Waterfront living is a growing trend and a dream for many homeowners. However, unlike traditional real estate purchasing waterfront property can be a little more complicated. Regardless of the use of the property, there is a need to fully understand everything about waterfront property before purchasing. This will ensure an enjoyable transition to the waterfront lifestyle. Regardless of the location, there are some basic waterfront features you must analyze and warnings to heed. Here is everything you need to know about waterfront before making a purchase:
Know the type of utilities that comes with the property
Although this may depend on the location of your waterfront property, it is essential to consider the kind of utilities the property comes with. For instance, if you are buying property at homeguidemyrtlebeach.com it is essential to have water and sewage hookups as well as electrical services if there’s no house already built. Access to such utilities is very essential and that requires a huge part of your due diligence failure to which buying stage can make your job a whole lot harder than it needs to be. As you may know, adding utilities to a property is never a walkover. No matter how beautiful a property may be, it makes no sense if it doesn’t have utilities. In that case, it is probably worth reconsidering.
Check your deed’s legal description to know where your property ends
Most lot lines for waterfront properties don’t extend to the water’s edge. There is often a strip of land between your property and the water. This part is often owned by someone else. It is therefore important to check your deed’s legal description to determine where your property officially ends in the plat map.
Know the hidden costs
The newbies, they may not be aware of all the other hidden costs that come with buying a waterfront. Most people don’t know that buying a lake home may involve leasing the land itself. In many cases municipalities may sometimes own the lake and the shoreline itself so to purchase a home on a leased lot; you must enter a long-term lease with the owner which can add a pretty significant expense than you anticipate. The benefit of this is that you likely won’t be paying property taxes.
However, you must know when the lease is up as lease rates may often rise anytime it is renewed. In addition to that homeowner’s insurance is often increased due to the increased exposure of your waterfront property to the elements. In many cases, flood insurance is separate from a normal homeowner’s insurance policy. Ultimately, this may call for an additional cost.
Get to know the insurance requirements
Most regular property Insurance policies may not cover waterfront-related damages. Since properties at homeguidemyrtlebeach.com are at risk of flooding, it can be expensive. Before buying the property of your choice, consult a qualified insurance provider to get a quote for your property necessary for additional coverage. The first thing to seek is the flood insurance policy for your waterfront properties. With the help of your real estate agent, you can get the best course of action for insurance.