Want To Purchase A Waterfront Property? 2 Things To Consider First
If you are planning to purchase a waterfront property, there are many things you need to consider before you sign any papers. Below are two of these things so you can start your search to find the best waterfront property for you.
Check with Your insurance Company
You need to contact your insurance company to determine what changes you will have to make to your policy. In most cases, you will find that your home insurance will become much higher. This is because a waterfront property has a high risk of damage due to flooding, and there may be a lot of wind because the home is near water. This wind can cause damage such as blowing branches off trees that can damage the roof, the roofing shingles may blow off the roof, the shingles may be damaged, and much more.
Consider adding flood insurance to your insurance policy. You will find flood insurance is likely expensive, however. Your insurance company can go over all this information with you, as well as give you even more information about changes you may have to make to your insurance policy and what the insurance company will and will not cover with your current policy.
Do a Thorough Inspection of the Home
You need to do a thorough inspection of the waterfront property, as well as to the home that may be on the property. For example, if there is a high water table and the home has a basement the basement could have been flooded in the past. This is especially true if there is no type of flooding equipment to protect the basement. If you do find the basement has been flooded, there may be damage that you cannot see, such as mold and mildew, corrosion to wood, and more.
Walk around and check the interior of the home as a home will become corroded much quicker that is near water. Contact the right people to obtain an elevation certificate, have a land survey performed, check the quality of the water, and more. The best way to do this is to hire a professional company that will do a home inspection. The professional sent out to the home will know things to look for that you likely do not know.
There are many more things to consider before you purchase a waterfront property, such as having the water tested, the shoreline history and more.
For more information on waterfront homes, contact a real estate agent.