Eleven Must-Know Insider Secrets to Buying Waterfront Property

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You know in real estate they say “all agents are not created equal” and this could not be truer when it comes to dealing with waterfront properties. Case in point: we deal in many of these exclusive properties since we are located in the Northwest portion of Ohio where we have plenty of lakes, rivers and ponds. From our infinite experience, we have set aside eleven must-know things about dealing with this type of property before you consider getting started.

Work With a Knowledgeable Realtor

An astounding number of buyers sign up with Realtors that just don’t have the experience or expertise needed to gauge all that goes into the purchase of waterfront property. The best step you can do is to hire someone with prior, proven and effective experience in dealing with such homes.

Look at the Big Picture

Though you may be drawn to the structure that is housed on the property you are seeking, keep in mind that overall the property is what will hold more value at the end of the day. Keep in mind things like sight lines, the view and whether or not the location is an ideal one to build on. You can change a lot of things but you can’t change the location and its surrounding amenities.

Consider the Needs of Your Lifestyle

Keep your lifestyle in mind when seeking waterfront properties. Ask yourself what your primary use of the property will be. Do you plan on spending most of your days out on the water fishing or boating? Is the view more important or is the investment value a factor in your choice? All these questions will help point you to understanding how a property will fit your particular lifestyle.

Get a Head Start on Financing

Unlike conventional properties, some waterfront homes incur delays and other issues when it comes to financing for the simple fact that many of these properties require jumbo loans. Regardless of the type of loan you might need, it is a good idea to get a head start on knowing where you stand financially so that if the process does take longer it does not affect your sale. Also important to keep in mind – choosing the right lender is as important as choosing the right agent.

Ensure a Strong Property Structure

Properties that are located on any body of water, large or small, are more susceptible to potential storm or weather damage. It is important to evaluate whether your properties of interest can withstand the weather in that area. Exposure to the elements can ruin a seemingly perfectly good home so it is critical to evaluate this before entering into a purchase contract.

Confirm a Solid Foundation

It may not seem a potential problem but the terrain in Northwest Ohio, particularly around bodies of water (natural of manmade) is not always suitable for structures and foundations to be built on them. With deep bedrock, no granite and a high clay content of river soil, a house that has not been anchored well to begin with can cause serious problems later.

Check Every Nook and Cranny

Inspections are critical for properties located on or near the water. Not only that, it is important to work with an inspector that has proven experience in dealing with similar properties. The reason for this is that the nature of these properties is completely different than standard homes. There are varying zoning restrictions, building codes and more – all that should be clearly checked by a qualified inspector.

Know Your Capabilities and Limitations

By investigating the potential changes you may be able to make on your property ahead of time, you will be able to gauge whether or not it’s worth it to invest. Depending on the types of changes you may want to make, discover whether there are any specific regulations that might hinder your plans.

Ask Neighbors About the Property

One of the best tools you have when considering buying a waterfront property is to communicate with surrounding neighborhood property owners to survey their opinions and knowledge about the property in question. They will share with you anything they might know or have heard about the house, potentially saving you lots of headaches.

Look Into All Possibilities

If there is an area that you love with enough acreage to build a pond on it, it may be possible to have it done. During initial stages it is important to research all possibilities and requirements such as water depth, inflow, outflow, how the bottom should be done and specifics about the embankment.

Know What You’re Getting Into

Many buyers neglect to realize the level of responsibility involved in owning a waterfront property. There may be maintenance requirements if a Homeowners’ Association is not involved; keeping up the property is a big one not to mention insurance and liability. By finding out about all this prior to or at least during the inspection, you will gain a better understanding of whether or not you want to live in a waterfront home.
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Each situation, every buyer and each property is unique – that’s why it is critical to follow the first tip on this tip sheet – to hire a Realtor that knows what they are doing. We invite you to give us a call so we can get started today!