What You Need to Know About Buying a Waterfront Property
Posted by Garman Group on
Many people dream of owning a waterfront property, and since we live on an island, we're lucky we have many options to choose from. On top of that, waterfront property is always coming onto the market. But buying waterfront property comes with a few more potential pitfalls then buying most other properties. Here are a few things you need to think about before you put an offer in on that waterfront home.
Decide Where You Want Your Waterfront Property to Be
Many people dream of owning property that overlooks the ocean, and they love the sound of crashing waves. But sometimes, the changing tides can be distracting — not to mention occasionally smelly during low tide. Buying a property on a calm lake may be a better choice for some.
You'll Need a Thorough Inspection
Although you should never skip an inspection, it's especially important to get one when buying a waterfront property. Not only could this home potentially have flooding issues, but the moisture and salt in the air can create corrosion as well as mould and mildew issues. You'll want to check if your potential waterfront home shows any signs of these issues and if it has any protection against this from happening in the future.
You May Need Flooding Insurance
Depending on the elevation of the waterfront property, it may be prone to flooding. And not only could the water damage affect the actual house, but it could also flood out other parts of the property. Cleaning up after a flood — even in a yard — can be quite costly. It would be wise to buy flooding insurance if there's even a small chance any part of your property may flood.
Watch for Privacy & Access
It's essential to look at your potential property from every angle to see what kind of privacy and beach access you will have. If you value your privacy, you may not want to have a beach full of people looking up onto your property or potentially able to come up onto your property. And you may want to find a property located on more of a secluded beach area instead of near public beaches or main access points.
Also, if you want to have easy access to the beach yourself, you'll need to make sure there is a gate or a walkway that's clear.
Find Out If You Can Build
Although it's your property, some municipalities have bylaws stating that you can't build too close to the water. If you want to build a gazebo, boathouse, shed, or any other structure on your property, make sure you find out the rules around this before you buy.
Have a Knowledgeable MLS REALTOR®
At the Garman Group, we've had a lot of experience helping people buy their dream waterfront property. We know the right questions to ask, what to check for, and everything else you need to know to end up with precisely the right home for you and your family. Contact us today with any questions about Victoria's real estate or to start your waterfront property search.