When most people think of a Florida waterfront property, they envision a sandy beach with crystal-clear water and majestic palm trees swaying in the breeze. While Florida has its share of beachfront property, the term "waterfront" covers a much more comprehensive range of land. In general, any property that includes water — whether it's an ocean, a lake, a river, or even a canal — is considered waterfront. Waterfront homes for sale in Sarasota have more stable values and tend to appreciate faster than inland properties, making for an excellent investment. Not surprisingly, waterfront property is some of the most sought-after real estate. This article will explore four things you may not know about buying waterfront property.
1 - The pros and cons
At the same time, some complexities come with owning waterfront land. For example, buyers need to be aware of potential flooding issues and environmental regulations that may restrict what they are permitted to do on the property. Nonetheless, with careful planning, due diligence, and the help of a knowledgeable real estate agent, you can find the perfect piece of property to call your own.
2 - Designate the purpose
It's also important to note that not all waterfront property is created equal. If you enjoy boating, be sure the water isn’t too shallow. With waterfront homes for sale in Longboat Key, Bird Key, and Sarasota at a premium price, it's essential to be very selective, making sure the property meets as many of your designated needs and purposes as possible.
3 - Due Diligence
Docks and bulkheads
Likewise, if there’s a dock and bulkhead, are they within the bounds of the property? Does ownership of the dock transfer with the sale? In addition, it is essential to inspect the dock and bulkhead for any damage or signs of wear and tear. Is the dock in good condition? Is the bulkhead well-maintained? Finally, it is crucial to research the property’s history. Has the shoreline changed over time? Have there been any issues with water quality or water levels? Are there any restrictions imposed by municipal or homeowners associations? These are just a few things you must consider before purchasing waterfront Sarasota real estate.
4 - Count all the costs
The dream of living on a beautiful piece of waterfront Sarasota real estate comes with a premium price tag. Waterfront property is not as plentiful and is highly sought-after and thus a lot more expensive. Properties in waterfront locations can have a price that is 25 to 50 percent (or more!) higher than comparable inland property. In addition to a steep initial purchase price, other costs need to be considered, including higher taxes, higher homeowner's insurance, and the possibility that you may need to purchase flood and storm damage insurance. In some locations, insurance costs can be quite substantial.
There may also be expensive pier and bulkhead maintenance costs associated with ownership of waterfront property and the potential expense of a land lease if the property is located on county or city land. In some locations, land lease costs can be very high and may last for many decades, adding thousands to the long-term costs of the waterfront property. And finally, if the neighborhood in which the waterfront property is located has an HOA, fees, and restrictions must be adhered to. All these things contribute to the higher costs associated with owning waterfront Sarasota real estate and must be factored into the decision-making process.
Finally, since waterfront property is costly to purchase and own, it's vital to consider the additional costs, such as insurance and maintenance costs. Due to the complexities involved in purchasing waterfront real estate, it is always advisable to use the services of a professional Sarasota and Longboat Key real estate agent. Roger Pettingell is an experienced and highly credentialed real estate agent with Coldwell Banker. Roger is keenly familiar with the Sarasota real estate market and can help you navigate the process of purchasing waterfront property. Contact Roger today for more information.