Many people dream of buying a waterfront home, but sometimes that dream turns into a water-logged nightmare when the buyer doesn't do their due diligence. Waterfront homes are subject to natural erosion, which means there are several important things to consider before investing in them. Here's what you need to know before investing in a waterfront home.
Most waterfront properties have what are called bulkheads, which are protective barriers that separate the property from the water. They are typically constructed of pressure treated wood, rocks, steel, or vinyl. Waterfront properties without bulkheads are more susceptible to erosion and flooding.
Therefore, if you find a waterfront property that you want to buy and it doesn't have a bulkhead, you'll need to consider the costs of installing one so your property will be protected. If there is a bulkhead on the property, it will need to be inspected to determine if it needs any repairs.
Due to their close proximity to water, waterfront homes should be inspected to determine whether or not the home has had water damage in the past and if any repairs need to be made to the home. If damage is found, you can either ask the current homeowner to make the repairs before closing on the home or give a lower offer on the home. Keep in mind that if water damage is found, it may be a red flag of an ongoing problem.
Of course, previous homeowners likely had repaired materials damaged by water. If so, you can still learn about a history of water damage if any of the previous owners had filed insurance claims in the most recent seven years by obtaining C.L.U.E. reports from the Comprehensive Loss Underwriting Exchange. Doing this can help you determine what steps you will need to take to mitigate the risks of future flooding in the home.
Mildew & Mold
Waterfront homes are more susceptible to mildew and mold than landlocked homes due to the moisture in the air. You'll need to take additional preventive measures to avoid mildew and mold growth if you purchase a waterfront home. If you don't, mildew and mold could affect your health and your finances.
If the home you are interested in does not have a whole-house dehumidifier, ask an HVAC contractor to give you a quote on the installation of one. This system can be installed with a humidity monitor, which can automatically turn the dehumidifier on when the humidity reaches a specific level.Share
14 September 2017
Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.