Buying a Home Near Water: What You Need To Know
Lake, river, and oceanside properties are all in high demand, and it’s no wonder why. Plenty of people daydream about waking up to waterfront views, going for a midafternoon swim, or fishing late into the evening on their own private slice of paradise. If this sounds like you, here’s what you should know before you buy a waterfront home.
Higher Insurance and Maintenance Costs
Waterfront living comes at a premium even after you factor in closing costs and monthly mortgage payments. Homeowners insurance is usually more expensive for homes near water, especially in hurricane-prone areas. You may also find that flood insurance isn’t optional. If the property lies in a designated flood zone, it could be a mandatory expense. Oceanside properties can also be pricey to maintain, as the saltwater, humidity, and high winds accelerate wear and tear.
Flooding and Erosion
Even if the property you’re looking at isn’t in an official flood zone, increasing water levels and storm surges can cause damage. Whether flood insurance is required or not, it’s still a worthwhile investment. Another common issue is erosion, especially for coastal and riverfront estates. Over time, the ground beneath and surrounding the house may shift or erode, causing foundation damage.
Coastal Regulations
Buying a home on the water might also come with an extra layer of rules and restrictions. In some cases, municipal or state governments may restrict restorations, expansions, and even landscaping projects. Research any zoning restrictions, coastal commission requirements, and homeowners association rules that might apply.
Despite these potential concerns, purchasing a waterfront home can be a profitable long-term investment, especially since these properties often resell for a higher price. Be aware of the challenges of owning a home near the water, but don’t let them prevent you from purchasing your dream property. By evaluating the risks and working with an experienced waterfront real estate professional, you could wind up with the relaxing waterfront home of your dreams.
Sources: US News, Raleighrealty.com, Bankrate.com
We are ready to help you find the best possible mortgage solution for your situation. Contact Sheila Siegel at Synergy Financial Group today.
