Investing in a waterfront property is a way to ensure a maximum return while also providing you with a unique opportunity to enjoy a luxurious and exclusive view. If you’re thinking of purchasing a waterfront property, here are a few things to keep in mind to prevent overspending and to ensure your investment is sound.
Set a Budget
Have a budget in place before you begin researching and comparing different waterfront properties near you or on your preferred lake or other body of water. Without a set budget in place, you may find yourself wasting time or feeling let down after discovering a property you desire but cannot afford.
Research Property History
Research the history of the waterfront properties you’re most interested in and their previous owners. Compare listing and sale prices from previous owners and timeframes, as well as property taxes and fees, that were required from the homeowner at the time of sale or ownership.
Learn About Different Types of Water
Choosing to purchase a waterfront property is a way to instantly gain access to a body of water, which is why it’s wise to familiarize yourself with the different types of water your preferred waterfront properties are on. When you are shopping around for waterfront property, consider what type of water you’re interested in. Saltwater and freshwater both provide different environments and opportunities, which is why it is important to choose a property near the type of water that’s right for you and your family.
Research Weather and the Potential for Natural Disasters
If you’re making a waterfront property investment near the ocean, or even near a gulf, it’s a good idea to research the area for potential natural disasters, as well as disaster history. While some waterfront locations may be more protected and secluded than others, many waterfront properties that are located on oceans pose an inherent risk and danger compared to waterfront properties that are located on a freshwater source, such as a traditional beach or lake.
Taking the time to research local waterfront homes, as well as taxes and other property fees you may encounter, is essential for anyone in the market for waterfront property. With the right research and an understanding of your own budget and needs, you can find a waterfront property that is truly ideal for you.
This article first appeared on RISMedia’s blog, Housecall.