A home on a lake or beach may be your dream property, where you have beautiful views and relaxing days. However, when you are looking for the right waterfront property, there are some additional details you need to investigate to make sure you are making a smart purchase decision. The following provides you with help in the process of selecting and purchasing a waterfront home.
Check Out the Water
When you are looking to buy a home on the water, whether it is a lake, river, or the sea, you will want to make sure the water that comes with the home is something you can handle. You may be purchasing the shoreline with the water, and it is not something you can change with renovations or landscaping, so be sure you understand what all comes with the water and its characteristics.
Inspect the water's edge along your property to see if there is a sea wall, which you may be responsible for maintaining. Also, are there a lot of reeds, weeds, or rocks along the water's edge that will make using the beach inaccessible or difficult? If you are looking for a lake with a dock or pier where you can swim and recreate in the water, make sure the water provides the quality you want. Is the water swampy, muddy, or smelly?
Look at the shoreline and its history as well to see if there is potential for drought or flooding to alter the shoreline and cause your property problems. You can check the water's environmental history to see what you may expect in the future based on what has occurred in the past.
Look at Ownership Options
You know you want to own a piece of real estate next to the water, but what type of ownership are you considering? Do you want to buy a primary residence where you can live full time, or are you searching out a vacation property that you would use throughout the year? This question is an important one to consider when you are buying a waterfront property because each option can provide you with some other questions to consider.
For example, if you plan to use the home as a vacation home rather than as a full-time residence, will you need to rent it out to gain some extra income from the property? Renting out your waterfront property can help you pay for extra costs the property will have, such as maintenance due to its close proximity to water and off-season maintenance costs during the winter. And if you want to rent out the property when you are not using it, will it be an attractive vacation location for renters? Look at how many months out of the year the property will be a good rent potential and figure this into your decision.
For more information about waterfront homes, contact a local real estate office, like Southern Shore Properties LLC.