When it’s time to search for an oceanfront property, there are lots of questions to answer. Do you want a house, condo, or cottage? How much space do you need? What kind of amenities are important? Are you looking for an investment property, a family vacation destination, or a full-time residence? How will you finance your oceanfront property?

Be Aware Of The Challenges And Considerations That Come With Owning Oceanfront Property

There’s something about crossing over the bridge onto an island. The sun’s a little brighter, the air smells fresher, and there is a smile on everyone’s face. So come on, be truthful. You want to purchase a piece of oceanfront property. But do your research. With the right planning and preparation, buying a property that is oceanfront can be a great investment. However, it is important to consult with experienced real estate brokers who specialize in waterfront property. They will be able to help you find the right property and guide you through the buying process.

Things To Consider When Buying Oceanfront Property

First, decide if you want direct beach or water access or just an ocean view. Secondly, how big will your accommodations need to be? Choose a layout that will make the most of the waterfront views. And lastly, you need to consider the cost. Waterfront property is expensive but can be worth it for the unique lifestyle and investment potential they offer.

Important Factors to Consider:

  • Location– You will want to find a spot close to the water with easy access to amenities and public transportation.
  • Climate – If you are wanting to escape the cold winters, you will want a warm climate.
  • Price – For example, in Miami, Florida oceanfront property can cost up to ten times more than inland property. Oceanfront properties are expensive.

A Few Final Tips To Consider Before Buying An Oceanfront Property

  • Target the market– Having a specific target market helps determine what type of property to buy. It will also guide you on what amenities and decor to include. Know the current market conditions. Are prices going up or down? What are the average prices of the properties in the area you desire? This will help you make a smart purchase.
  • Do research on the area- Talk to your future neighbors. Speaking with neighbors may seem like a bold choice. Not everyone likes to talk to locals, especially if it’s a brand-new area. However, this can be one of the best choices you make when looking to buy a waterfront property. After all, who knows more about the area you’re looking at than the homeowners in the area? Are there risks of flooding? Are there amenities close by? Doing your homework will help you make a wise investment.
  • Be aware of hidden costs -If you’ve never purchased a waterfront property before, you may not be aware of all the hidden costs that can come back to haunt you.
    • Property taxes: Waterfront property is often subject to higher property taxes.
    • Insurance: Due to the increased exposure to storms and flooding of your waterfront property, homeowner’s insurance is often increased.
    • Repair and Maintenance: You will have repairs to the dock and piers, boat and dock fees, mold and mildew, and foundation repairs due to changes in the water table. Make sure you have a realistic budget in mind, so you do not end up overspending.
  • Get a pre-approval loan – This will help you know how much you can afford and narrow down your search.
  • Be patient – Do not rush into anything. Sometimes becoming beachfront property owners can take a long time. But the right property will come along, you just have to be patient.

WORK WITH AN EXPERT- Waterfront property is usually high-value, so you may want the help of an expert. Take the time to find the right person to help. An expert will know the right questions to ask, when there may be a problem with the property (i.e. oyster beds that will prohibit you from getting your boat in and out), and when you should negotiate the price down. A waterfront property specialist will be your advocate and help you through all of the aspects of the process you’re unsure about, like title issues, structural challenges, and the unique way that the market looks at the property.

 

Contact Lisa (954-282-1276) for a free consultation!
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About Lisa Marie Jones, Realtor

Your hometown realtor! Lisa helps buyers and sellers of Luxury homes in Broward, Palm Beach, & Martin Counties. You need a real estate agent that will be with you every step of the way. Lisa Jones has earned a reputation for being one of the top real estate agents in South Florida.
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