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What to expect when buying waterfront property

On Behalf of | Jun 12, 2019 | Residential Real Estate

There can be many advantages to buying a home close to the water in Delaware. Of course, there can also be many downsides to having a home in such a location. While the views may be beautiful, the cost to buy a home will be higher than in other parts of a town or city. If a body of water is vulnerable to hurricanes or other natural disasters, an individual will need to pay more for homeowners insurance.

Other downsides to buying a waterfront property include the possible need to buy flood insurance or buy special finishes for the home. Furthermore, the water may attract a lot of traffic, which means that it can be harder for homeowners to maintain their privacy. One of the key benefits of buying a home on the water is the greater potential for price appreciation.

Since property by water is in high demand, owners may be able to earn income from renting the property to vacationers. Finally, the view will likely never change, which can be a plus when trying to sell or rent the home. It is essential to look for homes in areas that allow a person to use their home to its full potential. For instance, it may be necessary for those who want to use a boat to live near deeper water.

When buying a residential real estate on the water, it is crucial to know as much about it as possible. For instance, it is critical to understand insurance issues, mainly if insurance approval is a condition for getting a mortgage. Ideally, a buyer will work with a real estate agent or an attorney to get the answers to those and other relevant questions he or she has.