St. Gilgen am Wolfgangsee

The decision to buy real estate is one of the most important ones that people make during their lifetime, one that is fraught with stumbling blocks and trepidation. Waterfront property has its own set of rules and guidelines that should be followed. Here are a few hints to help you along that path.

Waterfront Homes

Buying a home is difficult enough, but buying a waterfront home can be even more complicated. First, always find a qualified and experienced real estate agent who deals strictly with waterfront homes. There are many things about homes on the water that other agents may not be familiar with.

Obtaining a Loan

Waterfront homes are typically more expensive than others, so you should get qualified for a home loan as quickly as possible. The loan you must obtain is likely to be a “jumbo” loan, and it will take longer to be approved than standard mortgage loans. The lenders are a lot more particular about who they lend money to in these circumstances, so you must be able to provide proof that you are a qualified buyer.

Insurance for Waterfront Homes

You should expect that your homeowner’s insurance will be significantly higher on a waterfront home than for other homes because of the higher probability of storm damage. Many homeowners on the beach are required to buy three different types of insurance: flood insurance, wind insurance and general insurance.

Taxes

Property taxes may be higher for houses or condos on a beach or lakefront. You can check the current year’s tax bill for the home through courthouse records. In many areas, such records are available online through a local government property appraiser’s website. Additionally, a real estate agent can check a multiple listing service or tax records to get the current year as well as recent years’ tax records.

Looking for a waterfront home? Find a local Realty Expert who can help or search our real estate listings.