Searching for a waterfront home can be tricky since there are often a limited number of properties to explore. When choosing from houses on the market, the right place could be available for less than you think — and still offer all kinds of excellent waterfront perks. Here are three simple tips for selecting the right waterfront home.
1. Consider Dock Space
Before you invest in waterfront property, think carefully about what kind of water access the home has. Is there a private beach space? Does the home have its own dock? Is that dock large enough for any boating equipment you already own? Try to find out when the dock was installed, what kind of condition it is in, and what you would need to add to the dock to make it more user-friendly. By taking a good, hard look at your dock, you can determine whether or not the property needs extra work you may or may not be prepared to handle.
2. Think About Short-Term Rentals
If you aren't planning on living at the house year-round, think about the possibility of renting it out. Oftentimes, people make a pretty penny renting out second homes to vacationers, helping them to add a supplemental source of income. Think about how much you would want to rent the property for and whether or not you are up for the challenge of being in charge of a rental property.
Additionally, check city statutes and local HOA bylaws to make sure you are able to lease out the property on a nightly, weekly, or monthly basis to other people or if longer contracts are required.
3. Evaluate the Condition of the Property
Like any home, you should carefully evaluate the condition of the property during the due diligence period. Hire an experienced home inspector to go through the property and evaluate the condition of the home, and think about things like the latest renovations, the way the exterior looks, and how the yard has been maintained. Be mindful of what kind of condition the home is in, and try to select a place that looks like it has been well cared for.
When you are ready to start focusing on finding the right waterfront home for sale, turn to a realtor or real estate professional in your area who specializes in luxury property. Talk with them about your long term real estate goals, where you would love to live, and what you would like the property to be like. In addition to taking your ideas into consideration, real estate agents also hold networks of buyers who may be interested in selling, which can make a big difference.
To learn more about waterfront homes for sale in your area, talk to a real estate agent.