Are you thinking of buying a home facing a lake? Waterfront properties in Wenatchee, WA appeal to investors because of their advantages. But enticing as they seem, there are essential things to consider before investing in one. Here are six important questions you need to ask when buying a waterfront property.
What exactly am I getting from the purchase?
The first thing to ask when buying waterfront properties is, “What exactly are you buying?” Ask if the property extends to the water. Find out which roads, docks, and other areas on the property other people have access to.
It is best to check the land survey for a detailed look at the property. It will help you determine the boundaries of the property. A trusted local real estate agent familiar with the ins and outs of the community, will be able to help you out.
Am I eligible for a loan?
As waterfront homes don’t come cheap, find out if you can take out a loan to purchase it. Revisit your credit score – a good credit rating increases your chances of securing a substantial loan with favorable terms and conditions.
What is the water quality?
Ask about the water quality in the area. Some investors buy waterfront homes to enjoy activities like swimming, boating, fishing, and jet skiing, to name a few. Poor water quality caused by potential hazards and chemical levels can affect these activities.
If you’re buying a waterfront property mainly for scenic water views and the sound of waves gently lapping on the shore, then water quality may not be as big a deal.
What kind of upgrades can you make?
Can you upgrade the property? Some waterfront buyers want to improve their properties by building docks and other water structures. However, you need to do so legally by securing permits and other municipal and state requirements.
If the property is inside a new subdivision, you may have problems building a dock, especially if it’s not part of the developer’s plan.
Is flooding an issue?
Ask if the property has a history of flooding. Heavy rains, storm surges, and ruptured dams can result in flooding. Check the property’s location on the FEMA floodplain maps and see if the home is in a minimal, moderate, or high-risk zone for flooding.
How much does it cost to maintain the property?
Inquire about the property’s maintenance and what it usually involves. Some of the most common maintenance concerns in waterfront homes involve pipes, roofing, and siding that can be affected by storms and prolonged exposure to the elements.
Ask the seller how much they pay in annual maintenance? You can factor that in on your offer. Be ready to pay extra for any ongoing maintenance.
If you’re struggling in your search for the perfect waterfront property, having a reputable Realtor from Coldwell Banker Cascade Real Estate will do wonders. With more than 40 years of industry experience, our team can guide you from searching for the right property until you close the deal on a home in Wenatchee, WA.