Look Before You Leap
Don’t confuse the dream with reality when considering your waterfront home purchase.
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The answers can be deal breakers or speed bumps. It really depends on your particular situation. What’s most important is to work with a realtor or buyer broker who has experience with waterfront properties and can help you interpret those answers to make the best decision.
In fact, working with a buyer broker with specific expertise in the buying and selling of lakefront or riverfront properties might be the most important decision you make in your search. Period.
As you can tell from the bullets above, waterfront property is unique and requires knowledge of water quality, aquatic vegetation, water management techniques, associations, watershed runoff, market conditions, etc. Your buyer broker’s experience and knowledge is an ace up your sleeve that will prepare you to make the most educated decisions possible.
Not only can a buyer broker with experience help you attain the answers to make an informed decision, but he or she can save you an extraordinary amount of time in the process. They essentially become your “personal assistant,” saving you time by qualifying homes in advance and pre-screening locations to ensure the properties meet your requirements.
Most importantly, your buyer broker is your industry and local insider when it comes to the matter of market value. Understanding the value of waterfront property is a separate science compared to non-waterfront. A waterfront specialist can analyze and adjust for the comparables that have sold (both on and off the market), ensuring that you are not overpaying for the property.
At my company, Lakefront Living Realty, we like to say there are two kinds of people: those who live on the water and those who wish they did. You can add a third type: those who bought a waterfront property that ended up being a major headache. With the right advice from a qualified waterfront expert/buyer broker, you can realize the dream of lakefront or riverfront living without the nightmares.