When you think of waterfront homes, what comes to mind? If your answer is “amazing, unobstructed views” or something similar, you are right on track. There is no other place like a waterfront home when it comes to scenery; it’s one of a kind. The only challenge with waterfront real estate is that it often comes at a premium price tag because of its location and the difficulty in accessing the property. Luckily, there are ways to mitigate some of the financial strain that comes with buying a luxury waterfront home. With these tips on how to buy a waterfront home in Florida and not break the bank in the process, you can get a steal and still get that amazing view.
Narrow down your search
A good place to start when you are looking for a luxury waterfront home is to decide what type of waterfront property you are looking for. Are you looking for a single-family home? A condo? A timeshare? A mobile home? Knowing the type of property you want to purchase will help you narrow down the search and make your job that much easier. Additionally, there are plenty of other factors to consider when you are trying to narrow down your searches, such as the type of water access, the amount of boating traffic, the neighborhood, and the overall condition of the property.
Be realistic about the price
This is a critical component of buying waterfront real estate. If you are buying a waterfront property at or above market value, you are going to have to have access to a substantial amount of cash and/or be pre-approved for a mortgage that is significantly above the average. For example, buying a waterfront home in the Tampa area may cost $1 million, but buying that same property in the Key West area may cost around $2.5 million. If you do not have the cash to cover the higher price, you may have to go through a more rigorous mortgage process, which takes more time, is more intensive, and can cost you additional money.
View before you buy
One of the best ways to ensure that you are getting what you want is to view the property before you buy it. This saves you the hassle of purchasing a home only to find out later that there are serious structural issues or that the property is not what you expected. Before you purchase the home, make sure you and the realtor view the property during the high and low tides to see what type of water access you will have. You’ll also be able to gauge the amount of boating traffic that goes by the property each day.
Negotiate, negotiate, and negotiate
If you are purchasing a waterfront home that has been listed for a while, you may be able to negotiate with the seller. Typically, sellers who have a waterfront home that is not selling are more flexible when it comes to negotiating price. You will want to be careful not to insult the seller, but you can try to offer less than the asking price or offer to make repairs to the property so that the seller can sell it faster. If you are purchasing a waterfront home from a private seller, you will want to negotiate even more.
Be aware of structural issues
Generally, waterfront homes are subject to a higher rate of structural issues, such as rotting, due to being in the water. Be sure that you are aware of any structural issues before purchasing the home. If possible, hire a contractor to inspect the property to see if there are any issues you may want to negotiate on. While this may be beyond your normal home inspection, it could save you thousands of dollars in repairs down the road and make the home much less desirable to purchase in the future.
Get a home inspection done ASAP
At the same time as your contractor is inspecting the property for structural issues, have an inspector come out and do a standard home inspection. This will help you find any issues with the house before you purchase the home and save you from having to make repairs down the road. You may want to negotiate with the seller to have them pay for part or all of the home inspection cost. Alternatively, you may want to put the cost of the home inspection into your mortgage to ensure that you get the house in the condition that you want it in.
When it comes to waterfront real estate, it pays to be cautious. Be sure to do your research before making a purchase and you are sure to get the lighthouse Point house you’ve always wanted at a price you can afford. With these tips on how to buy a waterfront home in Florida and not break the bank in the process, you can get a steal and still get that amazing view. Whether you are buying a house as a primary residence or an investment property or looking to make a move to a new area, waterfront home buying can be stressful. However, if you know what to expect, you can make the process much easier on yourself.
Go Tour This Luxury Waterfront Home
Welcome to 5120 NE 31st Av! This Lighthouse Point house has it all!
This extra large Intracoastal front lot boasts one of the most beautiful homes in Lighthouse Point. The 5 bedroom 4 and 1/2 bath home has wonderful living spaces with great views from the entire home, and even a peek at the ocean from the 2nd story balcony. Architect, Carlos Martin is known for his timeless style. This home is finished with a coastal contemporary style ready for fun waterfront living. Plenty of room to entertain and enjoy family gatherings. The photos will show the downstairs master with an attached office all with wide water views. The lower level is the gym, kitchen, club room, living areas as well as a laundry room. All photos after the stairs show upstairs – loft living room, 3 bedrooms, 2 full baths & balcony.
SEE THE LINK BELOW:
If you’re looking to buy or sell your home or condo, call The Day and Jekov Group
at 754-777-3600 or Contact today.
For Boca Raton luxury homes in our market, see the links below.
Boca Raton Luxury Homes
Boca Raton Waterfront Homes
Boca RatonTown-homes and Villas
Make No Obligation Offer
Up To $15,000 Rebate
Free Home Value Estimate