Posted on: 14 April 2021
Whether its purpose is to be for year-round living, a vacation getaway, or an investment property, shopping for a waterfront condo is sure to be an exciting process. For those purchasing this type of property for the first time, their excitement is often tempered by questions and concerns associated with the property type and location.
If you are currently preparing to look at waterfront condominium properties, the following information can help answer some of these questions and prepare you for a better shopping experience.
What does the term "waterfront" mean?
When shopping for this type of property, many buyers experience some confusion about the term "waterfront." In order to be classified as waterfront property, it must be fronted by water. The confusion about the terminology is often related to the fact that condos and other parcels of real estate can have water frontage and be advertised as waterfront, but many or may not include rights to use, own, or access the water.
When looking at any waterfront condo, prospective purchasers should always seek verifiable information about water access, ownership, and usage before making an offer to purchase.
Are there significant risks that the property will need to be insured against?
Prospective buyers looking at waterfront properties for sale will also want to carefully consider each one in regards to any potential hazards, such as flooding or hurricane damage. Waterfront properties located in areas where there is an increased risk of flood, wind, or other damage may result in higher home insurance costs or the need to purchase additional coverage for specific risks, such as flood or earthquake.
When shopping for waterfront property, prospective buyers should carefully examine the seller's disclosure documents for any references to past insurance claims.
Is the shoreline undergoing changes that could affect usage or value?
Conservation efforts, community development zoning changes, and plans for private construction are just a few of the things that could have an effect on the value and usage of condominiums and other types of waterfront property.
When properties are involved in this type of change, owners may see higher taxes, fees for new or increased regulations, or other types of changes that can impact the future value and level of enjoyment each waterfront property offers.
Does your real estate agent have experience in the sale of waterfront condos?
Prospective buyers who seek out experienced, professional guidance can expect a smoother search process and better buying experience. To get started in your search, contact a reputable real estate agent who offers a history of success in selling waterfront condos in your area. They can provide more information regarding waterfront condos.Share