Has it always been your dream to have a nice house right on
the beach, a water skiing lake, or right next to the nice fishing river? For
many people, that dream never is achieved because of the high costs and rural
location of most waterfront property. But we’re particularly lucky here in
Sacramento, Placer, and El Dorado Counties because there are plenty of
opportunities to live in communities on or near ocean coastline, lakes, ponds,
and rivers. So if you’re thinking about taking the plunge and buying in one of
those waterfront areas, it’s important to understand these 10 considerations:
Make sure the
property matches your lifestyle.
If you love waterskiing, buying a home adjacent to the rough
ocean may not be the best place to buy. But if you’re a surfer, that may be
your dream. Are you more interested in lying on the beach? Seasonal fresh-water
fishing? Jet skiing? Do you want to take tranquil canoe rides but there are
speedboats whizzing by? Or does the prestige and scenic view of living on water
give you all the incentive you need? Make sure you put some thought and
planning into exactly what you want out of your property so your family can
best enjoy it.
Insurance.
Unlike a traditional home that sits in an inland residential
neighborhood, obtaining proper insurance for waterfront property can be time
consuming and often expensive. If you’re ever bought a home in a flood zone or
special flood zone, you know that that alone complicates the process! With
waterfront property, there are many considerations depending on what type of
water you’ll be living adjacent to, and an insurance policy to match: flood
insurance, hurricane insurance, increased liability, and general hazard
insurance.
Weathering and
maintenance.
Living on the water can be extremely rewarding, but it
doesn’t come without a lot of hard work and upkeep. The elements – whether high
winds, salt water, humidity or a combination – exact a high toll on structures.
It takes an extra measure of protection and frequent maintenance to keep corrosion,
rot, and water damage, so be prepared to take good care of your investment.
Restrictions and use.
When you own a traditional house and want to make a change,
like adding a storage shed in your yard or repaving the driveway or whatever,
it’s a fairly simple process. But with waterfront property, there are many
other things to think about and hoops to jump through. For instance, if you
want to add a dock, you may be disrupting your neighbor’s boat path. A simple
storage shed may block someone’s view. The list goes on and on, including
environmental restrictions. So make sure you check with you municipality and
local agencies if you plan on doing any work to improve the property.
CC&R’s, HOA’s and
waterfront associations.
It’s always important to check CC&Rs (conditions,
covenants and restrictions), when buying a property, but it’s absolutely
crucial when you’re purchasing waterfront property. Read the fine print about the benefits, rules
of use, and also your responsibilities and costs as a homeowner in a community.
Talk to people and review the newsletters to find out if there are any
disputes, issues, upcoming costs, and what challenges they face. Many
waterfront areas also have a separate association that regulates all issues
that have to do with the water itself, like a Lake Association, Shoreline
Association, etc.
Utilities.
If your waterfront home is well outside of the city or in a
rural area, don’t take things like electric, gas, sewage, garbage, water,
cable, and internet for granted. Sometimes there are issues, just like with any
rural property, special considerations because of your proximity to water, or
limited service providers based on your location.
Changing shorelines.
Waterfront home buyers sometimes forget that coastal areas, shorelines,
and waterfront land is always changing and evolving based on several factors:
wind patterns, floods, storms, drainage, dams, and natural erosion. So consult
with an expert and obtain geological surveys so you’ll understand the risks and
possibilities, as well as the general trend, of the condition of the valuable
shoreline you’re investing in.
Know the body of
water.
Investing in waterfront property is a unique buying
experience because you’re greatest asset isn’t the structure or even the land,
but the body of water you’re next to. So it’s crucial you do copious research
into the body of water. Learn about the depths, currents and riptides, seasonal
changes, water quality, and everything else you can.
Waterfront properties can present more issues when it comes
to rights and usage. A good attorney who specializes in maritime and Riparian
rights can clarify if anyone else has a claim to use your land for any purpose,
and what area into the water, if any, is considered your property or available
for your sole use once you purchase a home. Additionally, docks, moors, and
boat landings are often shared or used by others. It’s also a good idea to
obtain a survey and a Platt Map, which will provide a legal description of the
land you’re purchasing.
The rental market.
Are you planning to live in your new waterfront home all
year round, or will it be a vacation getaway for the family or even a fulltime
rental? It’s important to know the restrictions on rentals, as well as the
potential income you can bring in during the busy season, and also if there’s
any viable rental market during the off-season. You may want to talk to a few
local property managers who specialize in serving that local niche market.
