Waterfront Homes for sale in Maryland Eastern Shore is something many people dream of. I have put together the top 10 tips on how you can make finding your perfect waterfront home on the Eastern Shore more successful:
1. Inspect your waterfront home in Maryland Eastern Shore carefully
Individuals that are looking for a waterfront home for sale in Maryland Eastern Shore usually love the water. If this is you, make sure you are careful that you don’t fall in love with the first waterfront home you find and not do your due diligence. Remember that water is beautiful, but it can be hard on a house and the property that it is on. You have to check and see whether the property has had water enter the crawl space, basement or even the house. Corrosion on the exterior from the salt air, or mildew and mold issues from the high moisture levels can cause havoc on your budget and cause that beautiful water view to become a nightmare of regret. An inspection from an expert can help you understand what your situation is. Make sure you do the surveys needed get your elevation checked, your water quality tested and other land, water and water-based inspections and certifications that you might need that you wouldn’t do on a regular home. Waterfront homes are special, and you need to make sure you take special care to do your research!
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2. Know the kind of Waterfront Home for sale you want
Every person is different on what they really want, and Waterfront property isn’t all the same. Are you looking to be on the Chesapeake Bay or on the ocean? This is one of the first questions you need to ask yourself if you are looking on the Eastern Shore. Then you need to dig deeper and ask yourself if you want to live on a canal or on the big water? This is usually determined by your budget and what you can actually afford. Each of these answers will have a plus and minus for you. For example, if you want to live on the ocean and listen to the waves you will have to pay more. If you want the smell of salt air, there’s no substitute for beachfront property, but if you want tranquil water to look at and some protection from the elements you might be more interested in leaving on the Chesapeake and even in a canal to get more protection.Click here to view ALL Waterfront Homes in in the Eastern Shore
3. Walk the Waterfront home for sale carefully
Spending some time on the water helps you see if the property is as good as you think. For instance, you could have a beautiful view, but not have good access to the water. It is a good idea to check the property during low and high tides. See if the water comes onto the property. How does the sea wall look? How old is it? Will it need to be replaced soon? If so, make sure you have a good idea what the cost will be before you put in your offer. Check and see how deep the water is at both tides. Use a measuring stick to check this. Many people forget to check depth and find out later that they can’t get the boat they wanted because the depth of water is not deep enough for the boat they want. Another thing you should check is the views. Some homes have let trees take their view away. Trees can be cut down, but there is a cost and often there are rules and restrictions especially for waterfront homes on what an owner needs to do to cut a tree or a number of trees down. Make sure you know the answer to these questions before you commit to your house.
4. Check insurance and other requirements
Waterfront properties frequently have an increased risk of flood damage and some beachfront homes are also at risk of a hurricane. If insurance is available, it could be cost-prohibitive, so it’s best to know before you sign a contract. Make sure you know if the home you are looking at is in a flood zone and what the cost for insurance is. This is something you need to know before you purchase. You don’t want to be looking at the water from your house because you didn’t do your homework and can’t afford a boat.
5. Look for hidden costs
Waterfront properties can sometimes carry additional expenses that buyers might not be aware of. On top of the flood insurance mentioned above you need to look at the water and sewer rates and how they can be more expensive than inland rates. On the Eastern Shore in Maryland many individuals have wells for their water. Make sure your well is in good shape and that you won’t be digging a new one in a few years. Make sure you have checked on any boat dock and lift fees, as well as septic tank upkeep All of these are a few additional potentially hidden expenses to inquire about as well. Some of these are things that come up on any purchase, but waterfront homes are unique and you need to make sure you have all the information before you commit.
6. Research the Waterfront home for sale in Maryland Eastern Shore (history and trends)
Water and dirt mix in interesting ways and, sometimes, the shore moves. If the water level goes up, you could end up losing your property. If the water line moves away, your waterfront home could end up being a quarter-mile walk from any water. The trend seems that tides are getting higher. Do your research and make sure you see the trends for the property you are looking at. You may learn that your sea wall and land will need to be raised at some point and those are expenses you should know about before you commit to a property.
