There is nothing nicer than a luxury waterfront Naples Florida, but if you are in the market for one you have to be careful. There are a number of pitfalls that you have to be aware of as well as tips that can help you make the right decisions. It is important that you know what these tips are and use them to get the right waterfront property for your needs in Naples Florida. You could also hire an expert like Shannon.com – Shannon Lefevre to help you in your decisions.
Look At The Property And Not The House
While it is important that you take some time to view the house you are going to buy, the waterfront property itself is more important. This is due to the fact that waterfront properties are scarce and there is a limited number of them. This makes the property the primary selling point and not the structure that rests there.
When you are looking at the property, there are many points that you need to consider. The first is how you are going to be using the water that you have access to. If you are a boater, you need to ensure that you have a pier and that the water is deep enough for you to enjoy. If you are looking to swim in the water, you need to find out if this is possible and if you are permitted to use the water for the leisure activities that you enjoy.
It is important to remember that you can always make the house luxurious, but you will not be able to change the property. If the house needs to be renovated, this could lower the costs and ensure that you can make it your own. However, if the property does not offer you exactly what you want, there is nothing you can do other than move to a different property.
Look Into The Risks And Insurance Costs
Before you make any decisions on a property, you need to know what all the costs are and will be. Insurance for waterfront properties will generally be more expensive because certain risks come from this location. There are also other special challenges that the insurance companies are aware of which increase the costs for homeowners.
The standard insurance policy is not going to cover a waterfront property correctly, and you need to be aware of this. As the property is at an increased risk from the elements, you will need to have additional insurance or bespoke insurance for waterfront properties. You also need to ensure that any insurance you look into offers coverage for high winds as well as water damage.
Looking into these costs before you make any decisions will help you determine if the property is still within your price range. You also need to consider all of the risks associated with the home that you want to purchase. Many people do not realize that waterfront properties come with injury risks from water-based activities and you need to factor this into your calculations.
Understand The Building Restrictions
When you buy a waterfront property, you might be surprised with the building restrictions in place. Many of these restrictions are regulatory and practical while others might seem a bit baffling. It is essential that you understand all of the building restrictions before you buy the property because you never know when you might want to expand the property or build something else.
While it can be hard to determine what building restrictions are in place, there are some steps that you can take. If you know that you will want to build a dock on the property or a second structure, you have to ensure that the land close to the water can support the structure. This is one of the major legal issues that you need to clear to get building permission on these types of property.
A good place to start your search for building restrictions will be the local government website. There should be a section for permit information, and you will be able to see what the requirements are. There are also other websites that provide some good background information about building on different types of land.
Know The Value
A waterfront property can be worth almost double that of the non-waterfront properties in the area. This is due to the low supply and high demand for the property. When you want a luxury property, you will be increasing the costs even more.
However, the value of the property has more to it than the water and the structure on it. The risk of flooding, as well as the noise levels from water activities, also factor into the value. If there is a high risk of flooding as well as a lot of noise, the value will be decreased when compared to one that is safe from flooding and noise free. When looking at a property, you will need to consider more than the physical land and structure and look at the surroundings as well.
It is also important to know what other property in the area sold for. If the property is similar to the one you are considering, the sale price could be a good indication of the value of your property. Of course, it is important to remember that this will only be a guide and not a full indication of the value of the property.
Understand The Legalities
Certain legalities are unique to waterfront properties. One of these unique legalities is where your property line is in relation to the water. If the property extends to the water, there is a chance that the property ends before the edge of the water. The land between your property line and the water will often be zoned for public use, and you need to consider this.
If the property line does extend to the edge of the water, you could face riparian rights. This means that the rights to the water will be shared by all owners of property that extend to the water edge. This is important to consider as you may not have sole rights to the waterfront attached to your property. You could also contact a Naples luxury waterfront realtor to help you understand this legalities.