Purchasing a Lakefront Property: A Buyer's Guide
by Kevin Smith AuthorHaving a
peaceful and quiet environment is just one of the many benefits of living near
a large body of water. It's why many people search for luxury lakefront homes
for sale in Palm Beach. If you're fortunate enough to find an affordable
property, there are some things to consider before making a purchase. Read on to
learn about them.
Upfront Costs and Ongoing Expenses
Upfront
costs refer to the expenses charged to you before you sign the paperwork. They
include:
·
Down Payment - Usually 10 to 20% of the total
price of the home, it serves as proof that you can afford the property.
·
Inspection - This is done to help you make an
informed purchase. Common issues like wall cracks and leaks will be checked by
an expert.
·
Closing Costs - These include the fees for the attorney's
signature, homeowner's insurance, and other documentation.
Ongoing
expenses, on the other hand, are what you pay for once you're already living in
the house. The principal, interest, and property taxes are just 3 examples.
However, you also have to spend money on maintenance, insurance, and utilities.
Mortgage
After you settle
the down payment, the remaining 80 to 90% of the total cost will come from the mortgage.
It's a legal agreement between you and a bank that's often secured by collateral.
In most cases, when you can no longer pay for the loan, your lender will have
the right to take your property away from you.
It's not
easy to get approved for a mortgage. It entails proving that you can really
afford to pay your lenders back. They're going to ask about your current debts,
monthly income, and statement of assets. These financial documents will give
them an idea of where you're going to get the funds for your monthly payments.
Real Estate Agent
Find a
qualified real estate agent who specializes in lakefront properties. They
should walk you through the process of buying a home and discuss the pros and
cons of living in a secluded environment.
Additionally,
they're responsible for letting you know whether there are restrictions in the
area. Some lakeshore homes are located in places where fishing, motor boating,
and swimming aren't allowed.
Safety
Luxury
lakefront houses can draw the attention of burglars. It's best to consider
whether the property that you want has security features installed, such as alarms,
cameras, and high-quality door locks.
Purchasing luxury lakefront homes for sale in Palm Beach also means that
it's harder to contact neighbors who can help you in case of emergencies. It's
possible to have a spotty phone signal, too. However, escaping the hustle and
bustle of the city and waking up to the calming sound of water crashing against
the shore make owning the property worth it.
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Created on Sep 20th 2019 23:40. Viewed 367 times.