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7. Look for a Waterfront deal
Waterfront homes for sale in Maryland Eastern Shore is a dream that most people don’t think will ever come true. Other people may live on the water and hate it or need to move for some reason which can create some extremely motivated sellers. If you can find a motivated seller and move quickly, you just might get a great deal in helping that owner get rid of his or her problem. I was lucky when I got my waterfront home because the owner had the house on the market for over a year, they lived out of state and the house needed work along with the unfortunate fact they had a sick family member they were helping in another state. The sellers were very motivated to sell and my wife and I had everything ready to move quickly and were able to get a house on the water for a price that was well below what the sellers were initially asking. I never thought I would be able to have a house on the water, but being patient, focused and willing to do some of the work to fix the house up myself gave me the opportunity to have my dream. If you are not in a hurry and don’t get emotionally attached to a property you can get lucky and find a great home on the water. Be patient and focused!
8. Examine supply & demand for waterfront homes on the Eastern Shore.
When you are looking for a waterfront home and you find several properties on the market at prices that seem like they’re good deals, it could be a sign of a weak market. You also should do your homework and see how long it is taking homes to sell. Waterfront homes sell quicker than others, but if the homes in your area you are taking longer to sell it may provide an opportunity for you to get a deal on that waterfront home. Many times, a seller can become impatient or panic when things are moving slow. They get tired of their neighbors asking how it is going on selling the house. They have a time-frame in their head on when their house is going to sell and it is already 2 months past what they originally thought. These situations are common when the market is a buyers’ market and give you as the buyer the opportunity to take advantage and get a house for a great deal. You can get a nicer home than you anticipated in an area you never thought you could live in. The key is to be patient and willing to walk away. Many people who never thought they could afford a waterfront home could find themselves with several options to choose from. Either way, consider what’s most important to you in your buying decision before moving forward and stick with the plan you and your real estate agent came up with.
9. Formulate a strategy for the property
Everyone looking to purchase a home needs to determine what they are going to do with their waterfront property once they own it. If you’re going to live full-time in the property, searching for a waterfront primary home is one strategic buying approach you can take. You will be living in the house full-time so having a plan on what you change you want to make on the inside and the outside is important to consider. On the other hand, if your waterfront property is going to be a vacation home, you might want to investigate whether you can rent it out when you aren’t using it. Some counties are willing to allow owners to Airbnb the homes and some are not. Doing this can help to lower your cost of ownership while also keeping the house from sitting empty for too long. Your agent can help you out on this. Make sure you ask.
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10. Work with an agent you can trust.
Buying a home is stressful and purchasing a Waterfront property has more difficulties than a regular home. Especially on the Eastern Shore of Maryland. Between the title issues, the structural issues and the unique way that the market looks at the property, many real estate agents can’t effectively help you through the purchasing process. A real estate agent that specializes in waterfront homes and has a website for you to search for homes and educate yourself is important. The buying process ALWAYS has an obstacle or three in it and when you hit one you will need an agent you can trust to get you off the ledge and put things in perspective. The Maryland Eastern Shore is a unique area and you want someone that knows the area and can provide you local insight to help you in the process. A good agent will help you through the challenges you experience in your home buying experience. One of the keys to feeling prepared and secure in the whole buying process is education yourself. There are so many ways to look for information and answers. Going to google or YouTube is a favorite, but you never know if the information you are finding is good or not. Finding one place you can go to and get most of your information is what helps many of us want. There are several websites out there for people to check out when they are buying a home. My website provides a lot of free offers with no commitment. Users can search and be alerted when a house or a type of house they are interested in comes on the market. In addition, I’m constantly looking up answers to questions that people have on real estate and posting those on my blog post. Take a look at http://easternshorehomesforsale.com this can be a place you can go to get information and help you find the home you have always wanted