10 Things to remember when buying waterfront property/real estate
10 Things to remember when buying waterfront property/real estate
You have saved your whole life waiting to build the fairytale home on the fairytale waterfront lot. Just make sure that buying the dream doesn't turn into a nightmare. Purchasing waterfront real estate can be one of the biggest investments that you will ever make. Do your home-work, and due diligence by following these 10 steps.
1. Don't by sight unseen. Go look at the property. Go during different times of the day to see when and where the sun rises, and sets. This will help you determine which way your house plan needs to be oriented so as to maximize light exposure through the desired windows. Also, when the house plan is oriented in that direction, does it still have desirable curb appeal?
2. Check flood maps. Make sure that your property is not in a flood zone. If it is in a flood zone, check to see what the insurance costs will be. When was the last time that land in that area flooded? How high did the water reach? This will help determine how high the land needs to be built up in order to stay dry. Ask neighbors about the water level. How often over the last century has it flooded? This will help you determine if it was a one-time occurrence or a regular occurrence. When you walk around on the land, does it feel soft? Check with a local substructure contractor, and make sure that they will waterproof your foundation in that area with a life-time guarantee.
3. Make sure that the land is not in a state regulated protection area. Is it a designated wetland? If so, you may not be able to build there at all. If you are allowed to build, you will most likely have to go through a lengthy petition period where you will have to be granted permission to disturb the land under strict guidelines, which could include creating another suitable wetland to replace the same area that you disturb. This could add on considerable amount of costs
4. Check to make sure that there are utilities at the road. Make sure that there is gas, electric, broadband, water sewer. If not, you should have the land tested to make sure that there is water in the area, and how deep the wells in the area go. Have a percolation test done on the land to make sure that a sewer system is permissible by the local health department. These can all get very costly if the well is extremely deep, or if an above ground septic system has to be installed.
5. Check to make sure that you have riparian rights to the complete water frontage of the property. That means that you own all of the water in front of your property. Not just partial. That way you ensure that you don't have a public area in front of your dream home, disturbing your privacy.
6. Check the local taxes to see if the millage rates differ for waterfront property. Many times the taxes will increase on properties that have a water view, or are waterfront. This could really eat into your monthly budget if not allocated properly.
7. If you have a house plan picked out, or you have already purchased one, make sure that it will fit on the lot. That entails asking your local municipality what the local set-backs are. A set-back is how far off the property lines you must be to start your foundation, or the farthest part of your roof-line.
8. Check to see if the lot is in an association, or condominium development unit. If so, check to see what the annual, or monthly association fees are, and if there are any assessments currently due on the property. Also, check the condominium by-laws to see if there are any restrictions that you disagree with.
9. Make sure that your local municipality will allow a dock, or waterfront deck to be built.
10. If the land is in a remote area inquire as to who will be maintaining the road, or means of egress/ingress. This could be county, state, or private.
I hope that this information has been helpful in avoiding many common pitfalls when it comes to purchasing waterfront real estate. I am a real estate agent, and developer/builder, and trust me, you don't want your dream turning into a nightmare.
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