Things to Consider When Buying Waterfront Property 

Waterfront property is a high commodity in the Caribbean Islands and, honestly, anywhere you can find it. There is no doubt, prices on the water are higher than elsewhere. But if you are thinking of waterfront property for your next purchase, you may not be so concerned with the price. You probably already know what you are getting into. 

First, Decide Why You Want the Waterfront Property 

So, what do you want?  

• Are you looking for a mountain property by a freshwater stream?  
• Do you crave soft white beach sand?  
• Is this a rental and vacation home or a year-round residence?  
• Do you need a boat dock and access to the ocean, or are a canoe and a river more your speed?  

All these considerations are necessary for your realtor to know how to begin searching for your dream house on the water. 

It would be best if you had all your thoughts together before you contact your realtor. But if you need some help, your realtor should be able to listen to you and help you narrow the possibilities down. We know there are a lot of choices. And narrowing it down is not that easy. 

Tips to Finding Your Ideal Waterfront Property 

So, here are a few things we suggest you investigate before deciding on your luxurious retreat on island time. 

1. Find the Best Realtor for You- Interview your realtor to be sure you gel. Their wants for the home should line up with your wants. And they should have the experience that comes with the right realtor. 
2. Know Your Resources- FEMA and insurance companies are good places to start looking for information on the property and the waterway you are considering. Additionally, speak with marinas and d, dock experts, and contractors to get a good review of the property. 
3. Understanding the Flood Zones- You need to understand the evacuation zones and flood potential and the insurance implications too. Become an expert on your flood risk in whatever home you choose. 
4. What is Your Timeline- When buying a piece of property, you should never feel rushed, no matter where it is. There is always another. So be sure you are ready to be serious about putting in offers and not let anyone pressure you. A good agent would never put undue pressure on a buyer. 
5. Stay Within Your Budget- You would think this goes without saying. But so many people get excited about a dream location and purchase higher than they intended. On the other hand, a suitable investment property may cost a penny or two. So, decide on the max budget for the investment and stick to it. 
6. Are There Renovations, or is it, Turnkey? And do you have a preference for one or the other? If you are looking for a renovation, you may get a great deal or a massive headache. Know what you are getting into. 
7. Who Owns the Waterways and Land? Your property may or may not extend to the waterline or beyond. Be sure you know what you would be responsible for maintaining. If the waters are owned by a corporation or an HOA, maintenance may be required and even dredging costs. 
8. Talk to the Neighbors- What is the age of the community. How long do people generally stay there? How do they feel about the neighborhood and the community in general? All these questions will help you get to know the people as well as the area. 
9. What Precautions Were Taken for Waterfront Protection and Security in Inclement Weather? Now, this is a big one. Waterfront houses need to be solid and able to withstand high winds and rain. Are the windows up to code? What about the roof? Has the sea wall been fortified? Or does any of that need to be updated? And be sure the home is built to stand up to the high salt content in the ocean air. 

Finally, Be Aware of Hidden Costs. 

There are several hidden costs built into purchasing a waterfront property. So be sure your agent is aware of these things such as property taxes, leased lots, insurance, bulkheads, boat docks, utility costs HOAs. 

Due diligence is the key when determining the ultimate place to buy a home. If you can, it is a great idea to try it before you buy it. For instance, see if there is a rental nearby so you can stay there and see if you really like the neighborhood and waterways. 

Kayifi is a great place to start. Our Caribbean realty company can guide you to a fantastic purchase for waterfront property. Contact us to find an agent and look for that home. 

CITED: HGTV.com, GoKCECapital.com