Buying a waterfront property is exciting but you want to go into it with as much knowledge as possible. Beach Loop Realty is here to help, starting with these five tips for buying waterfront property in Bandon, Oregon.
1. Inspect The Property Extensively
Waterfront property is beautiful but unique in that it has to withstand things like salt water, mold, erosion. Make sure you look over the entire property extensively. It will help you to determine what you are willing to deal with and what you can afford to upkeep.
2. Research the Shoreline and Pick the Water Carefully
Researching your shoreline’s history is important because you want to know what you are in for in the coming years. Dirt and water mix in different ways causing the shore to move and depending on how it moves will depend on what you are left with ten to twenty years from now. If the shoreline is rising your house could potentially be underwater but if it is receding you may just be left with a long walk to the shoreline.
All water is not created equal, between saltwater, freshwater, oceans, rivers, and lakes, they all bring a different feel, look, and their share of upkeep. Knowing exactly what type of upkeep comes with a home set on different types of water will help tremendously when going into your search.
3. Inquire About Insurance and Look For Hidden Fees
Insurance for a waterfront property is usually different and you will typically have to add flood or hurricane coverage. Make sure you look into the risk that comes with the particular properties you are interested in and comparison shop. Additions like flood and hurricane insurance can add up and could be beyond your budget.
Knowing your budget and your property risk helps yo narrow down your search and keep it moving. There is no need to fall in love and get attached to a property you cannot afford. A realtor specializing in waterfront property can help you with this and make your life a lot easier.
4. Spend Time on the Property and Create a Plan
When buying a waterfront property you are not just buying your backyard you are buying the water. At a glance, the view from your porch may be beautiful but with further inspection, you may find concerns that are problematic.
If you plan on spending plenty of time on the water but there’s no easy access I can guarantee you are going to want to pass on the property. Creating a plan for your property will help narrow your focus when buying, are you planning on living in it full-time or is it a summer home? When you are not residing in your home will you rent it out?
5. Hire an Experienced Agent
It is pivotal that you hire an expert agent if you want a seamless process, no two properties are created equal and that goes for realtors as well. There is a lot that goes into buying waterfront property due to different laws put in place, structural differences, and so much more. Your average realtor does not specialize or have the knowledge needed to appropriately help you.
Buying waterfront property is not as simple as it may seem but a knowledgeable person in your corner guiding you along the way makes it easier. You will learn that the titles are different for waterfront properties, there are structural issues, and many other things that we can easily help you with.
Call Today To Speak To an Agent
Beach Loop Realty would love to help you buy waterfront property in Bandon, Oregon. Give us a call today.