What Should Be In Your Checklist When Shopping For Waterfront Property?

What Should Be In Your Checklist When Shopping For Waterfront Property? Luxury Home & Condo | Marco Island

Waterfront property in areas such as Marco Island in Florida are in very high demand. If you are interested in investing in them, it would be wise for you to go through the process of selection in the right way, otherwise you end up risking losing a lot of money. One of the strategies that will definitely come in handy is the use of a checklist.

When you start shopping for such property, you might get bogged down with details, and then forget to check what is truly important to you. This is the most common reason why some people invest heavily in such property, and then later find out that it’s not really worth it. By having the checklist, you can apply the same filter to all the properties, ensuring that you carefully consider each before deciding on which one to pick.

When doing this, you need to remember that the quality of the checklist will also affect the quality of the outcome. If you use a checklist that is not very comprehensive, you will still make bad decisions. Some of the things that you should have in your checklist when considering buying waterfront property include:

Checking whether the shoreline shifts or not

The nature of the shoreline is a unique issue you will need to address when shopping for waterfront properties. This is particularly so if you are buying property that extends right up to a water body such as a lake or ocean. The action of the water on the shoreline could progressively make it recede towards the house, which means that in a few years you may end up with a home that has lost structural integrity on account of this.

Most people who buy waterfront property usually do so using the help of a mortgage that they will then pay off in a number of decades. If during this time the house gets damaged by the receding shoreline, you are likely to end up finding yourself in a bad financial position. You may not only lose the house, but also find it difficult to service the mortgage as well.

To avoid such catastrophes, you need to find out more about the shoreline before you buy waterfront property particularly if the home is very close to the shore. Some of the data that will help you include the average rate of inland movement of the shore. If you are working with a high quality realtor, they are likely to provide all this information for you with ease.

The likelihood of damage due to the elements, and if insurance can pay for it

If you have identified a piece of waterfront property that you are particularly interested in, your next step would be to find out more about it in terms of how much it will cost and whether you can get insurance for it. The latter is particularly important in areas where adverse weather such as hurricanes occur.

When using your mortgage to buy the home, you may find it prudent to get some home insurance. In fact, some lenders will include this in the mortgage product. You should always make a point of finding out if this insurance also includes cover against damage by wind and water. Remember, if the insurance covers only one of the above and your house gets damaged by the other, the firm may not pay out. If you have not finished paying the mortgage when this happens, it means that you would be burdened with the task of not only paying the mortgage, but also footing the bills related to repair of the home.

The direction of the market

In some parts of the world, waterfront property is very expensive. In such cases, you might need to do as much as you can to minimize how much you spend on it. One way to do this would be by studying the trend in the local housing markets. If you find that house prices have been on a decline in double digits, you could conceivably wait a few more weeks or even months for the price to bottom out before then searching for what you want to buy. This way, you will pay the least possible price for the home, and not have to worry about the value of the home reducing further once you have bought it.

Any other personal preferences

What do you want to use the house for? What characteristics would you want it to have to be able to use it in this manner? These are issues that should also be included in your checklist, and which will turn out to be very effective in helping you sift through the large number of properties you come across.

A checklist might seem like an archaic manner of organizing your search, but it’s always very effective particularly if you design it well. The above are just a few of the things you need to include in it to make it effective for your house hunting.

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