Waterfront property offers stunning views and direct access to the water. However, these properties also come with a few unique considerations and stipulations that waterfront land buyers — Land Boss should be taken into account before purchasing one.
First, you’ll need to understand the difference between waterfront and acreage property. Waterfront property is directly on the water, while acreage has water views but does not have water access.
Buying a Waterfront Property
Waterfront property offers a unique blend of luxury, natural beauty, and potential investment returns. But, like any home, it also comes with its own set of responsibilities and considerations. A real estate professional who specializes in waterfront properties can help navigate the unique issues that often arise, from environmental risks to special maintenance requirements.
The first step is to determine what kind of property you’d like to purchase. Depending on what your preferences are, you can choose between ocean, river, lake, or wetland property. You should also consider whether you prefer sandy beaches or murky waters, and the difference between a waterfront property that’s on the water and one that just has water views.
When shopping for waterfront property, it’s important to understand the legal definition of “waterfront.” A property must have direct access to a body of water. Typically, this is proven by examining the property’s legal description to ensure that it extends down to the mean high-water mark or line for tidally influenced bodies of water (ocean, rivers) and the ordinary high-water mark or line for non-tidally influenced bodies of water like lakes.
Financing a Waterfront Property
Some waterfront property buyers will purchase their home with cash, but most will need to secure mortgages. Securing the right financing is crucial to a successful purchase, and it’s smart to start researching options early. Look into the types of loans available and how they differ from conventional mortgages, including government-backed loans that may offer lower down payment requirements.
Additionally, consider the costs of maintaining a waterfront property. Structures that are exposed to constant moisture can wear down faster, and specialized insurance is often needed to cover flooding or water damage. In addition, some local government agencies have regulations that require homeowners to maintain a certain level of shoreline integrity.
Waterfront properties offer stunning views and direct access to the water, a lifestyle that appeals to many people. But purchasing such a property comes with unique considerations that can impact resale value, maintenance costs and insurance rates. Researching these issues and finding an experienced real estate agent can help prospective buyers navigate this unique property type.
Selling a Waterfront Property
Waterfront homes provide a unique lifestyle that attracts buyers from across the country. The right real estate agent can help sell a waterfront property by highlighting its unique features, such as private docks or boat lifts and direct water access, and using high-quality photos and videos to showcase the area. A top agent will also know how to properly price a waterfront home and take into account local factors such as flooding risks or soil erosion.
Waterfront properties are often worth more than homes in the same area without water views. However, premiums decline rapidly the further the property is from the water. It’s important for sellers to be honest when describing the property. Misrepresenting features like littoral or riparian rights can backfire and lead to a disappointed buyer down the road.
Building a Waterfront Property
Whether you want to build a new waterfront home or a beautiful acreage estate, finding the right property location is critical. There are many factors to consider, including neighborhood amenities, proximity to work and community, geology, environmental issues and more.
Waterfront properties offer the serenity of a calm lake or scenic river, while acreage offers more privacy and flexibility to customize your dream home. To find the ideal property for your needs, consider your hobbies and preferences to determine which type of location is best suited for you.
Visiting and touring various properties can help you narrow down your options. A licensed home inspector can also provide valuable upfront insight into the condition of the land you’re considering. This professional will be able to identify any erosion control structures, seawalls and drainage systems that may require attention. They can also clarify water and septic system requirements. These considerations can be particularly important for a coastal area where regulations and restrictions are common.