| The National Association of Realtors
reported in March 2006 that "twenty-three percent of homes purchases last
year were for investment and another 13 percent were vacation properties."
There is no question that the surge in real estate sales over the past
decade+ has been realized only because there has been a healthy mix of
1st and 2nd homebuyers, as well as real estate investors. There are many,
many factors a buyer should consider when contemplating the purchase of
a waterfront property, and specifically the land beneath. After all, the
the primary difference between most properties and waterfront property,
is the land it rests on.
Some of the factors you need to consider
are obvious, other not so much. Walk the lot, don't simply look at the
plot plan or other documents, taking them at face value. There are so many
things that can go wrong with land. Look it over closely. View the site/plot
plan, where are you're lines, what's on your land, what's on your neighbor's
land, where are the septic fields, etc. If it's an existing waterfront
home you are considering, make sure that the septic system conforms to
current rules and regs, is properly designed and tested to meet current
and future guidelines. Remember, there are often special regulations related
to property on or near waterways. |
