Buying a house that is located next to a body of water is the idea of a dream home for many people, and a lot of people make this a reality at some point in life. Not only do waterfront homes offer great views, but they also offer easy access to the water to do fun things, such as boating, swimming, or fishing. If you are considering buying waterfront real estate and want to make sure you are financially ready, it's important for you to know that you may have three additional expenses to pay when owning a home near water.
Flood insurance is not a standard type of coverage that comes with most home insurance policies, but it is a necessity for homes located in areas where flooding could occur. When a home is located near a body of water, most insurance companies recommend getting flood insurance. This type of insurance will cover the costs of repairs if your home is damaged from a flood, and floods are possible near bodies of water.
If you want to make sure your home is fully protected, you will need to make sure you purchase a flood insurance policy.
Another type of expense you may need to figure in is the expense of keeping up the area of land where it meets the water. This area might never need any types of repairs, and this would be a good thing, but there is also a chance it may need repairs from time to time.
For example, if you have a dock that gets flooded and warped, you may need to replace it. If this area has a break wall that is damaged, you will need to fix that.
The third expense you are likely to have is monthly fees for the homeowner's association. A lot of waterfront communities are included in organizations called homeowner's associations. These associations provide repairs, maintenance, and upkeep for certain parts of the community, and the fees you pay go towards these things. In a waterfront community, part of the fees might be used to pay for keeping the water in the lake clean.
Waterfront homes are beautiful, and you can find homes like this for sale near most bodies of water. If you are ready to shop for the right home, contact a real estate agent today to find out what options you have.Share