Waterfront Real Estate
The category of waterfront real estate includes all kinds of properties in all kinds of environments and conditions, from majestic waterfront homes, to dilapidated buildings next to crumbling piers, to pristine environments in secluded spaces. The only thing in common is direct proximity to water.
The old adage for buying waterfront real estate is: location, location, and location. When you're purchasing a normal house, a great deal of the real value is in the house, and in some cases not as much in the land. However with waterfront properties, much of the value is in the land and its location. Having said that not all waterfront real estate properties are equal. Certain prime waterfront real estate in high demand areas will command premium prices while other waterfront real estate located on small lakes, distant rivers and out of the way wilderness locations will be less costly.
No matter where you are looking for waterfront real estate, don't buy a waterfront home without first inspecting the entire property. Locate a copy of the waterfront real estate site plan so you can determine exactly where the property lines are. If the waterfront real estate is located on a flood plain, see if there are any flood plain restrictions. It may be difficult to get insurance if the waterfront real estate property in a flood zone. Learn about how the different seasons and weather conditions might affect your potential waterfront real estate. Erosion along beaches and major damage from hurricanes is common for waterfront real estate properties along any coastal areas, particularly for waterfront real estate located on barrier reef islands or low lying coastal islands in Florida. If you are interested in building a dock or boathouse find out if there are any Restrictive Covenants preventing you from doing so.
If you are planning on building a house on your waterfront real estate lot, make sure that you will have access to water, sewage, electricity, and other utilities. Many waterfront real estate properties in more rural areas or on islands will present a number of building challenges. Foe instance if you don't have access to sewage lines, make your buy offer conditional on your ability to obtain permits for a septic system.
If the waterfront real estate is really remote make sure you know who is responsible for maintaining the road, if there is one. Many banks require a Road Maintenance Agreement before they will lend on remote property.
No matter where you choose to buy, investing in waterfront real estate requires common sense and due diligence. Often times a local experienced waterfront real estate agent will be of immeasurable help as you work towards obtaining a fabulous waterfront real estate property.