8 Actions You Must Take Before Buying Waterfront Property

Real estate agent showing a mature couple a new house.
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Living in a waterfront home sounds wonderful – the views, the smell of the ocean or lake air, the peaceful tranquility. And it can be wonderful, as long as you know what to expect before that first storm hits.

Here are 8 things you must do before you buy waterfront property.

Talk to the Neighbors

Not all waterfront properties are alike, so the best way to find out what it’s like to live in the area you’re considering is to talk to people who do just that. Ask about noise levels, traffic and population density – particularly during the busy season, if there is one. Ask about the weather year-round and what preparations or precautions must be taken during a storm. Ask if power outages are common – you may need to invest in a whole-house generator.

Understand the Homeowners Association Rules

The waterfront property you’re considering may be governed by a Homeowners’ Association (HOA), which will have rules about landscaping, upkeep, rentals, beach or lake access, and more. Make sure you understand what is required for you to comply with HOA rules, and what, if any, approvals you will need if you want to make changes to your property.

Research Insurance Costs

The cost to insure waterfront property can be enormous, due to the likelihood of damage from storms or flooding. Flood insurance, separate from your homeowners policy, may be required, and could be very expensive. Find a reputable insurance agent who can help you through this process to make sure you have the coverage you need.

Be Prepared for Maintenance

When you own waterfront property, you need to be diligent with maintenance. Proximity to the water means that siding, decks and other wooden structures don’t last as long and regular maintenance will help.

Find a Property Manager

If you will not be occupying your waterfront home year-round, and especially if you will be renting it out some of the time, hiring a local property manager is a good investment. A property manager can monitor your home while you’re not there and find someone to perform regular maintenance and emergency repairs.

Have a Thorough Inspection

You definitely do not want to waive the inspection of a waterfront property. There can be a lot of invisible problems with a home near the water, from leaks to mold to storm-damaged foundations. Be sure to have a competent inspector carefully review the home so you know exactly what you’re buying.

Consider the Impact of Climate Change

When you’re buying a waterfront property, climate change will affect you in the future. While there’s no way to predict the exact impact, it will help to understand how the area has changed so far. Talk to your realtor and the neighbors about how the coastline has changed over the past few years to get an idea of what may come. And find out how local government is handling climate change mitigation efforts.

Being fully prepared for the challenges that can come with owning waterfront property can help you enjoy it for many years to come.

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