Purchasing a waterfront property is a big step. Fortunately, with the help of an experienced real estate agent and the team at Magnolia Home Inspection Services, purchasing the right waterfront property is feasible. As you hunt for a waterfront property near Houston, keep these 10 tips in mind (see our previous post for the first five tips).
6. Specialized Insurance Requirements
Unlike a typical home, waterfront properties usually require special insurance coverage. Speak with your realtor and/or the bank responsible for your mortgage to learn about what kinds of insurance you will be required to obtain. Oftentimes, waterfront property owners are required to carry a variety of policies from different insurers.
7. Learn About Land- and Water-Use Regulations
If you plan to make changes to the property, familiarize yourself with local regulations before purchasing the property. Government agencies and local governing bodies often restrict the kinds of activities that can be performed on a particular body of water. For example, not all lakes are open to motorized watercrafts. Similarly, some areas have strict rules about shoreline alterations, making docks and seawalls a non-option.
8. Meet Your Neighbors
People are a great source of information. Before moving into the area, get to know the people you in the immediate area. Oftentimes, locals are the best way to find out if there are any issues with the property or the area.
9. Learn About Utilities
In the suburbs, utilities are a no-brainer. In rural communities, however, access to cable and internet, clean water, and even electricity can be a challenge. And, when you schedule a home inspection with Magnolia, be sure to request a well and septic inspection as well. Similarly, if utilities are not readily available on the property, find out what it will cost to bring these services to your home.
10. HOA Requirements
Lastly, if you will be part of a homeowners association, find out what kind of property maintenance you will be required to perform. The best source for information, aside from speaking to your neighbors, is to contact the HOA’s management company.
Schedule an Inspection
Buying a waterfront property requires a lot of due diligence. Fortunately, when you schedule an inspection with Magnolia, we take the mystery of home buying. Our experienced, professional inspectors will provide the information you need to make an informed purchase. Request a quote online today, or call (832) 303-8048 for more information.