Luxury Waterfront Property Considerations
When purchasing South Florida luxury residential real estate, there are many factors that a buyer will want to address. Furthermore, special factors should be considered when the property is a luxury waterfront property. Insurance costs, maintenance expenses, community amenities, and boat traffic are all factors that an experienced Fort Lauderdale residential real estate attorney at Schecter Law will understand and be able to discuss with a luxury buyer.
While property insurance in Florida is not cheap, rates are usually higher for waterfront properties. Waterfront properties cost more to insure because of an increased threat of hurricane damage. Adding a new roof, hurricane windows, or hurricane doors should be investigated when purchasing a waterfront property. Our South Florida luxury real estate attorneys know measures to help mitigate property insurance costs for waterfront homes.
In addition to higher insurance costs, maintenance expenses for a waterfront home are often more than maintenance expenses of an inland home. Salt in the air is corrosive and can increase the speed of wear and tear on outdoor surfaces. However, there are measures, like having contractors use special materials, to slow the effects of salt corrosion. Knowing how to protect your home from the elements can be extremely beneficial to a waterfront buyer.
Some communities may provide maintenance services for property owners. Many South Florida luxury waterfront properties are part of a private community. These communities often provide benefits such as maintenance, security, clubhouses, and fitness centers. These benefits may be paid for through homeowner’s association fees. Buyers may find added value in particular communities depending on the amenities provided.
An often overlooked consideration in purchasing a luxury waterfront property is boat traffic. While watching sailboats and yachts navigate past your property may be enjoyable, some purchasers find the noise produced by boat traffic obnoxious. Moreover, a busy waterway is often in the proximity of drawbridges. These drawbridges may cause unwanted traffic on the roadways near the property.
Buyers may become enamored with a property and overlook important, but less obvious considerations. Being aware of issues before making the purchase is important and may be aided by an experienced luxury residential real estate attorney. Contacting an experienced luxury residential real estate and title attorney at Schecter Law can help provide answers to questions related to the search for your dream luxury waterfront property.