Not all land is created equal! Any real estate agent can tell you that. You can easily test this fact by looking for property listings in a specific area. You'll notice that some value higher than others although they are neighboring properties. There are many reasons for this phenomenon, one such reason is a shoreline.
The real estate that overlooks the shoreline are called waterfront properties. These properties are usually higher in value than their landlocked counterparts. It is mainly because of the high demand and the premium price tag. People invest in waterfront properties for the perks of owning both land and water. However, there are some things that you need to lookover to see if they are suitable for you.
You Should Know These 10 Things Before Buying a Waterfront Property!
These are the top 10 things that you must consider before making a decision to invest in waterfront properties.
1. Not All Water Bodies are Same!
There are different types of waterbodies, some are salty while others contain fresh water. You must know the difference to weigh out the pros and cons to know which suits you best. Some people love the sound of crashing waves and sand in their feet, while others can't even stand the smell of the salty sea.
2. There are Hidden Costs
Waterfront properties require a lot of maintenance. However, there are additional running costs that you must know. For example, the cost of fresh water is higher than landlocked properties, sewage and sanitation costs are higher too. Furthermore, there can be other expenses such as a dock fee.
3. Check for Water Proofing and Water Damage
Naturally, these properties are more at risk for water damage than other properties. Make sure there is appropriate waterproofing to protect from minor flooding. Also, hire a professional to check for earlier signs of water damage that may endanger the structural integrity of the building.
4. Check the Insurance
As we mention above, the waterfront properties are at a higher risk of water damage. Additionally, they are at a greater risk to be critically hit with hurricanes, tsunamis, and even earthquakes. These factors make the premium on an insurance go up. Make sure to check the insurance beforehand and check if you have other alternatives.
5. Inspect the Materials!
Living near the shore is great for vacations, however, certain problems arise when you stay there for years. Certain materials that we normally use in our homes are prone to erosion and rusting near a sea. Certain woods, metal furnishings, and even some cars cannot handle the salty sea breeze that well.
Investigating the Waterbody is a Great Idea:
The smart way to go about before buying anything is to research on it. However, it is even more crucial when it comes to waterfront properties. Here are somethings that you must research before deciding to buy the property.
1. Water Quality
The surface water quality is a crucial formfactor for the value of the property. Make sure that the local government is taking enough steps to maintain the quality of water. Otherwise, soon the water surface will be a pool of floating garbage and that will affect the land value negatively.
2. Land Inspection
Investigate the structural integrity of the land. Check for local surveys and certificates to look for land erosion and the future rate of erosion.
3. Elevation Certificates
Make sure that the property has an elevation certificate. These are certificates that National Flood Insurance Program issues and contains data of flood zone, location, and elevation among other things.
4. Shoreline
This is an important thing for the future of your property so research it well. If the shore is rising there is a chance your property will be underwater after a decade or so. And, if the shore is receding, that means you property won't have a waterfront in the future.
5. Check for Safety Measures
Last but definitely not the least, make sure the property is safe for kids and family. And we mean it not only in the sense that the waters are safe. But also, that the area is safe for kids and families and law enforcement services are just a call away.
