1. Flood Insurance - FEMA is in the process of re-drawing the flood-zone boundaries for owners of homes built in high-risk areas before the original federal flood zone maps were created in the 1970’s. Insurance subsidies that have been in place for decades are also being revisited. You will need to verify whether a proposed property will be subject to review.
2. Deep Water Access - In terms of property value, waterfront homes are obviously worth more than those with water view, but having deep water access to a dock, boat launching area or private beach adds significant value to homes that are adjacent and not directly facing the waterfront. Being near a protected Inlet, Bay or River can offer as much or even more value than a direct ocean front property, by making activities like swimming, boating and fishing more accessible. A rocky coastline with no beach areas, restricted nature conservancy rules or zoning laws prohibiting the installation of a dock for example, will affect current and long term property value.
3. Restrictive Covenants - Having legal assistance to carefully review deeded water access rights, neighborhood association bylaws or other legal oddities like a right of way easement will require careful analysis by a qualified real estate attorney.
4. Environmental Laws - There are many Federal laws in place that supersede state and local authority in regard to wildlife protection, land use development and construction restrictions.
5. Mortgage Considerations - Obtaining a mortgage on waterfront property may require a larger down payment. Why? Waterfront homes tend to have a longer marketing time, so a lack of available comparable sales may cause the lender to ask for a slightly higher equity position on your part. Or, if the property will be a second home and not your primary residence, different qualifications will affect what loan programs are available.
6. Work with an expert - Buyers Agent Representation is highly recommended for a waterfront home purchase. Intelligent and prudent analysis will require you to assemble a team of qualified professionals. A professional buyer’s agent will provide a selection of choices for real estate attorneys, home inspectors, land use planning consultants, appraisers, builders and other trade professionals. And unlike a seller’s agent, agency law requires a buyer’s agent to dissuade you from buying a property that does not meet your long term goals for investment or resale.
Coastal Newport Real Estate provides a high level of concierge service to locate, negotiate, evaluate and facilitate the right waterfront property purchase.
Coastal Newport’s agents are trained to:
-Provide all the expertise needed to evaluate a property to determine if it fits your expectations.
-Handle the ins and outs of the negotiating process to secure the best financial outcome for you, the buyer.
-Be present at the closing to insure that all of your interests are protected.
-Work with you after you move in to connect with resources in the community and surrounding area.
To learn more, call 401-849-7000 or visit: www.CoastalNewport.com.