Purchasing a waterfront home can offer stunning views, recreational opportunities, and a unique lifestyle. However, owning a property by the water comes with specific challenges and questions that need thorough consideration. In this blog post, we'll explore the critical factors you should evaluate before making this significant investment.

1. What Are the Boundaries of My Waterfront Ownership?

One of the first things to understand when purchasing a waterfront property is the exact boundaries of your ownership. Unlike traditional properties, the boundary lines of waterfront homes can be more complex. These boundaries may include the land leading up to the water, but it's crucial to understand whether you own the land under the water, any shoreline, or if there are public access rights to be aware of.

In some regions, the ownership may extend only to the water's edge, while the state or municipality owns the land beneath the water. This distinction can affect your usage rights, such as building a dock, fishing, or other activities. Be sure to review the property's survey and consult with a real estate attorney who specializes in waterfront properties to clarify these boundaries.

2. Will Your Budget Fit the Cost Requirements?

Waterfront homes often come with a premium price tag, not just because of the location but also due to the associated maintenance and insurance costs. The initial purchase price can be significantly higher than similar properties inland, but that's just the beginning.

Maintenance costs for a waterfront property can be substantial. Homes near water are more susceptible to weather-related wear and tear, requiring regular upkeep of the exterior, especially if the property is in a coastal area where saltwater can cause corrosion. Additionally, waterfront homes might need specialized insurance, including flood insurance, which can be quite expensive depending on the property's location and flood zone designation.

It's essential to factor these costs into your budget to ensure you can afford not only the purchase price but also the ongoing expenses associated with maintaining and insuring a waterfront home.

3. Can I Build a Dock on the Property?

For many, owning a waterfront home includes dreams of boating or fishing right from their backyard. However, building a dock isn't always straightforward. The ability to construct a dock or other water-related structures depends on local zoning laws, environmental regulations, and the specific conditions of the property.

Before purchasing, check with local authorities to determine if dock construction is permitted. You may need to obtain permits, which could involve a detailed review of the environmental impact and potentially a lengthy approval process. Some areas have strict regulations to protect water quality and wildlife, which could limit or prohibit the construction of a dock.

Understanding these regulations before purchasing will help you avoid disappointment if you find out later that your dream of a private dock isn't feasible.

4. What Is the Water Quality Like?

The quality of the water adjacent to your potential property is another crucial consideration. Water quality affects not only the enjoyment of the property but also its long-term value. Poor water quality can result in unpleasant odors, unattractive views, and potential health hazards, especially if you plan to swim or fish.

You can investigate the water quality by checking with local environmental agencies or water quality boards that monitor lakes, rivers, or coastal waters. In some cases, a professional inspection might be necessary to assess issues like algae blooms, pollution, or sedimentation. It's also worth asking about any ongoing or planned environmental projects that might impact the water quality in the future.

A property with poor water quality could negatively impact your quality of life and the resale value of your home, so it's essential to research this aspect thoroughly.

5. Has the Home Flooded Before?

Flooding is a significant risk factor for waterfront properties. Knowing the flood history of the home is crucial in assessing the potential risks and costs associated with ownership. A home that has flooded in the past is likely to flood again, especially if it's in a high-risk area.

To get this information, ask the seller for the flood history of the property, including any insurance claims or repairs made due to flood damage. Additionally, you can consult FEMA flood maps to understand the property's flood zone and risk level.

If the home is in a flood-prone area, consider whether you're willing to take on the potential risks and costs, including higher insurance premiums and possible damage to your property. Some homes may have been elevated or have flood mitigation measures in place, which can reduce the risk, but it's important to evaluate the effectiveness of these measures.

Conclusion

Buying a waterfront home can be a fulfilling experience, offering a unique lifestyle and beautiful surroundings. However, it's essential to go into the process well-informed about the complexities that come with owning such a property. By understanding the boundaries of your ownership, ensuring your budget can accommodate the costs, researching the possibility of building a dock, assessing water quality, and investigating the property's flood history, you can make a more informed and confident decision.

Remember, the allure of living by the water should be balanced with careful consideration of the potential challenges to ensure your dream home doesn't turn into a costly burden. For expert guidance and legal advice on purchasing a waterfront property, contact Joseph DiPiazza, Esq.