What to Know About Buying Waterfront Property

Boca Grande, Florida, is a tranquil community on Gasparilla Island. The island community is on the west coast near Cape Coral, Fort Myers, and Port Charlotte. Surrounded by two bodies of water, Charlotte Harbor and the Gulf of Mexico, it is a boating community with a waterfront lifestyle. People love living in Boca Grande due to the peaceful and laid-back atmosphere, the amazing recreation opportunities, and the secluded vibe. Whether it's fishing in the crystal-clear waters, enjoying a relaxing day on the pristine beaches, or exploring the unique shops and restaurants in the downtown area, the community has desirable amenities.

If you want to purchase waterfront property, the process is similar to buying a traditional property, but there are additional considerations. Owning oceanfront land that allows easy water access can be incredibly appealing. Before diving into your home search, here are things to know about investing in waterfront property:

Water quality can significantly affect how you use and enjoy your property. It directly impacts swimming, boating, and other water-based activities you may want to enjoy regularly. For example, if you want to enjoy swimming, but your property has murky water, it will be an unenjoyable experience. Water access is also a critical consideration. Do you want a home on the water or neighborhood access to a marina or swimming spot?

Make sure you know the type of access and activities you want with the waterfront property. As you search for a property, it can be helpful to have separate criteria for your home and for the water. While getting lost in the allure of a beautiful home with a breathtaking view is easy, neglecting water quality and access can result in a poor investment decision. You can always change parts of the home structure, but you cannot change the water.

Your lifestyle needs and overall living expectations play a more significant role when looking for waterfront property. Waterfront living provides various lifestyles and activities, and not every home provides the same waterfront experience. For instance, if boating is a daily activity, you want a property with a dock and water levels to support your vessel. Another factor is how you plan to use your property. If you desire to use the property as a vacation rental, you may want to evaluate proximity to amenities like shopping and dining and walking distance to beaches. By considering your anticipated activities and lifestyle needs, you can ensure that the waterfront property you choose meets your expectations.

If you are serious about purchasing waterfront property, it is essential to start preparing your finances as early as possible. Getting mortgage pre-approval is a crucial step in the home-buying process that can inhibit buying abilities if you wait to start working with a trusted bank. As waterfront property is typically more expensive, it is especially important to have your finances in order before starting your search and taking time to get pre-approval. 

Pre-approval accounts for the buyer's past and current financial history with things like debt, income, and credit score to determine their borrowing limit in a new property. With approval, buyers can search according to their price range and present themselves as serious buyers with the capability to follow through on a purchase.

While reviewing your finances and budget, you will need to consider other items like additional insurance requirements for waterfront property. Homeowners' insurance typically covers damage from events like fire, storms, and theft but may not cover natural disasters like floods or hurricanes. Make sure to research additional insurance requirements for waterfront property, as you may need to purchase separate flood insurance to protect your investment fully. As a small island community surrounded by water, Boca Grande is susceptible to natural disasters like hurricanes and tropical storms, which can bring tremendous amounts of rain and high wind speeds.

When viewing waterfront homes, it is necessary to consider the current state of the property and the potential for future improvements. Ask what exterior additions or changes can be made to the property to optimize its waterfront location. This could include adding a dock, seawall, or beach area or even expanding the house to take advantage of the views. Depending on your community, rules and regulations may prohibit home additions or private docks.

Since waterfront properties are often in more remote locations off the mainland, it is important to know what utilities are available and how they are accessed. Some may be available from the local municipality, while others require individual systems. The availability of utilities such as water and sewer, electricity, and internet can differ significantly between properties in the same community. Always ask about existing utilities and septic systems to understand how the property functions and any additional costs necessary to make it functional.

Owning a waterfront property also includes specific responsibilities that need to be understood before making a decision. Duties can include maintaining seawalls, dealing with erosion, and keeping up with dock and boat lift maintenance. Some communities may have additional homeowner association fees for communal upkeep, so asking about these responsibilities upfront is essential. Understanding these responsibilities ensures you are prepared for the additional tasks of owning a waterfront home.

If you are ready to buy a waterfront home, it is recommended that you work with a waterfront real estate specialist. Niche waterfront specialists have extensive knowledge and expertise in the unique considerations of owning a waterfront property, such as tidal fluctuations, water levels, and restrictions on construction. They can identify properties and neighborhoods that support your lifestyle goals and take care of time-consuming tasks like scheduling showings and preparing paperwork.

Olivia Jones is a Boca Grande real estate agent specializing in waterfront communities and real estate. Olivia has a solution-oriented approach to buying and selling to avoid mistakes and provide exceptional results. Search for a waterfront home with Oliva and live your best life.