Tips for Buying Waterfront Properties

by Kevin Smith Author

Are you planning to purchase a waterfront property? There are plenty of waterfront properties in Palm Beach and the surrounding areas. If you have your sights set on waterfront properties, check out these tips before you make this big investment.

Work with a Real Estate Agent Proficient in these Purchases

Waterfront properties can present certain challenges that buyers need to be aware of such as boating regulations. Selecting a real estate agent who deals specifically with these properties will make the process go more smoothly.

Start Planning for Financing Early

These properties are mostly financed through jumbo mortgages. This means you must be a well-qualified buyer for lenders to consider financing your purchase. If you have credit issues, a problem proving your income, or other financial challenges, you want to get those under control before you start to look at properties.

Research Insurance Policies

Owning a property on the water means you need extra insurance protection. Owners of waterfront homes and other properties need general hazard insurance as well as wind and flood policies. Knowing how to purchase this insurance is another reason you want to work with a real estate agent proficient in waterfront purchases. A qualified agent can answer your questions and give you more details about what insurance requirements.

Check Boater Guidelines and Water Depth

If you’re planning on using the waterfront for boating, make sure the water depth and tide schedule coincide with your boating plans. Also, keep in mind that homeowner association rules can affect if you’re allowed to operate a boat in the community. You also want to make sure you have enough room to maneuver your boat from the dock safely. Always check size requirements.

Consider Maintenance Requirements

Unlike landlocked properties, homes on the water are affected more by storms and extreme weather. Many homes on the water have problems with salt air corrosion. Therefore, before signing on the dotted line, make sure you know how much maintenance is involved to keep the home’s exterior in good condition.

How Do You Plan to Use the Property?

Keep in mind that not all owners of waterfront homes use their proximity to the water in the same way. Some people want a waterfront property for boating and fishing. Others just want the serenity that comes with being near the water. There are plenty of waterfront properties in Palm Beach to fit every lifestyle!