What You Need to Know About Owning Waterfront Homes
The idea of owning waterfront property is alluring. You get the beauty of being close to a scenic, peaceful view. Waterfront properties often come with certain rights. You may legally get to enjoy swimming or boating in the water right outside your home, but you may not own it. There are important points to consider before committing to purchase a waterfront property.
When you buy a waterfront home, your mortgage lender is likely to require that you purchase additional insurance. This means that extra insurance premium payments need to be calculated into the cost of the mortgage and real estate tax payments you pay each month. The concern for carrying extra insurance comes from the risks that come with waterfront living.
Flooding is a big concern, and so is damage that accompanies storms or hurricanes near the water. Water is capable of eroding the soil on which your home is built, causing structural problems. For these reasons, a waterfront home costs more in insurance than other homes.
Before you commit to buying a waterfront home, find out just how much of the waterfront property belongs to you. A portion of the water and access to it could belong to the public. If you are not comfortable with beachgoers walking in front of your sandy yard to get to the water, reconsider the purchase.
Another concern when buying a home close to the water is energy consumption. Life by the water is pleasant, but it is also warmer during the day due to light refracting from the sun. It is also cooler at night due to breezes coming off shore. Prepare yourself for higher air conditioning or heating costs.
Depending upon where you purchase the home, you may need to make adjustments to the heating and cooling system prior to moving in so that you have an updated, cost-effective system. A fireplace sets a mood and provides some warmth, but you might need to upgrade to a more modern heating system so that you can truly enjoy waterfront living.