The basics of constructing and maintaining waterfront property.
When an individual decides to invest in something, they always look forward to getting the most out of it. Waterfront property is one of the investment decisions that requires one to input more due diligence than any other investment in real estate properties. For one, it is good to work with experts who understand the seriousness of the investment and secondly purchase the right materials and accessories, because any mistake can lead to very costly losses. The good thing about being extra careful is that you will have the opportunity for high a ROI by investing in waterfront property. With that said, here is a guideline on how to protect your investment in lakefront property.
1. Inspect the Bulkheads
Your lakefront property is built near water sources and therefore will need a strong bulkhead, which is a wall that separates your property from the water. In this case, ensure that you work with an expert who will not only identify where the bulkhead should be positioned but also inspect the bulkhead itself. As the investor, you carry the responsibility to build and repair any damage on the bulkhead and this expert will also help in estimating the cost related to either building or repairing the bulkhead. The bulkhead needs to be strong and durable to keep your property safe for a long time, and this means that you have to rely on quality and reliable dock supplies.
2. Have Reliable Financing Options
Buying or building a waterfront property is quite expensive compared to a similar property built on a landlocked area. In this case, you need to be prepared financially before starting your project. You could either be relying on your own savings or a loan and if your option is borrowing from a financial institution, you need to apply for it early. Most banks will delay the provision of loans purposed to finance a waterfront property because they tend to categorize it under specialty loans. If you do not plan in advance, you will end up jeopardizing your entire investment plan.
3. Make Sure That the House You Are Buying Can Withstand the Waterfront
How strong your waterfront house is will depend on the materials that were used to build it. A waterfront property will require high-quality materials to withstand the harsh conditions brought by the presence of water. For instance, salty water leaves behind salt when the water evaporates, and this leads to massive oxidation and rust. In this case, all your dock supplies and other metals around your house needs to be stainless steel. Decking is very important when you are building a waterfront property, but it will only serve you well and safely if it’s strong enough to withstand natural mishaps such as a storm.
4. Insure Your Waterfront Property from Flood
The fact that you are investing in a house that is near the water is a source of exposure to calamities such as floods. To avoid being caught unaware, invest in flood insurance. After all, every property needs to be insured, and in this case you will be insured from a specific cause of damage; flood. Since flood insurance can be quite expensive, you will need to work with an insurance expert who will advise you on the right policy and most reliable insurance company. Also, liaise with a real estate agent in the area for a better understanding of the changes that may occur in different seasons. He should know the seriousness of a problem that may occur and therefore advise accordingly especially on the possibility of sea level rising and probable increment in insurance premiums.
5. Know the Laws about Developing Your Property
It is possible to use a waterfront property in different ways including recreational activities. However, this will only be possible if the authorities in the area allow you to make changes and improvements in the property. Also, if you consider constructing a dock, you will need to know where to get quality dock supplies so that your dock will be strong, safe and durable. Having a dock in your waterfront property improves the value of your property, and it is a cost-effective way that will make your house stand out. Check also if the city authorities in the region allow you to cut some trees to improve the views around your property. This way, you will know whether you will be allowed to enjoy the benefits that come with your investment in waterfront property.
6. Speak to People Living Around
The opinion of the people who have been living near the lake or those who have owned waterfront properties for a long time can help you make some decisions about your investment. Such people understand the issues and benefits that come with living in a waterfront property. Also, the home that you aspire to buy may have been sold because it has a particular issue that the seller is not revealing. Consider talking to your potential neighbors, and they might reveal such information. While the seller can be forced to reverse your transaction, you will be saved from the burden of going through all that trouble. Make sure you are fully satisfied with the home you are interested in buying before committing your money to it.