Showcase Properties: Waterfront Living
Many people dream of having a waterfront lifestyle, but many waterfront homes have hidden issues, such as flooding risks, higher insurance rates, and additional fees associated with waterfront communities. It’s important to look into all the aspects of the waterfront property you are considering before making a commitment. Often issues will vary from place to place.
- Home inspections are more important than ever with waterfront property. So you will want to hire an inspector with lots of experience in looking for issues common with waterfront properties. In addition to water damage, there may be a higher risk of certain pests and mold. A thorough inspection from a qualified inspector should also reveal potential risks with materials used in construction, or past evidence of flood damage that has been thoroughly repaired, but may indicate risks going forward.
- Check insurance rates early on in the process and shop around. Be sure to price flood insurance policies and be prepared for liability policies with higher than normal limits.
- Check the property area, not just the house. Be sure you get all the facts about who has access to the waterfront, whether or not there are building or landscaping restrictions, and what are the responsibilities of the local homeowner associations. Talk to the neighbors to get their take on these issues.
There’s a lot to consider, so if you’re interested in waterfront living, give me a call so we can make sure you’re aware of all the details associated with your potential property and location.