As SF Gate, a San Francisco-based online newspaper, writes, making the decision to buy on the waterfront can come with a lot of advantages, especially if you’re a business owner. From being able to develop the spot and resell it at a much higher cost to gaining an attractive, desirable location for a restaurant or other business, cheap waterfront property is the way to go. Whether you’re looking to buy cheap waterfront property for a business or a home, there are certain things you need to be on the lookout for to defend yourself and protect your investment. If you’re one of the many looking to the waterfront for a new investment, you really ought to consider the following beforehand.
Three Steps to Buying Cheap Waterfront Property Smartly
- Read Your Local Geological Survey
- Contact FEMA for a Flood Insurance Map
- Look for Real Estate Realtors Who Specialize in Waterfront Property
For Forbes, one of the best things you can do when looking at waterfront properties for sale is get in touch with your state or local government and have them send you a copy of your local geological survey. It’s no secret that changing climate is leading to increased erosion along our shores. If this erosion is set to leave you with only half the property you bought in 10 years, you deserve to know about it.
Just because a piece of property comes with a killer price-tag, that doesn’t mean it’s going to be cheap for you to buy in the long run. Insurance costs, maintenance fees, and other bills add up quickly, after all. As RealEstate.com points out, you can help yourself avoid these extra fees beforehand by contacting the Federal Emergency Management Agency (FEMA) and asking for a copy of the flood map for the area you’re considering. If the property is in an area that the flood map denotes as a danger zone, you’ll need to pay for flood insurance.
If you follow none of the other tips from this list, be sure you follow this one. As HGTV Front Door so sagely suggests, you need a real estate agent that specializes in selling waterfront property if you want to find the best deal and a quality investment. Realtors who specialize in selling properties on the waterfront know about EPA regulations, insurance and tax fees, and much, much more. Do yourself a favor and work with someone who can help you navigate the tricky tidewaters of waterfront property.
Do you work with cheap waterfront property for sale? What other tidbits of advice would you give prospective buyers? Let us know in the comments below! Read more.
