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What You Should Know About Purchasing Waterfront Property

Learn more about the unique considerations of buying waterfront property

When you're thinking of buying waterfront property, the most important thing to consider is how you plan to use the home. This will help you determine the location and structure you need. Some questions to consider with waterfront real estate are:

  • Do you want to be right on the water, or would you be happy with lake rights?
  • Are you interested in water sports like sailing, motor boating or kayaking?
  • Can you moor your boat near your property?
  • Do you intend to use your waterfront home year-round?
  • Is there a waterfront property association?
  • Will local regulations allow you to build on the property?
  • Which weather concerns do you need to be aware of?
  • How close do you want to be to town?
  • Which utilities are run out to the property?

How property lines, associations and watersheds restrict waterfront property construction

Whether you want a lakefront property or a home with an ocean view, you're likely to have building restrictions based on your proximity to the water. Before buying waterfront property, look into local ordinances to find out which changes you can make to the property.

  • Property lines: Be sure to look at the survey of your property before purchasing river or lakefront property. Know whether you will own waterfront or just have access to the water, and research requirements for building a dock.
  • Waterfront property associations: If the home is part of a waterfront property association, there may be regulations that could limit your ability to build or renovate. You may also have fees or dues to contribute to repairs of shared spaces like access ways or a community dock.
  • Watersheds: Building within a watershed is often restricted by town or environmental laws. Watersheds are areas where the runoff from rain or streams flows into a bigger body of water. In order to keep a strong root system to support this runoff and keep the water pure, buildings on your property are usually limited to a certain square footage. Utilities like septic tanks may also be affected.

Insurance considerations for waterfront homes

Owning waterfront property means you have unique insurance concerns. Over time, water can erode the soil, and you may also encounter frequent flooding. Depending on where you live, you may also need to battle hurricanes. Talk to your insurance agent to see which specialty coverages, like flood or hurricane, they recommend for homes in your area.

Take out a mortgage from Citizens Bank for your waterfront property

Choose one of Citizens Bank's competitive mortgage options when you're ready to purchase your waterfront home. Whether you're looking for lakefront property, riverfront or waterfront property with an ocean view, be sure to talk to your real estate agent to find the right property for your needs. Since waterfront real estate is often more expensive than other homes, you may need a larger mortgage, so find out how much home you can afford. Learn more about Citizens Bank home loans online or speak to an advisor at 1-888-514-2300 to see which option suits you best.



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