Monticello’s waterfront properties are one of the most desirable places to live! So, it’s not much a shock that so many people want to invest in their dream of owning a beautiful piece of waterfront property. However, navigating these waters can be tricky! There are a lot of variables that can complicate your dreamboat of a transaction. That’s where a well-trained Keller Williams Realtor (who specializes in lakefront property) can help!
5 Common Mistakes Made When Purchasing Lakefront Property:
- 1. Not obtaining financing early enough
Lakefront properties are usually placed in a specialty loan category, and because of this – it often takes longer to underwrite, which could ruin the deal altogether. Not to mention, most waterfront properties are more expensive than traditional homes; so you want to make sure you can afford the property, to begin with.
- 2. Forgetting to purchase flood insurance
Your Realtor should be able to provide a list of qualified insurance agencies that specialize in flood insurance. It can be fairly expensive, so don’t hesitate to ask for a list of insurance agents. Shop around and find the best deals to make sure your lakefront property doesn’t go under. And speaking of which, don’t forget to ask about flood mitigation! It can be just as important.
- 3. Not checking on the dock and outbuilding permits
Just because there’s a dock attached or an outbuilding placed on the property doesn’t mean it was legally permitted, which can frustrate homeowners who want to use it. So take some time and do your homework, because you don’t want to end up in this situation.
- 4. Forgetting to inspect the retaining wall
Don’t know what a retaining wall is? Retaining walls, also known as bulkheads, are barrier walls that divide the water from the property. Buyers may be responsible for building or fixing an existing bulkhead, which can be an unexpected cost for some. Ask your agent for a list of certified bulkhead specialists to get an estimate on cost for inspecting or building a retaining wall.
- 5. Not hiring a local agent
It can be a difficult transaction for an agent who’s not familiar with lakefront properties. So, call us today at (765) 807-7177 and we’ll put you in touch with one of our trusted Monticello agents – who specialize in waterfront properties!