Searching for a home is an exciting prospect, but when you look for a home that is a lakefront or waterfront property, you get to choose a home that is also going to provide you with great views and exciting water activities. Here are some tips to help you find and purchase the right waterfront property.
As a homebuyer, you may be excited to start your search for the perfect waterfront home, but you need to complete some necessary steps before you can begin to look. A seller will want to know you are prepared and serious if you view the property and make them an offer. And as part of your offer, you will need to have a pre-approval letter from your lender. This letter will show the seller that you have already gone through the approval process for your mortgage and you have a maximum loan amount.
A pre-approval qualifying letter will help strengthen your offer to the seller, which comes in quite handy, especially when you are competing with other buyers for the same property in a competitive market. If you have a pre-approval offer from your lender, this will give you a boost over a buyer who does not have their financing started.
Research the Water
Once you have your financing ready, you can start searching for the right home next to the water. When you find a lake or other waterfront property, check out the type of water you will have access to and some basic features of the water. For example, is the water clean enough or deep enough that you will be able to swim in it? And if you have a plan to go boating on the water, is the lake the appropriate size and depth to allow boating?
You should also make sure there are no regulations against boating or other water sports in the water. Many waterfront properties will be part of an HOA to keep up the water and the shore or other common areas, such as picnic pavilions, boat docks, or marinas. You will want to find out what the HOA fees are and what types of maintenance they will handle along with any regulations relating to your use of the water or your future property.
Also, check into the history of the water's edge and shore to see what the water levels have done in the past and how they may adjust in the future. For example, if the lake or other body of water has flooded during heavy times of precipitation or has gotten low in times of drought. You may find that your lakefront property's shoreline may adjust frequently.
For more information and recommendations, contact services like Eliason Realty.