Buying waterfront property is a dream for many hardworking folks. However, you should consider several things when buying waterfront property to ensure you make a sound investment.
What Kind of Waterfront?
Ohio’s plentiful lakes and rivers provide many opportunities for waterfront living. Or perhaps you dream of buying an oceanfront home in Florida, Maine, or the West Coast? The kind of waterfront that most appeals to you and what you want in a second home is a critical factor to contemplate when you’re in the market for a waterfront home.
Do you want a quiet retreat where you can go fishing in a rowboat, undisturbed by loud motorboats? Or do you crave a cabin with a dock for a sailboat or a shed for kayaks and canoes? Or do you just want the chance to jump in a lake?
The type of waterfront property you desire affects the activities you can enjoy and the regulations you must follow. Check if the water is navigable, swimmable, or drinkable, and whether you can draw water for irrigation.
Focus on the Property, Not the House
While the house on the property might be captivating, remember to focus on the land itself. Has it flooded in the past? Is the waterfront rising? Is erosion a problem if the property is on a bluff, and can you install erosion prevention measures?
Determine whether the lot is truly waterfront or merely water access or water view. Also, check to see if the property has a sewer connection or if it relies on a septic system. Is municipal water available? If not, is there a well and a purification system, or will you have to haul in your water for drinking and washing?
Find Out About All Regulations and Restrictions
Waterfront properties often come with numerous local, state, and even federal regulations and restrictions. You may need a permit or a special variance to build a new dock or improve a breakwater or bulkhead if allowed. Check if there is a homeowners’ association that you will need to join, as they may have rules that affect your usage of the property.
How Many Types of Insurance Will You Need?
Waterfront properties typically require more types of insurance than regular properties, including flood or hurricane insurance. It is crucial to factor in these costs when considering the purchase of a waterfront property.
What About Your Boats?
Consider how and where you will store your boats when not in use if you own them that you’ll want to use when you’re staying at your waterfront property. Can you store your boats on the property or will you tow them in and out each season, whether you use kayaks or canoes or own a sailboat or motor boat? Or is there an indoor boat storage facility near the property where you can store your watercraft in the winter?
You should consider several things when buying waterfront property as it can be a rewarding investment. Work with a real estate agent who specializes in waterfront homes and can help you do your due diligence so you’re fully informed about the benefits, costs, and challenges of owning a particular waterfront home.
