Waterfront property offers breathtaking views and direct access to bodies of water. Purchasing a waterfront property may require special due diligence steps that are not required when buying non-waterfront property. Performing these additional due diligence steps can ensure that a buyer does not end up with unexpected costs and challenges after the purchase is complete.
Understanding the difference between a waterfront property, a water view, and water privileges is one of the first things a homebuyer should do before making an offer on a property. “Waterfront property… implies that the owner of the land is on or near the body of water,” says Garrett, while a water view simply means you can see the water from a certain point and a water privilege allows you to go to the water on a regular basis whether through your own property or through a community amenity,” he adds. Also read https://www.jdhousebuyers.com/sell-your-house-fast-in-dayton-oh/
Water access is another important issue that must be carefully considered when evaluating a potential property, especially when it’s part of an association. This is because the association can set rules that limit the use and enjoyment of the property by its members. These rules can be as simple as whether a dock is allowed or as complex as whether jet skis are permitted.
A buyer of a waterfront property should also carefully consider the building materials that have been used to construct the house and determine if they are suitable for the environment in which the home is located. Because waterfront properties are often exposed to constant moisture and harsh weather conditions, they can be prone to structural damage over time. This is why it’s essential to hire a licensed professional to perform a thorough inspection of the home before purchasing.
When valuing a shared waterfront property, the most obvious factor is location. The proximity to a city, other entertainment facilities, and the quality of the water will all impact value. In addition, a buyer should consider the cost of maintaining any improvements on a property such as roads, parking, docks, and bulkheads.
Docks and moorage can also add considerable value to a shared waterfront property, especially if they are deeded. However, it is important to understand that a permanent dock may not always be an option, as the local government could limit or prohibit the use of any structure on or over coastal public trust waters and submerged lands. A potential buyer should therefore thoroughly explore what options are available before committing to a waterfront property that will require an expensive, long-term commitment to maintain a permanent structure.
