Waterfront property in British Columbia boasts some of the most breathtaking views and offers that tranquil way of life that you’ve always dreamed of. Whether you opt for a lake, beach, or oceanfront view, buying a waterfront property can be one of the best investments you ever make – if you do it properly, that is. Like every other piece of real estate, some mistakes can be made when purchasing a property, with waterfront property having a few extra requirements. In this article, we take a look at 3 mistakes to avoid when buying a waterfront property, so you can be aware of the possible complications of a waterfront transaction.
Not getting bulkheads inspected
While you may have heard of the term “bulkhead” before, you may not know how it pertains to waterfront property. A bulkhead is a retaining wall that is designed to protect a shoreline from erosion. Therefore, the condition of a property’s bulkheads is an incredibly important factor in purchasing this type of property.
Inman.com tells us more on why getting bulkheads inspected is an absolute must:
“A bulkhead is a barrier wall that separates the water from the property. The buyer may be responsible for building or repairing a bulkhead, so you will want to hire a certified bulkhead specialist to inspect any bulkhead or area where a bulkhead should be, to get an idea of what costs are associated. For a large bulkhead, the cost can be in the tens of thousands or more.”
Foregoing flood insurance
Think you don’t need flood insurance? We wouldn’t recommend skipping on this important document. Flood insurance is a must when buying a waterfront property, and must be factored into your finances when considering this type of investment.
Realtor Craig Stefanoni explains why foregoing flood insurance isn’t an option:
“Flood insurance will cover your property’s structure and its contents in case of water damage due to flooding. As a precaution, do some research on your potential property to determine what flood zone it falls under. This will give you a better idea on the type of flood insurance you should get. You can also consult several qualified insurance providers to get a better idea of how much flood insurance you may need.”
Not hiring a specialized real estate agent
If you’re considering hiring a real estate agent who doesn’t specialize in selling waterfront properties, we’d recommend reconsidering. There are plenty of questions that need to be asked when it comes to waterfront properties that will not accompany the traditional real estate sale. It’s important to hire someone who has plenty of experience in buying and selling these types of properties in order to avoid a stressful situation.
Coldwell Banker Real Estate tells us why not hiring a specialized real estate agent may be a mistake:
“Having a real estate agent who has substantial experience in selling waterfront properties is invaluable. These agents will point out the critical characteristics of a waterfront property buyers should be aware of. A specialized agent will save you time, money, and headaches during the purchasing process of your home.”
Ready to purchase your first waterfront property? With over 30 years of experience buying and selling waterfront properties in the British Columbia market, we can help make the process as stress-free as possible. Contact Cascadia Pacific Realty, Ltd today to get started!