Due to its desirable location, it shouldn’t come as a surprise that the real estate market in the Mississippi Gulf Coast offer dozens upon dozens of fine waterfront homes. If living by the coast isn’t your preference but would like to enjoy stunning views of the Mississippi Sound, the local real estate market also offers waterview properties.
Buying a waterfront property entails certain responsibilities and considerations. Before you jump into the waters and purchase your very own dream waterfront home, here are some tips to help you out determine the best waterfront property for you.
- Shorelines. Due to various factors, shorelines are almost always subject to change. It may be because of natural erosion, and sometimes hurricanes. Before you buy a waterfront home by the beach, check with the local geological survey to make sure the property is built on the good side of the shoreline.
- Hurricane and flood insurance. Two strong hurricanes have left a mark on the Gulf Coast, so making sure the waterfront property you’re thinking of buying comes with flood and hurricane insurance is of paramount importance. Take note that these types of insurance are often sold separately from the property. Having a hurricane and flood insurance will give you some peace of mind when calamity strikes.
- Current market conditions. To avoid a negative-equity situation, consult your real estate agent about the current state of the local market. It’s best to wait especially when the market is down. Once market conditions are favorable, you can go ahead with the buying process.
- Rental income. If you’re going to make your waterfront home your secondary or vacation residence, you might want to consider having it rented out whenever you’re away. It’s an additional source of income and a way to get some returns from your investment.
- Look at the property as a whole. The house itself might be the stuff your dreams are made of, but it structurally sound? Is the water clean or murky? What about its location? Does it give you enough privacy or is it way too close to touristy areas? Consider everything about the property before you make an offer.
- Start shopping for loans early. Most waterfront properties are more expensive than other real estate that you might need to apply for a jumbo mortgage. Look into your options, and see to it that you can qualify for one. Starting early will also give you ample time, as lenders often scrutinize borrowers applying for jumbo loans more closely, thus taking quite some time.
Get in touch with a waterfront property specialist.
The best way to find the waterfront home of your dreams is to ask the help of a professional who specializes in this type of real estate property.
Let’s find your dream home today!
Busch Realty Group, LLC is a full-service real estate firm. Our team is made up of real estate experts, some specializing in waterfront properties. Get in touch with us today to get a free consultation.