Looking to buy your dream waterfront property or investment property but don’t know where to start or how to go about it? Don’t worry. You’re not alone. Buying a waterfront home is a considerable investment, and there are many things to consider before taking the plunge.
If you’re in the market for a waterfront property, then you’ll want to read this. Here are 10 tips to help make your purchase as smooth as possible
1. Determine your budget and stick to it
Waterfront properties in South East Queensland and Northern New South Wales are always in high demand, so it’s essential to have a clear budget before you start your search. Remember that waterfront homes have additional costs, such as pontoon docks, seawalls, and flood insurance. In addition, you may need to make some improvements to the property to bring it up to local code standards. As a result, it’s important to factor in all these potential expenses when setting your budget. Once you know how much you can afford to spend, it will be much easier to find the perfect waterfront home within your price range.
2. Research the area – is the waterfront property in a desirable location?
Buying a waterfront property can be a great investment, but doing your research first is important. One of the key questions to ask is whether the property is located in a desirable area. If you’re looking for a waterfront property to live in, you’ll want to ensure it’s in a safe neighbourhood with good schools and amenities. If you’re looking for an investment property, you’ll want to research the local market to see if any trends could affect the value of your property. For example, is new development happening in the area that could increase demand (and prices)? Are there any environmental concerns that could negatively impact the value of your property? Doing your research upfront can help ensure you’re making a smart investment.
3. Check the zoning regulations to make sure you can build the type of structure you want on the property
If you’re buying a waterfront property to redevelop, it’s important to ensure you can build the type of structure you want on the block. Zoning regulations can vary from place to place, and you don’t want to end up with a block you can’t do anything with. Check with the local zoning office to see the regulations in the area where you’re considering buying. That way, you can be sure that you’ll be able to build the house, pontoon dock, and whatever else you have in mind.
4. Research the history of flooding in the area to find out if there’s a risk of your home being damaged by water
Flooding is one of the most common natural disasters, and it can cause a great deal of damage to homes and businesses. If you’re considering purchasing waterfront property in South East Queensland or Northern New South Wales, it’s important to research and find out if the area is at risk for flooding. There are a few different ways to research this information. One is to contact your local planning or zoning office and ask about the history of flooding in the area. Another is to look online for maps showing the area’s floodplain boundaries. By taking the time to research the risks, you can help ensure that your new home is safe from flood damage.
5. Find out what the current and future development plans are for the area – you don’t want your view blocked by a new building or construction project
When you’re looking for the perfect waterfront property, it’s important to do your homework on the surrounding area. In addition to finding out about the current development plans, you should also try to get a sense of what the future holds for the neighbourhood. After all, you don’t want to buy a property only to have your view blocked by a new building or construction project. With a little research, you can find out everything you need to know about an area’s development plans and make an informed decision about whether it’s the right place for you.
6. Investigate the angles of the boundaries between properties to determine the Quay Line
Waterfront property can be a great investment, but there are a few things you need to keep in mind when making a purchase. One important factor to consider is the Quay Line, which is the boundary between properties perpendicular to the shoreline. You’ll want to make sure that you know the exact location of the Quay Line before making an offer on a property, as it can have a big impact on your use of the waterfront. You can usually find this information by looking at the title documents for the property, or you can hire a surveyor to mark the boundary for you. Once you know the Quay Line, you can make an informed decision about whether a particular piece of waterfront property is right for you.
Learn more about this by reading our previous post, Things to Consider When Purchasing a Waterfront Property.
7. Ask about any special assessments or covenants that might apply to the property
When purchasing a waterfront property in South East Queensland or Northern New South Wales, it’s also important to ask about any special assessments or covenants that might apply to the property. These can often be hidden costs that can add up over time. An example of a special assessment would be if the local government built a seawall to protect the shoreline from erosion. This assessment would be passed on to all the property owners in the area, and it could add thousands of dollars to your annual expenses. Similarly, covenants are legal restrictions that can be placed on a property. One common covenant is a “building set back” which specifies how far away from the water’s edge you are allowed to build. Before making an offer on a property, ask about any special assessments or covenants that might apply.
8. Get an idea of what comparable properties are selling for in the area so you have a good understanding of what you should be paying
When you’re looking to buy waterfront property, it’s important to understand what you should be paying. Comparable properties in the area can give you a good idea of the going rate. Keep in mind, though, that waterfront property is often priced higher than other types of property because of its limited availability and desirability. With some research, you’ll get a good idea of what you should be paying for your dream waterfront property.
9. Find an experienced real estate agent who knows the area well
One of the most important things to consider is finding an experienced real estate agent who knows the area well. Waterfront property can be tricky, and it’s important to have an expert on your side who can help you navigate the process. A good agent will be familiar with the ins and outs of waterfront property, and they’ll be able to help you find the right property for your needs. They’ll also be able to help you negotiate a fair price, and they’ll know all the local zoning regulations. If you’re considering buying waterfront property, make sure to find an experienced real estate agent who can help you through the process.
10. Have a realistic idea of what you want and don’t want in a waterfront property
When searching for the perfect waterfront property, it’s important to have a realistic idea of what you’re looking for. Otherwise, you might waste a lot of time and money on properties that don’t meet your needs. So, sit down and list the must-haves for your new home. For example, if you love fishing, you’ll want to ensure that the property has easy access to a lake or river. On the other hand, if you prefer boating and jet skiing, you’ll want to find a place with a pontoon dock or jetty. Once you know what you want, it will be easier to find the right property. And, when you do find the perfect place, you’ll be glad that you took the time to figure out exactly what you were looking for.
Conclusion
Waterfront property is a popular choice for homeowners in South East Queensland and Northern New South Wales, and for good reason. Not only do they offer beautiful views, but they’re also a great investment. If you’re considering buying waterfront property, keep these top 10 tips in mind. Following these tips will make the process easier and more enjoyable. And, who knows, you might just find your dream home while you’re at it!
And, if you need any help with a jetty or pontoon dock once you find your dream home, then you know who to turn to. The Micks Marine Maintenance team are the experts when it comes to pontoon docks and jetties and can help you make the most of your waterfront property. Contact us today.