Buying a property on the water in Florida can be an excellent investment and a dream come true for many people. Florida is known for its beautiful coastline, numerous lakes, and waterways, making it an ideal location for waterfront properties.
But...There are several factors to consider when buying waterfront property in Florida:
Location: Florida offers a diverse range of waterfront locations, including oceanfront, riverfront, lakefront, and canal-front properties. Consider your preferences and the activities you enjoy, such as boating, fishing, or simply enjoying the beach.
Property type: Determine whether you are looking for a single-family home, a condo, or a vacant lot to build your dream home. Each option has its own pros and cons, so consider your lifestyle, maintenance preferences, and budget.
Water access: If you plan to have a boat or watercraft, ensure the property has suitable access to the water, such as a dock or boat slip. Check for any restrictions or regulations related to water access and boat sizes.
Insurance and maintenance costs: Waterfront properties in Florida may come with additional insurance costs due to the risk of hurricanes and flooding. Be sure to research the insurance requirements and associated costs. Additionally, consider the ongoing maintenance expenses, such as seawall maintenance, dock repairs, and landscaping.
Homeowner's associations (HOAs): Many waterfront communities in Florida have HOAs that enforce certain rules and regulations. Review the HOA guidelines, fees, and restrictions to ensure they align with your preferences.
Natural hazards: Being on the water, you should be aware of potential natural hazards such as hurricanes, storm surges, and coastal erosion. Consider the property's vulnerability to these risks and take necessary precautions.
Property values and market trends: Research the local real estate market to understand property values, trends, and potential for appreciation. Consult with a local real estate agent who specializes in waterfront properties to get valuable insights.
Remember to conduct thorough inspections, obtain proper legal advice, and understand the terms of the purchase agreement before finalizing any real estate transaction. Working with an experienced real estate agent who specializes in waterfront properties can provide valuable guidance throughout the process.Jordan Chancey, a Broker-Associate with RE/MAX Alliance Group, has earned the Certified Waterfront Specialist (CWS) designation from the Realtor Association of Sarasota and Manatee (RASM). With more than 70 waterways in Sarasota and Manatee counties, Chancey is well versed in the many considerations of waterfront properties, including permitting and legalities, water depths and bridge heights, environmental considerations, insurance and water use rights.
Overall, buying a waterfront property in Florida can be a fantastic investment and offer a desirable lifestyle, but it's crucial to carefully consider all factors to ensure it aligns with your needs, preferences, and budget.
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