If your dream is to live on the water, you’re not alone. Gulf or bay front living is the dream of many and, if you own a boat,or plan to, it is a bonus to live right on the water. Let’s take a look at a few things to consider before shopping for waterfront property.
Do you need to shore up the shoreline?
Erosion is always a concern when water laps against land. Have the homeowners done anything to stabilize the shoreline, such as planting native vegetation, install riprap and retaining walls?
Most waterfront homes already have , or will need, a seawall. Seawall construction varies so you will want to be sure to check out which type and the condition of the seawall at the home you plan to purchase, or discuss which type is best for you with a local professional, if you are building a new one. A seawall can be costly, so you will want to be sure of it’s condition before you proceed. Sarasota and Manatee counties both have reputable companies that can help with inspecting and then, if necessary, repairing and/or building a sea wall.
Will you need flood insurance?
Even if you live in a low-risk area, the pros at the Federal Emergency Management Administration (FEMA) suggest that you carry flood insurance.
“If you live in an area with low or moderate flood risk, you are 5 times more likely to experience flood than a fire in your home over the next 30 years,” they claim.
Because homeowners’ insurance doesn’t cover flood damage, if you live inside or in close proximity to an area with a high risk of flood, purchase flood insurance.
Flood insurance is required by law if you have a federally-regulated mortgage. To find out if you do, go online to MarketWatch.com and scroll to the paragraph that begins with “Now, for the Quiz Answer.”
Some states require those in high-risk areas to carry flood insurance as do most lenders. To check out if your Sarasota area home is in a flood zone or not, you can go to https://www.scgov.net/government/public-works/flood-maps to find out.
To learn the risk of flood damage for your home, enter your address here, at FEMA.gov. It is always a good idea to speak to your insurance agent to get detailed information about the area you are planning to purchase. Your local Sarasota real estate professional can provide a list of tried and true insurance agencies, if you do not have one yourself.
Ensure that your boat type and size is allowed
Most states with waterfront residential property impose restrictions on the types and sizes of watercraft allowed on the areas rivers and waterways. Check with the Department of Natural Resources (DNR) for restrictions.
Dock considerations
If the home you have your eye on doesn’t have a boat dock and you plan on installing one, you’ll need to determine what’s allowed in the area. What type? How big? These are all questions that either that the DNR and city officials can answer.
Living on the water is a dream for many homebuyers but it’s important to learn all you can about waterfront living before placing an offer to purchase. There is nothing like living on the water, but you will want to be sure to do your research before you proceed with a purchase.
