition?
The number one rule in buying waterfront property is to pay attention to the entire area and not just the home itself. It’s very easy to get swept away by a beautifully-styled home and the thought of living by the water. This can lead to disappointment and even more challenges once you realize that the property and the location are less than ideal.
After you’ve narrowed down your list of potential waterfront properties, take a close look at each one, including the surroundings. Always keep in mind that it’s more difficult to change the land than it is to change the home. How is the quality of the water? Does the property give you the privacy you need? Is the body of water easily accessible? Picture yourself living in the home and make a realistic assessment of the challenges you might face.
Does the property fit your lifestyle?
One of the main factors to consider is whether or not the waterfront property fits the lifestyle you want. Choose a waterfront property that caters to your interests. If you are a deep-sea fishing enthusiast, look for Intracoastal front property or property with deep water access. This will allow for easy access to the open sea. If you want water views and a more tranquil vibe, a creek front or canal front home might be best for you. Or maybe you have dreamed of waking up to the morning sunrise and the sound of the surf, then an oceanfront property may be ideal.
Can the home’s structure withstand the weather?
Waterfront homes are often prone to damages because of their close proximity to the water. They’re also more likely to get flooded and hit by strong winds and rain. If you think the existing features are inadequate, consider how much you might have to spend to reinforce the home. Look into the area’s flooding history and weather patterns, and find out if the home has been flooded in the past.
How often will you use the property?
Unless you’re planning to retire or move permanently to your waterfront home, you might want to consider renting it out when it’s not being used. Since waterfront properties are often used as vacation homes, renting out your property can be a good source of extra income.
What kind of insurance coverage do you need?
Waterfront homes require a more specific type of insurance coverage.
Since they’re at higher risk of being flooded and hit by storms, flood insurance, and wind and hail insurance are crucial. While you might need to pay extra for this type of insurance, it saves you from paying thousands of dollars in repair.
Is your agent an expert in waterfront properties?
It’s always best to work with a Realtor who specializes in buying and selling waterfront property. These Realtors have the necessary knowledge, experience, and connections, which they can leverage to help you find the waterfront home of your dreams.
Looking for the perfect home by the water in Wilmington, North Carolina? Call Thirty 4 North Properties Group at 910.821.3510 or email kfreeman(at)thirty4north(dotted)com to learn more about the gorgeous waterfront homes in this area!