Most of us have probably experienced water fishing at some point. So, the thought of looking for houses for sale that have fishing rights might be something that you once considered. Trying to acquire a real estate property is complicated enough. If you put fishing rights into the mix, it becomes even more intricate.
Here are some important tips that will give you a clear idea on what you should expect should you decide to purchase a waterfront home.
The Best Real Estate Agent for the Specific Houses for Sale
Acquiring houses for sale with fishing rights is more complicated than those involved in a regular property transaction. So a regular real estate agent who has no past experience about this specific property market will understandably have no in depth knowledge about waterfront property.
Therefore, the very first thing that you must do is to hire a licensed agent who specialises in buying waterfront properties or homes that face lakes and other freshwater forms. They will surely know the ins and outs of the buying process as well as the deeper implications, e.g. the legal issues involved. They can also give you effective advice on the best deals that are currently available in your area that is right for your budget and other needs. All these will eventually help you save on your money and precious time in the future.
Considerations on the Property
Don’t fall victim to the trap of falling in love with the property at first sight and then buying it without considering its other aspects. You must consider the whole property other than the main structure. For example, the structure of the house is so beautiful that it may be your dream home but once you buy it you realise it doesn’t give you the best view you hoped for, or that the water is mucky, or it doesn’t give you the right privacy that you need, etc.
Make sure that the elements surrounding the house are something that you truly desire because you may be able to re-structure the house but you can never move the house to another location.
Since waterfront properties are usually more expensive than regular homes– that they would fall under the jumbo mortgage category– then you may want to explore loan strategies as early as possible. This is important because the process can take longer than it would be for a regular home loan. When thinking about the cost, you would also have to factor in the insurance policy that must be included.
Plan Your Renovations ASAP
What do you want to do with the property? Decide as soon as possible on the many things that you want to do with the property. If you plan on renovating the elements surrounding the house, such as adding a seawall or a dock if the property doesn’t have it yet, then you must plan it accordingly. This is a great way to gauge the cost that would incur. Early planning will also give you enough time to confirm with the local government if the planned renovations will be allowed.
Knowing which water activities are allowed is also important so that appropriate steps can be taken to renovate the property while legally complying with the laws. For example, you may be prohibited from using speed boats, jet skis, and other water crafts within the area. And you only knew about it after you have purchased the property. You don’t want to spend millions of dollars on a property that will not give you the ability to make it entirely your own because you are prohibited by the law and other legal restrictions.
Ask Your Neighbours
It is also important to talk to the people living near the waterfront property. Collect important opinions from them about the living conditions of the place. If they have some issues, ask them what they are. Then consider if these issues will become major nuisance to you when you move in. Think of issues that are especially related to the waterfront quality of the property and find a way to negotiate with the seller how to solve them. If there is truly no way around it, then it would be best to move on to other houses for sale.
Availability of Utilities and Supplies
Most of these waterfront properties are located in rural areas where sources of utilities like clean water, food supply, electricity and other conveniences of the urban life may not be readily available. If these are absent in the particular property, it may be costly to bring these services especially if the area is remote. You also need to investigate the fit-out of the house building, as well as the septic and foundation. Consider the high cost needed to repair these in the near future, should the need arises.
Responsibilities and Laws You Need to Know
Owning a property with fishing rights will also give you more responsibilities than owning a regular home. If acquiring a certain property makes you become a part of a homeowners’ association then you should know your responsibilities regarding the upkeep and the maintenance of the property. You can learn more about this by going through the restrictions, covenants and other conditions that will be stipulated in the contract.
You should also know more deeply about local and national laws regarding the property, such as what types of activities are allowed in the water and which are not. There are also laws that will prohibit the building of additional structures near your property. Learn more about these laws to avoid possible legal complications in the future. Coordinate with your real estate agent as well as the seller so that these can be discussed more thoroughly before your purchase.
When buying a waterfront home, you must also consider the fact that properties like these are more prone to the negative effects of calamity. Therefore, you should investigate these types of properties if they are within the line of fire for future cyclones, hurricane, storm, or flooding. Determine if there is calamity insurance which is usually sold separately. Make sure that you look at houses for sale that have insurance policies included.