“I hear lake water lapping with low sounds by the shore… I hear it in the deep heart’s core,” the poet William Butler Yeats once said. It’s not surprising that many people are drawn to luxury waterfront homes. The sounds are calming, the water is relaxing, and the property retains value over time.
Are you in the process of buying a new home next to the water? Here are a few things you should consider asking the current homeowner, or your real estate agent, before progressing.
1. What Sort of Weather Can the Home Withstand?
Waterfront property is typically exposed to more elements than most homes because it faces the water. Not only does flooding become an issue, but the ground is frequently less stable, and high winds and heavy precipitation often come from the lake, river or ocean. One thing to look for, if this is the case, is a higher quality roof — otherwise, you might have to replace it sooner than you would on another property.
2. What’s the Water Like?
It may seem like a question too obvious to be worth asking, but if you plan on spending time boating, fishing or swimming, you may want to figure out the answer. If the shoreline behind luxury waterfront homes is rocky during the summer months, or drops off steeply close to shore, it won’t be very ideal for swimming, especially with small children. If the lake weed is thick and no governing body controls it, it might be difficult to go boating at times. Find out if the water level fluctuates, and how this can impact lake access or flood insurance.
3. What’s the Expected Value of the Home in Five Years?
This is a question for your real estate agent, of course, rather than the home’s seller. Buying waterfront property can be a gamble sometimes, especially if a sagging housing market starts to eat away at your investment. A good real estate agent, though, will let you know what the forecast for the area is so that you can make a sound purchase decision.
4. Can I Get a Home Inspection?
Did you know that 77% of homeowners have a home inspection done before buying their home — and 97% agree that the inspection was good value for what they paid? The process of buying a home should always involve a home inspection. If you fall in love with the great view, you might be easily distracted from taking a closer look at the property’s structure. A home inspection will keep you focused.
Are you interested in luxury waterfront homes for sale? Let us know what you would ask in the comments. Learn more.