Buying Waterfront Property in Florida

by Tonia Williams 09/01/2019

The Florida waterfront is one of the most sought-after locations. From Miami Beach to Palm Beach County there are lots of waterfront properties available for you to buy. If you are, however, looking to buy a waterfront home in Florida, there are some things you should know:

1. The land may cost more than the building

There are many situations where the waterfront property is not worth a lot, but because of the scarcity of land in that area, the price may still be high. A lot of times, the ratio of the value of the land to the total property value could be very high.

2. Choose a real estate agent that understands the waterfront market

In Florida, not all real estate agents know their way around buying waterfront properties. You should make sure that the agent has experience dealing with waterfront properties, boat properties, and beachfront properties. These usually have a set of peculiarities that your agent should be able to navigate.

3. Check out home loan offers early

Because of the high prices of waterfront homes, be sure to discuss with your bank or lenders early enough to know what it would take to get a loan to assist you in getting the waterfront home of your dreams.

4. Insurance may be higher

Because of their unique location, waterfront homeowners in Florida need to have three different insurance policies to ensure that the property is safe. These include a wind policy, general hazard policy, and flood policy. You can decide to use the same insurance firm for them all or choose from different companies to get better prices. Shop around for the best insurance rates.

5. Discuss with neighbors before taking the plunge

What are the common issues? How is the area affected by inclement weather? Who lived there previously? Anyone who has lived in the area for several years will tell you everything you need to know that is not in any book or community handout. 

6. Check for boating regulations

You should confirm if you can use your boat in the area. Also find out what kind of vessels are allowed if they are at all, what the requirements are, and anything else you may need to know before making a decision. Imagine if you spent all that money buying a waterfront property and had nowhere to put or use your boats.

Make sure your real estate agent is aware of your coastal real estate needs so they can find you the best properties in your area.

About the Author

Tonia Williams

Hi, I'm Tonia Williams and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.