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12 Tips for Buying Waterfront Real Estate
By Peni Gardner
You probably already know this, but buying any land can be a significant
decision. But what you may not know is that there are a few twists that
come with purchasing a waterfront lot that make it very different from
buying a lot in any old subdivision. I've put together a few tips that you
should keep in mind when you're looking for the perfect waterfront
property.
Don't buy land without setting foot on it first. You should take the time to
look it over closely and inspect it yourself. Locate a copy of the site plan
so you can determine exactly where the property lines are.
Study the history of the land development for the area. Was the
development a friendly undertaking or was there a lot of controversy
from the community? What was on this land before?
Talk to the neighbors. Ask them what they think of the developer and the
area. Are they happy with how their house was built? Were the amenities
completed by the developer as promised? If they love living there, they'll
tell you - if they hate it, they'll tell you that too.
If you're looking at lakefront property, you need to determine if the lake is
constant level or not. If it's not a constant level lake, then the water levels
could change drastically.
Check to see if there are any flood plain restrictions. If you build or buy in
a flood zone you may have a tough time getting insurance.
Make sure the lot you're looking at will support a house of the size you
want.
Don't limit your search to a single waterfront development - no matter
how "in love" you are with it. If you're not familiar with other
developments, ask a local realtor for help.
Find our how the property will change in the different seasons or when
the weather conditions change. When was the last drought and what
happened to the water levels then?
If you're interested in building a boat house, make sure that there aren't
Restrictive Covenants preventing you from doing so. Many lake areas
limit the building of new boat houses and docks.
If you're planning on building, make sure that you will have access to
electricity, water, sewage and other utilities. Never assume that you can
just "hook up".
If the property is remote, make sure you know who is responsible for
maintaining the road. Many banks require a Road Maintenance
Agreement before they will lend on remote property.
Lastly, before you make the purchase offer, consider making it
conditional on an inspection of the land or on another specific item. For
example, if you don't have access to sewage lines, make the offer
conditional on your ability to obtain permits for a septic system. Plus, you
should always make your offer contingent on your ability to obtain
financing.
OK, armed with these tips, you should be ready to start your search for
the perfect waterfront lot. Remember, investing in waterfront real estate
requires common sense and due diligence, just like any other
investment. Go put these tips to work for you!
About the Author
Peni Gardner is a waterfront property expert and realtor that specializes in working with out of town buyers looking for Granbury Real Estate.
http://www.granbury-real-estate.com/
Article Source: http://www.simplysearch4it.com/article/10577.html
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