Between the natural beauty and recreational opportunities that come with living near the water, it makes sense that waterfront property is always in high demand. However, there are a few pitfalls that can accompany waterfront living, so when a property comes on the market, it is unwise to jump in (pun intended) without doing some homework first. Here are some tips for what to look for in a waterfront estate.
Investigate the water, not just the house.
You might love the look, feel and layout of a particular waterfront home, but if the water itself is murky, muddy or difficult to access, you might be disappointed. Before spending the extra money to live near the water, make sure the water itself suits you. If you want to swim, for example, make sure the water is good for swimming — and be sure to ask around to see if water conditions change. If you like to fish, ask about fishing before buying.
Inspect the property thoroughly.
Water and buildings generally do not get along, so inspections matter even more when you are buying a home in close proximity to water. Building codes are often stricter for properties built near water (as they should be), but there is no guarantee that the home is up to code. Be willing to spend a bit more for a thorough inspection to make sure. Check the basement carefully to look for signs of water damage, as the water table underground may be closer to the surface than in other places away from the water. Look at the seller’s disclosure to see how much repair and maintenance work has been done on the property, as this may give you an idea of your own maintenance costs going forward. Make sure you are OK with these reports before closing the deal.
Look at the elevation and flood plain.
In this case, we are not merely referring to the outward appearance of the home from the street. We’re talking about the actual elevation of the property in relation to sea level, and the levels of the body of water. Many properties near the water are on registered flood plains so you may be required to purchase flood insurance. However, your risks of flooding are lessened if your property is elevated from the water line.
Ask about other additional costs.
If the waterfront estate falls within a homeowner’s association, chances are that the dues for maintenance will be higher than those of a typical neighborhood, so be sure to ask about HOA fees and what they cover. Ask about water/sewer rates and insurance rates, as these costs are sometimes higher near the water. Other possible costs to ask about are dock fees, lift fees or other local fees associated with waterfront access. Know these costs up front so you’re not surprised once you move in.
If you are looking for a waterfront estate in the Atlanta area, we can help! Call Sotheby’s International Realty today at 404.237.5000.