Buying your first home is a massive undertaking in and of itself, but when your first home is also a waterfront property — there is a lot you need to know. Discover some of the things you need to know about being a first-time home buyer and a future waterfront property owner.
Understand the Cost of Ownership
All properties have a selling price and a cost of ownership. Owning a waterfront property comes along with a variety of costs that are not standard with an inland property. It is essential you know about these costs so that you know what price range you should stay in for your home purchase.
For example, waterfront properties often have leased lot, increased insurance, and dock maintenance costs. In order to truly enjoy your home, you need to be able to cover the mortgage and these additional costs, comfortably. For this reason, you do not always want to choose a waterfront property that is at the top of your budget.
If you do, you will have less money left over to cover these costs of ownership expenses. Speak to an agent about where you want to keep your total monthly costs, and they can help you find waterfront properties within this range.
Perform Multiple Inspections
Home inspections are important for any home purchase, but for waterfront homes for sale, an inspection is very important. First, have the exterior of the home inspected to look for signs of water damage. With oceanfront homes, the salt and moisture in the air can cause roof and siding damage. You do not want to purchase a home with damage in either one of these areas, as the repairs can be costly.
The inspection should also travel to the dock area, more specifically, the bulkhead. In short, the bulkhead is what keeps the water off your property, so ensuring that it is intact is critical.
You want to have a professional inspect the bulkhead to make sure that there are not any signs of erosion or other damage, as the cost to repair this type of structure can reach well into the thousands of dollars range. You want to have the entire property inspected to ensure your investment is protected.
When it comes to preparation, a great agent can go a long way. Make sure you take your time and research to find an agent that is able to meet your needs and de-stress the buying process for you.