Avoid These Mistakes When Buying Waterfront Property

by Isaac Benmergui, Esq on August 18, 2017

waterfront propertyWaterfront property is a huge draw for those moving to Florida. Who wouldn’t want to actually live on the beach instead of just visiting? But buying waterfront property isn’t as easy as buying your typical home. There are differences in financing, insurance, and maintenance to consider.

You can avoid these rookie mistakes when you anticipate a few things.

  • Waterfront property loans take longer. Financing takes longer for waterfront property purchases, largely because they are more expensive. For many purchases, this puts the loans in a different category that takes loner to underwrite. This means it’s even more important to get your preapproval first so loan issues don’t hold up your transaction.
  • Waterfront homes take more abuse. This goes double for oceanfront homes. Check out any exposed metal—it should all be stainless, down to the nails—for oxidation. The ocean throws salt into the air, so metal will rust fast. You also need to look for protective features like tall foundations and storm shutters. Have any bulkheads—the barrier that separates the water from the property—to make sure they are in good shape.
  • Remember that just because it’s there doesn’t mean it’s legal. You may love the newer dock or boathouse on the property you’re considering, but you need to pull permits on everything to make sure they were added legally. If not, it needs to be inspected and possibly torn down or upgraded before the sale can go through.
  • Find out if you can make improvements to the property. Waterfront homes may have you thinking of all the fun you can have, but you’ll have to clear a pool, dock, or other improvements with the city or your HOA before you can think about building. You may also have to get permission to clear brush, trees, or construct an addition if it affects neighboring properties or the appearance of your property.

Call Miami Real Estate Lawyer Isaac Benmergui at 305.397.8547 and set up a no charge, no obligation consultation to discuss your case. We have over a decade of experience handling Real Estate and Civil Litigation cases throughout Miami and South Florida, and will use our expertise to help your case to the best of our abilities.

Previous post:

Next post: