Are you interested in purchasing property near the water? Perhaps you’re looking for a place to retire one of these days.
Maybe you’re trying to invest in a place where you and your other adult family members can go in on a timeshare together.
Whatever the case might be, there are several options that you’ll have at your disposal.
However, you need to make sure you’re making an informed decision. A lot more goes into investing in a waterfront property over your typical real estate purchase.
Here is a home buying 101 guide for those of you interested in purchasing waterfront property for the first time!
1. Hire a Real Estate Expert
There’s a common misconception out there that you can save a significant amount of money by purchasing a home without using a real estate agent. That couldn’t be more false.
While you might save on paying them a commission for the sale, you might end up buying a property for more than its value.
That means, in the long run, you’ll lose value on your purchase simply because you chose not to have an agent to help you out.
Then again, you shouldn’t just hire any real estate agent. You’re interested in waterfront property, which means you want to work with an experienced real estate agent in that area.
So if you’re interested in looking for waterfront property on Table Rock Lake, then you want someone with the experience and know-how to find the right fit.
Not only will they be able to list several options, but they’ll also know what to look out for and how to find the right property for your situation. Simply put: don’t start this process without one.
2. Consider the Area
When someone says the term “waterfront property,” what’s the first thing that comes to mind? Is it a peaceful oasis with minimum noise? Is it a place where you can take your boat out to fish?
Some people simply want a waterfront home for the sight of being near water every single day.
Others want one because they plan to spend every waking second out on the water for some sort of activity.
Whatever the case might be, you need to decide what that looks like and how it plays into your plans.
For example, if boating is a significant reason for your interest in waterfront property, then you’ll want to make sure the place you buy either has a dock or room to build one.
3. Create Your Budget
It might surprise you to find the number of people that buy a house without budgeting for it first. They could be compromising their lifestyle and have no idea!
Don’t let that be your story. There’s a waterfront property out there that will meet your price; you just have to know what that looks like.
Start this process off by creating a budget for you and your family. This might take making a few separate “hypothetical” budgets.
For example, “if I bought a $250,000 property, then my monthly budget would look like this,” and “if I bought a house for over $350,000, then my monthly budget might line up to look like this”.
While this might be exhaustive at first, it will help put your waterfront property purchase in terms of real dollars.
Then you’ll be able to sit on the back porch of your Table Rock Lake home with your eyes out on the water, knowing your financial situation is secure.
4. Know the Insurance Regulations
Every homeowner is required to have some type of coverage. However, since a waterfront home involves more risks, the need for insurance is higher.
Two of the biggest concerns are natural disasters, such as earthquakes or floods (for the Table Rock Lake region specifically).
Your trusted real estate agent will know of any requirements, but even if the insurance isn’t required, you’ll still want to invest. It will protect you and your family’s future.
Be sure to factor the price of insurance into the previously-mentioned budget that you plan out.
5. Know the Water
You don’t just want to purchase a waterfront property without knowing anything about the water that will be in your backyard. Be sure to take the time and learn about the body of water that you’ll be living next to.
For example, Table Rock Lake is an artificial lake that was formed in part by the installation of the Table Rock Dam back in the 1950s.
But don’t let the term “artificial lake” deceive you! Table Rock Lake is known for fantastic local game such as white bass, flathead catfish, bluegills, spotted bass, walleyes, and much more.
In other words, you’ll never stop seeing new sights. If it isn’t underwater life, then you may spot land creatures such as Bobcats, frogs, redback salamanders, and pileated woodpeckers, if you’re lucky.
The lush nature around you will encourage you to venture out and discover all the beauty that surrounds your new home!
Take Your Time With Waterfront Home Buying 101
Now that you’ve read through waterfront home buying 101, it’s plain to see that the most significant factor is taking your time to find the right fit.
Be sure to read this article for tips on finding the best family neighborhoods in Branson, if that’s atop your priority list.
For more inquiries, please feel free to reach out via our contact us page and we’ll be happy to assist you further!