A waterfront home is a gateway to many things, above all, breathtaking views of the water, exclusive access, and a higher quality of life. On top of that, you get great property appreciation and the opportunity to secure passive income from renting out the property to transients. With these advantages, it’s easier to imagine why investing in a waterfront property is well worth the premium price for many buyers.
The right steps to take
Like investments in other real estate, acquiring waterfront property requires a thorough evaluation of the home, any personal motivations, and the intended use for the property.
With this quick and informative primer, it will be easier to know which waterfront property to choose from homes for sale in Bay St. Louis, MS.
- Get a head start on financing
Waterfront homes are considered premium property. While entry prices have fallen over the years, these still cost significantly more than regular single-family homes. This requires more-than-ample financial bearing to carry out the purchase, either through cold, hard cash or through a jumbo loan.
Allot more time to gather documents and fix your finances. If you’re securing a loan, make the arrangements even before the property search to get a leg up on other buyers also interested in the waterfront home you fancy. Promising deals have been lost in the past because the paperwork for financing wasn’t prepared in time.
- Hire a waterfront property realtor
To pick out the right property, buyers should consider hiring a real estate agent who specializes in waterfront properties in the area where they want to buy. These agents have special access to properties and possess the skills to assess good waterfront deals.
Their proximity to water makes waterfront properties as complex as they are picturesque. Realtors who are active with standard single-family homes are no match for a waterfront property Realtor who possesses knowledge on flood-prone areas or a property’s structural integrity, water quality, water access, and amenities.
And because of their special network, waterfront property agents can introduce buyers to the community and to people who can provide first-hand data regarding unlisted properties for sale and other information that’s kept within their network.
- Focus on the property as a whole
Buying waterfront property isn’t just about the house. It’s also the land, views, water access, and more. These factors help buyers to narrow down choices to the ones that truly match what they want out of their waterfront property.
Once the property search is on the way, check the kind of views available on the property and look into the details involving boat and water access. This is especially important for buyers interested in boating or fishing since it will affect their ability to enjoy the proximity to water.
If time allows it, visit a property more than once and make sure that each visit is made at a different time or day (Monday morning then Saturday afternoon, for example). This allows buyers to get a better handle on the property’s feel.
- Don’t discount the weather
Consider how climate change will affect the home’s location in relation to the water over time. Though they cost more, newer waterfront properties—which are built inland and on higher ground—appreciate better than older properties because of reduced exposure to passing storms and hurricanes.
To ensure that the property will retain its value in the long term, look into what the local area is doing to keep flood risks low. For example, Hancock County has strict building codes and insurance policies subsidized by the government.
- Research rules and regulations
Another important step for investing in waterfront properties is to get familiar with various rules and regulations that might limit what can be built or modified on the property and how it can be enjoyed.
For example, some waterfront communities have very specific restrictions on water use and boat access, while other communities (especially those with HOAs) will have rules covering landscaping or major alterations like dock extensions. Consult with an agent to find out about regulations to watch out for, if any.
- Factor insurance and upkeep
Waterfront properties are more exposed to the elements. There’s wind, humidity, saltwater, and floods to worry about. This is why maintenance and insurance cost much more compared to those for a standard residential home.
Gather information about what maintenance to expect and how much it will cost. Research on required insurance policies and double-check with local authorities. It’s possible that buyers will have to sign policies with several insurers to get full coverage.
Take one step closer to owning your dream home along Coastal Mississippi. Reach out to Sherry Owen and the Owen & Co., LLC Real Estate team, and get in touch with the waterfront real estate experts in Gulfport, MS. Call the team at (228) 822-9870 or send an email to info@OwenAndCo.com.
