Living in British Columbia gives you plenty of opportunities to be around water with Puget Sound, the Pacific Ocean, and several other large bodies of water right here. Buying waterfront property for sale in BC has become popular over the past several years as Canadians seek the benefits that living on a lake or ocean brings. However, it is important to temper the enthusiasm of owning a waterfront property with reality. In this blog, we cover five things to consider before making the move.
Work with Real Estate Agents Who Specialize in Waterfront Property for Sale in BC
Selling a home in a suburban neighborhood is considerably different from selling a home on a lake or the ocean. You need agents who are transparent about both the pros and cons of owning waterfront property to help minimize risk. Your real estate agent should take the time to understand your needs to provide you with personalized service throughout the process of buying a lakeside home.
Consider the Storm Risk
Homes situated near water are at a greater risk of damage from heavy winds, heavy rains, and other types of severe weather. You should be prepared to take additional measures to protect your home such as installing storm shutters. If you are looking to build a home, make sure that you consider your choice of building materials carefully. Building the home as far back from the water as possible also helps to reduce your risk of severe weather damage.
Secure Your Financing as Early as Possible
Homes built near the water can cost significantly more than other types of homes. Most lenders offer jumbo mortgage loans for this purpose and will only accept the most qualified buyers. Closing on a jumbo loan is a more involved process that takes longer than a conventional mortgage loan. We recommend that you start shopping around for a lender as soon as you know that you would like to buy a waterfront property.
Research Any Dock Restrictions Before You Build One
You will need to review material from the Department of Fisheries and Oceans along with British Columbia’s Ministry of Natural Resources before making plans to add a dock to the water in front of your property. Reviewing the Navigation Protection Act is also a good idea. Each municipality enforces its own zone laws regarding dock size. Some areas only allow improvements to an existing dock and do not allow new homeowners to build their own dock.
Living next to a large body of water eventually takes its toll on any home. You will have to contend with such things as mold and rot on your home’s outer structure if you do not do anything to protect it now. Cleaning your siding often and investing in a humidifier can help to minimize this type of damage.
Contact Cascadia Pacific Realty, the Waterfront Property Experts
Irv Ridd, Cascadia’s founder, has over 30 years of representing buyers and sellers of unique properties throughout British Columbia before starting his own company. Beverley Kniffen has 25 years of experience in high-net-worth real estate transactions prior to joining the Cascadia team. We invite you to contact us today to start the process of finding your dream home on the lake.